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5 Cryptos That Underperformed in the Market This Week
BeInCrypto looks at the five biggest crypto losers in the entire crypto market this week, specifically from July 14 to 21.
The underperforming cryptos that saw prices falling the most in the entire cryptocurrency market this week are:
- Rocket Pool (RPL) price fell by 20.81%
- Fantom (FTM) price fell by 17.84%
- Lido DAO (LDO) price fell by 14.53%
- WOO Network (WOO) price fell by 14.44%
- Pepe (PEPE) price fell by 14.11%
Rocket Pool (RPL) Price Leads Bearish Cryptos This Week
The RPL price has fallen under a descending resistance line since April 16. The line has caused numerous rejections, the most recent on July 14. The price has fallen sharply since and broke down below the $34 horizontal area on July 19.
This is the final horizontal support before a new all-time low. If the RPL price continues its descent, it could decrease to $25.
On the other hand, if the price bounces, the $34 area will be expected to provide resistance again.
Fantom (FTM) Price Falls After Rejection
The FTM price has fallen since the $0.32 resistance area was rejected on June 25. So far, it has created three lower highs (red icons), indicating that upward movement has lost steam.
The rate of decrease became faster after the final rejection. If the downward movement continues, the FTM price can fall to the next support at $0.20.
However, if the FTM price regains its footing, it can attempt to reach the $0.32 area, possibly validating it as resistance again.
Read More:Top 11 Crypto Communities To Join in 2023
Lido DAO (LDO) Price Trades in Corrective Pattern
The LDO price has decreased inside a descending parallel channel since February 11. The descending parallel channel is considered a corrective pattern, meaning that an eventual breakout from it is the most likely future outcome.
However, LDO was rejected by the channel’s resistance line and the $2.40 resistance area on July 14. The price has fallen since. However, it is still trading in the upper portion of the channel.
If the decrease continues, the price can fall to the channel’s midline at $1.70. On the other hand, an upward movement can increase the channel’s resistance line. The trend cannot be considered bullish until LDO breaks out above the $2.40 area.
WOO Network (WOO) Trades in Neutral Pattern
The WOO price has traded inside a symmetrical triangle since November 2022. The symmetrical triangle is considered a neutral pattern, meaning that both a breakout and breakdown are possible.
While the price bounced at the triangle’s support line (green icon) on June 14, it was rejected by the resistance line on July 4 (red icon). The price has fallen since.
If the decrease continues, the price can fall to the support line again. The line is currently at $0.18. On the other hand, a bullish trend reversal can read to an attempt to break out from the resistance line.
Pepe (PEPE) Price Concludes Bearish Cryptos
Similarly to WOO, the PEPE price has traded inside a symmetrical triangle since June 22. As outlined previously, the triangle is considered a neutral pattern. However, since it transpires after an upward movement, a breakout from it is slightly more likely.
Currently, the PEPE price trades just above the support line (green icon), where it has seemingly attempted to bounce.
If it breaks out, PEPE can increase to the next resistance at $0.00000190. On the other hand, if the PEPE price breaks down from the triangle, a drop to the next closest support at $0.00000120 will be expected.
For BeInCrypto’s latest crypto market analysis, click here
