These cryptocurrencies could hit new lows in May ..........
After the mixed cues the market received throughout March and April, some cryptocurrencies surged while others came close to setting new bearish records. Heading into May, the market hasn’t moved much, which means some of these altcoins could see a significant drop.
Bitcoin SV could drop: Bitcoin SV (BSV), the eponymous hard fork of Bitcoin, has been on the charts since early April. As a result, the altcoin is currently trading at $64, at the time of writing, having already hit its lowest level in 2024.
However, that’s not the only record it’s breaking, as BSV is expected to drop to $50 in the coming days, marking its lowest level since December 2023.
The Moving Average Convergence Divergence (MACD) also isn’t showing any clear signs of which direction BSV could take it.
MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. Although some green can be seen on the indicator, it’s not indicative of bullishness.
Therefore, the spending trend could change the price action of BSV due to the broader market cues, and could lead to new all-time lows.
Tezos’ woes continue: Tezos (XTZ) price is floating above a critical support level of $0.945, which would result in a drop to $0.87, which is XTZ’s lowest point since the beginning of the year.
If this support level is also lost, there is a high probability that the altcoin will drop to $0.76, which is actually the lowest level of XTZ since the beginning of the year. Therefore, the price of the altcoin will hit a new low this year.
Synthetix is in trouble
Losing this support line would mark a new year-to-date low for SNX and the lowest price point for Synthetix since mid-November 2023, possibly a six-month low.
If this downward trend continues, SNX could fall further, potentially pushing SNX to $2, making it difficult to recover. Since the start of 2024, Algorand’s price has held a successful support level of $0.158, having tested it twice so far.Earlier last week, the altcoin bounced off the same support level to $0.185, but it could fall below that support this time.
Due to the bearish market and the lack of incentives among investors at the moment, ALGO could drop to $0.158. Losing this support line would mean that ALGO is about to drop to $0.1000.
This would take the altcoin to multi-month lows, making recovery more difficult. As a result, Algorand price could soon see a significant drop on the charts.
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