10 Cryptocurrencies That Made Headlines This Week
Release: 2024/07/07 20:39 Reading: 232
Crypto Market Correction Leads to Altcoin Losses
Ethena, Notcoin, and ORDI Crash Significantly
The broader cryptocurrency market experienced a significant decline this week, triggering sell-offs in altcoins. Bitcoin dipped below the $60K psychological level, while Ethereum fell below $3,000.
As a result, several altcoins have suffered major losses, with Ethena, Notcoin, and ORDI among the most affected.
Ethena (ENA)
Ethena has been the top underperformer this week, losing over 27.4%. The daily chart shows signs of weakness since early June, leading to record lows. The ongoing market weakness has exacerbated the bearish trend, and the crypto is currently trading near $0.37, a weekly decline of over 27.4% and a monthly loss of over 61%.
Notcoin (NOT)
Notcoin reversed its course mid-June after forming a double-top pattern on the daily chart. Since then, it has been in a downtrend, falling below the 20-day exponential moving average. The recent market crash has widened the losses in the altcoin market, pushing the price below $0.0125. The bearish outlook may continue to drive NOT toward lower levels.
ORDI (ORDI)
ORDI has plummeted nearly 26.7% this week, emerging as the third worst performer. The downtrend began in mid-June, and the recent market selloff has dragged the price below annual lows. Technical indicators suggest a bearish outlook, with key EMAs highlighting the prevailing downward trend. Support may be found at $25.
Pessimistic Altcoins
Optimism (OP)
OP has been in a bearish trend since mid-May, facing rejection from the 200-day EMA. The past three months have seen a 51.4% decline, with a 42% drop in the past month alone. This week's 24% loss has made OP the fourth worst-performing crypto.
Brett (BRETT)
Brett is the fifth underperformer, with a weekly decline of 23.08%. Technically, Brett was trading above the 50-day and 200-day EMAs, indicating a positive trend. However, the recent fall has broken the price below the 20-day EMA. Buyers may still consider this as a "buy-on-dip" opportunity.
Pepe (PEPE)
Pepe has become the sixth underperformer this week, losing over 22.2%. Earlier, Pepe had a bullish trend from March to May, with a growth of over 700%. However, it has since corrected, dropping by 43% from annual highs. Currently, Pepe is stuck between the 50-day and 200-day EMAs, with no clear trend indication.
Starknet (STRK)
Starknet, an L2 network for Ethereum, has been in a declining trend since April, continuously making record lows. The price has fallen over 70% in the past three months and 22% this week. No signs of recovery are evident at present.
Additional Losers
Core (CORE)
Core has broken a symmetrical triangle pattern, leading to a bearish reversal in early June. It has lost nearly 21% this week, adding to its weekly underperformers list. Bulls need to surpass the 200-day EMA to reclaim bullish territory.
Lido Dao (LDO)
LDO is stabilizing near the demand zone after a sharp fall. The daily chart shows buyers' presence near the $1.5 psychological support level. However, selling pressure may increase amidst the bearish trend.
JasmyCoin (JASMY)
JASMY has bounced back from the 200-day EMA, rising over 17.9%. The intraday surge suggests buyer presence at key EMAs. The recent price drop has weakened the short-term trend, but the long-term trend favors buyers, potentially attracting more bulls at dips.
Disclaimer
The information provided is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies or stocks involves financial risk.
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