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experienced a new yearly low as the worst performing cryptocurrency of the week.
- OP, SNX, and ZIL prices dropped, and further bearish market is expected.
- Despite a positive market recovery, these cryptocurrencies failed to take advantage of opportunities this week.
COINOTAG is closely examining the biggest altcoin losers in the entire cryptocurrency market, especially between April 21-28.
This week, the biggest losers in price in the entire cryptocurrency market are:
- PancakeSwap (CAKE) price dropped by 21.00%
- Optimism (OP) price dropped by 10.56%
- OKB (OKB) price dropped by 9.77%
- Zilliqa (ZIL) price dropped by 9.06%
- Synthetix (SNX) price dropped by 9.06%
PancakeSwap (CAKE), Leader of the Worst Performing Cryptocurrencies
The CAKE price has been dropping since it broke a rising support line on April 19. The line had been present since June 2022. Therefore, its breakage means the end of the upward movement.
Additionally, the CAKE price dropped below the $3.20 horizontal support area and experienced a new yearly low in the process. Currently, the digital asset is trading within the $2.60 price level support.
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If the price drops, a sharp drop could follow up to $0.70. However, if the CAKE token price bounces, it could revisit the $3.20 area.
Optimism (OP) Price is Trading Within a Bearish Market Trend
The OP price has been dropping below a descending resistance line since the beginning of February. More recently, the line was a reason for rejection on April 15 (red symbol).
When combined with the $2.0 horizontal support area, the price movement creates a bearish market pattern. This means that a breakout is the most likely scenario.
If OP breaks, the nearest support will be at $1.40, which was created by a rising support line and a horizontal support area. However, if OP bounces, it could reach the $2.40 resistance line.
OKB (OKB) Price is Trading Within a Neutral Pattern
The OKB price has been trading within a symmetrical triangle since February 17. The symmetrical triangle is considered a neutral pattern that has both an exit and a breakout possibility. Currently, the price is trading in the middle of the pattern.
If the worst performing cryptocurrency breaks, it could drop to the nearest support area at $34. However, if a breakout occurs, OKB could reach a new all-time high at $72.
Zilliqa (ZIL) Price Dropped from December High
The ZIL price has been dropping since it was rejected from the $0.035 resistance area on April 27. The area has been present since September 2022. Therefore, it is a critical resistance level.
If the drop continues, the cryptocurrency could drop to the nearest support area at $0.024. However, if the price gains momentum, it could test the $0.035 area again.
Synthetix (SNX) Carries Breakout Risk
The SNX price has been dropping below a descending resistance line since August 2022. More recently, the line was a reason for rejection on April 19. Now, the price is trading near the $2.20 horizontal support area.
If it breaks, a drop of up to $1.40 could follow. However, if SNX bounces, it could reach the $2.90 resistance line.
For COINOTAG’s latest Bitcoin analysis, click here.