Crypto Market Update: Top 5 Losers 📉
The crypto market is looking bullish overall, with most cryptocurrencies trading in the green over the last week. However, some crypto prices have stagnated and declined in the last few days, suggesting that a few options might be lagging behind the overall market trend.
Let’s take a look at the top 5 crypto losers of the week and see what might be contributing to their underperformance.
Top 5 Crypto Losers
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Render (RNDR)
Despite having a strong market presence with a market cap dominance of 0.10%, Render is the largest cryptocurrency among the top 5 losers. RNDR has been trading inside a descending triangle pattern for a while. The price broke below this pattern on July 4, 2024, leading to increased selling pressure. The recent surge in traded volume, however, indicates good liquidity.
Learn more about Render
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dogwifhat (WIF)
The dogwifhat token is experiencing extreme fear among investors, with a fear and greed index of 25. The top 10 holders control a significant portion of the supply (32.85%). The WIF chart shows a strong bearish structure with lower highs on the daily chart, indicating a prevailing downtrend and lack of bullish momentum. The recent formation and breakdown of a symmetric triangle pattern reinforces the bearish outlook.
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Flare (FLR)
FLR has experienced significant profit booking in recent days, resulting in a decline of over 60% from its swing high. The traded volume has declined by 17% in the last 24 hours. The price has been consistently declining for over four months, forming a falling wedge pattern on the daily chart, suggesting a potential bearish continuation.
Learn more about Flare
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Ondo Finance (ONDO)
Analysts are bearish on ONDO, and the fear and greed index shows extreme fear among investors. Despite this, the token has a strong market presence with a market cap dominance of 0.06%. ONDO has experienced significant profit booking from its recent high, resulting in a decline below a crucial trendline. The price is currently below the rising wedge pattern that formed during the extended uptrend. A rebound to $1.3 and sustained trading above this level could signal a potential surge in the ONDO token’s value.
Learn more about Ondo Finance
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Brett (BRETT)
Brett has been experiencing consistent profit booking for the past five months, resulting in a 40%+ decline in price. This trend reflects ongoing selling pressure and a shift in market sentiment. The price has moved within a dynamic range, forming a falling wedge pattern. The breakdown of this pattern indicates a strong bearish character.
**Disclaimer:** This information is for educational purposes only and is not financial advice. Please conduct your own research before making any investment decisions.
