Bitcoin price underperformed in April, hosting challenging days for altcoins. We are now ready to see the worst April closing since the bear market began. This month, BTC has opened the door to new lows in altcoins. Which altcoins might hit new lows in May?
Bitcoin SV (BSV)
The Bitcoin fork altcoin continues its negative performance and is finding buyers at $64. In the coming days, the altcoin is expected to fall to $50, potentially reaching its lowest level since December 2023. The MACD is not giving any readings, and with the assumption that the general market sentiment will remain negative, predictions for the altcoin are bearish.
Tezos (XTZ)
Located in a key support area of $0.945, XTZ Coin could fall to its lowest level of 2024, $0.87, if it loses this support. $0.76 will be the second critical stop. Many altcoins that turned from their peaks are moving towards lows near the levels they started the rally. Both macroeconomic negativity and SEC‘s ETH ETF rejections in May pose a risk of negatively impacting altcoins, forcing investors to be cautious.
Synthetix (SNX)
Despite the ongoing decline, SNX Coin bulls have successfully maintained the $2.78 support line. If the altcoin loses this area, it will search for a new low in 2024. Continued sales could lead to lows of $2 and below.
Algorand (ALGO)
ALGO Coin bulls have maintained the support zone at $0.158 since the beginning of 2024 and have now tested it twice. Although ALGO Coin started a new jump targeting $0.185 last week, it is not isolated from the overall market downturn. We will likely see the price return for a deeper correction after the last unsuccessful jump.
Amid the current market downturn and lack of incentives for investors, ALGO could create a new low between $0.158 and $0.10. Investors should be prepared for expected volatility within 24 hours following Federal Reserve announcements on Wednesday. Any potential new low could be shelved if it surpasses $0.185, but this remains a weak possibility for now.
