The cryptocurrency market closed the fourth week of June on a downturn, with some of the leading digital assets registering significant losses. Pendle emerged as the top loser, with its value plummeting over 17% throughout the week. This trend underscores the ongoing bearish sentiment that has shadowed the crypto space, influenced partly by Bitcoin’s struggles to find bullish momentum within the same period.
The list of the top ten cryptocurrencies that suffered losses includes recognizable names alongside emerging tokens. Gnosis (GNO) followed Pendle closely with a decrease exceeding 15%, while Ethena (ENA) saw its price halved across the month, succumbing to a more than 40% loss. The downward trajectory was not isolated to these coins alone, as Sui (SUI) illustrated a persistent decline, reducing by 30% over the past three weeks.
Lido DAO (LDO) found its price chart taking the shape of a descending triangle pattern, a classic technical bearish signal. Uniswap (UNI) managed to find some respite as its price held at the 200-day Exponential Moving Average (EMA), a critical level of technical support. Conversely, Worldcoin (WLD) has faced a steep selloff, with its valuation shrinking by an alarming 77% since mid-March.
Other notable cryptocurrencies that found themselves in the red include Ronin (RON) and BitTorrent (BTT), both of which slipped below the 200-day EMA – a bearish indicator that could forebode further declines. Fetch.ai (FET), on the other hand, suffered from a false breakout, initially surpassing the 200-day EMA before retracing its gains.
It’s apparent that the crypto market is still in the grips of bearish currents, with Bitcoin’s price movement creating reverberations across the market. Investors might find solace in Uniswap’s resilience but remain wary of the prevailing trends, characterized by resistance points and support levels that keep shifting the narratives for various digital assets. With the market volatility undisguised, the crypto community remains on the lookout for signs of recovery or further downturns. In the meantime, the top losers of the past week serve as a stark reminder of the market’s unpredictability and the need for cautious investment strategies.
