2023-4-7 13:00 |
BeInCrypto looks at the five biggest underperforming altcoins in the entire crypto market this week, specifically from March 31 to April 7.
The underperforming altcoins that saw prices falling the most in the entire crypto market are:
Mask Network (MASK) price decreased by 13.57% Arbitrum (ARB) price decreased by 13.22% Conflux (CFX) price decreased by 12.33% Stacks (STX) price decreased by 11.83% Hedera (HBAR) price decreased by 7.98% Mask Network (MASK) Price Leads Crypto Market LosesMASK is one of those underperforming altcoins that saw its price break out from a symmetrical triangle on March 28 and reached a yearly high of $7.27 the next day. But has fallen since and nearly reached the $5.30 support area.
The movement is likely part of wave four in a five-wave upward movement. If so, the price will find support near the current level and then increase to $8.50.
MASK/USDT Daily Chart. Source: TradingViewHowever, a decrease below the triangle low of $4.83 would but this bullish count at risk and could catalyze a drop to $3.
Arbitrum (ARB) Price Continues ConsolidatingARB is another one of the top underperforming altcoins that saw its price trade inside a descending parallel channel since its listing on March 23. The movement has been very choppy and gradual. Besides the channel, ARB is also trading above the horizontal support area at $1.10.
The future trend will determine whether the price breaks out from the channel’s resistance line or falls below $1.10.
ARB/USDT Daily Chart. Source: TradingView
A breakout will likely take ARB to $1.50 while a breakdown could take it to the channel’s support line at $0.90.
Conflux (CFX) Price Trades In Neutral PatternThe CFX price has traded in a symmetrical triangle since March 13. The triangle is considered a neutral pattern, meaning that both a breakout and breakdown are possible.
Since the triangles’ support line coincides with the $0.32 horizontal support area, an eventual breakout is more likely. If that occurs, CFX can increase to $0.65.
CFX/USDT Daily Chart. Source: TradingViewHowever, if this altcoin breaks down instead, a decrease to $0.24 could follow.
Stacks (STX) Price Deviates Above Range HighThe STX price has fallen since reaching a yearly high of $1.31 on March 20. The decrease took it below the $1 horizontal area, which had previously acted as resistance.
As a result, the previous breakout is considered only a deviation. If the downward movement continues, the STX price could fall to $0.60.
STX/USDT Daily Chart. Source: TradingViewHowever, if momentum returns and STX moves above $1, it could increase to $1.31 area once more.
Hedera (HBAR) Price Breaks Out From ResistanceThe HBAR price broke out from a descending resistance line on March 29 but was rejected by the 0.5 Fib retracement resistance level, creating a long upper wick (red icon).
If the decrease continues, HBAR could revisit the $0.05 low again.
HBAR/USDT Daily Chart. Source: TradingViewHowever, if the price breaks out from the 0.5 Fib level, it could increase to $0.09.
For BeInCrypto’s latest crypto market analysis, click here.
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