4 Cryptocurrencies That May Drove Op to New Lows in MayTable of Contents
4 Cryptocurrencies That May Drove Op to New Lows in May
By CoinUnited.io Research Team
1 min read
Since breaking through an ascenting support line on April 19, the CAKE price has fallen. The decline has been rapid, with little to no sign of a comeback. The price of the CAKE token hit a new low for the year of $2.57, and it now faces additional breakdown from the $2.55 horizontal support zone. If it does collapse, it will go below its low from 2022. This might result in a swift drop below $0.70 because there is no support below the present price. But if the price of the cryptocurrency increases, it can head toward the $3.20 region, which is now anticipated to act as resistance.
Along with the line, the $2.0 horizontal support area has also caused the price to move. They form a descending triangle, which is seen as a bearish pattern, when combined. If there is a breakdown, the OP price might drop to $1.30, which is the next nearest support. A horizontal support area and an ascending support line combine to form the support. On the other hand, a rise to the falling resistance line at $2.25 would be feasible if the bearish cryptocurrency manages to bounce at the $2.0 region.
A breakdown from an ascending support line brought forth by the decline suggests that the upward momentum is finished. The rise that came before also closely resembles an A-B-C corrective structure. Technical analysts use the Elliott Wave theory to analyze recurring long-term price patterns and investor psychology to identify the trend's direction. It indicates that the trend is bearish because the correction faces higher. The bearish crypto might drop to the next close support level, which is $0.095, if the decline continues. This projection might result in a climb to $0.22 if the ascending support line is reclaimed.
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