These 4 Cryptos Could Drop to New Lows in May

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In Brief

  • Bitcoin SV (BSV) price losing the support of $50 would result in a fall below multi-month support at $48.
  • Tezos (XTZ) is also highly vulnerable to a correction which could pish it to the lowest point.
  • Synthetic (SNX) is at the crucial test support at $2.7, losing which would cause a multi-month low.

Following the mixed cues received from the market throughout March and April, some cryptos shot up while some came closer to making new bearish records.

As we move into May, the market has not changed considerably, meaning some of these altcoins could see massive declines.

Bitcoin SV Could Fall Lower

Bitcoin SV (BSV), a namesake and the hard fork of Bitcoin/ has been trickling on the chart since the beginning of April. Consequently, the altcoin is now trading at $64 at the time of writing, already noting its lowest in 2024.

However, this is not the only record it would break as BSV is expected to fall to $50 in the coming days, to hit the lowest since December 2023.

These 4 Cryptos Could Drop to New Lows in May
BSV/USDT 1-day chart. Source: TradingView

The Moving Average Convergence Divergence (MACD) is also not exhibiting any clear signs of which direction BSV could move 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 does not suggest bullishness.

Read More: Bitcoin SV (BSV) Price Prediction 2024/2025/2030

As a result, owing to broader market cues, the spending trend could change BSV’s price action, likely leading to new record lows.

Tezos Struggles Continue

Tezos (XTZ) price is floating above the crucial support at $0.945, which would result in the drawdown to $0.87, the lowest point for XTZ since the beginning of the year.

If this support floor is lost, too, there is a good chance that the altcoin could drop to $0.76, effectively noting the lowest XTZ has been since the beginning of the year.

These 4 Cryptos Could Drop to New Lows in May
XTZ/USDT 1-day chart. Source: TradingView

Read More: Tezos (XTZ) Price Prediction 2024/2025/2030

Consequently, the price would mark a new low for the altcoin this year.

Synthetix Is in the Weeds

Trading at $2.89 at the time of writing, Synthetix (SNX) is just above the $2.78 support line. The altcoin is holding above this support line despite the massive drawdown observed in the last few days.

Losing this support line would mark a new year-to-date low for SNX and the lowest price point witnessed by Synthetix since mid-November 2023, registering a potential six-month lowest.

These 4 Cryptos Could Drop to New Lows in May
SNX/USDT 1-day chart. Source: TradingView

Read More: Synthetix (SNX) Price Prediction 2024/2025/2030

If this decline continues, SNX could fall further, potentially sending SNX to $2, making it difficult to recover.

Alrgorand (ALGO) Needs to Watch This Support Floor

Algorand’s price has maintained $0.158 as a successful support level since 2024 started, testing it twice now. Earlier last week, the altcoin bounced off the same support to trade at $0.185 but will likely fall through it this time.

Amid bearish market cues and a lack of incentives for investors at the moment, ALGO could potentially witness a fall to $0.158. Losing this line as a support floor would mean that ALGO is close to falling to $0.1000.

These 4 Cryptos Could Drop to New Lows in May
ALGO/USDT 1-day chart. Source: TradingView

Read More: Algorand (ALGO) Price Prediction 2024/2025/2030

This would bring the altcoin down to a multi-month low, making recovery much more difficult. Thus, Algorand price could soon see a considerable decline on the charts.

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This article is sourced from the internet: These 4 Cryptos Could Drop to New Lows in May

Related: DFGs TEAMZ 2024 Review and Insights: Japans Crypto Market is About to Boom

Original author: James Wo, Founder CEO, Digital Finance Group DFG is pleased to co-host the TEAMZ Web3/AI Summit 2024 with our sister company Jsquare, portfolio company Astar Network and other partners. This is our second time participating in the TEAMZ Summit. Our confidence in the Japanese cryptocurrency market in the next 3-5 years has always been strong, and participating in this years TEAMZ Summit also verifies our confidence. The TEAMZ Web3/AI Summit 2024 was held in Toranomon, Tokyo, focusing on the convergence of Web3 and AI technologies. The summit invited more than 500 industry speakers, more than 200 blockchain/Web3 companies, and had a vibrant community of more than 600 team members and employees to conduct in-depth discussions around the convergence of blockchain and AI. Key topics included decentralized AI infrastructure,…

 

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    God'sglory Emmanuel Akinlade Readers

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