Altcoins Experience a Decline as Bears Tighten Their Hold

Five Cryptocurrencies Showing the Biggest Price Fall of the Week

This week has seen a steady decline in the prices of cryptocurrencies. Altcoins that were previously range-bound are now experiencing selling pressure after failed attempts at an upward correction. Let’s take a closer look at five cryptocurrencies that have shown significant price drops.

Pepe

Pepe (PEPE) has been experiencing a fall and is approaching the oversold zone of the market. The coin’s value has dropped to $0.000006761. PEPE had a significant upward correction in August, but it has retraced and tested the 61.8% Fibonacci retracement level. This correction indicates that PEPE may fall further to the Fibonacci extension level of 1.618 or $0.000005651. Currently, PEPE/USD is already in the oversold zone, suggesting that bearish selling pressure has been exhausted. However, it is unlikely that this trend will continue. PEPE is currently below the daily stochastic value of 20.

Key characteristics of Pepe include:

Current price: $0.000006758
Market capitalization: $283.97M
Trading volume: $67.57M
7-day loss: 16.48%

ApeCoin

ApeCoin (APE) has been experiencing a decline since January 26, when it reached a high of $6.41. Currently, ApeCoin has fallen to a low of $1.13, surpassing its previous low on the chart. The APE/USD currency pair is heavily oversold, and the altcoin has reached bearish fatigue. APE is still trading in the oversold zone, and its Relative Strength Index for period 14 is at level 46.

Key characteristics of ApeCoin include:

Current price: $1.14
Market capitalization: $1,136,435,555
Trading volume: $51,855,271
7-day loss: 14.45%

Arbitrum

Arbitrum (ARB) has slipped below the moving average lines after reaching a high of $1.80 on April 18. The recent high was in an overbought market zone, leading to the decline. The price indicator predicts further decline for ARB until it reaches the Fibonacci extension levels of $1.272 and $0.86. Currently, ARB has reached the oversold zone, indicating that selling pressure may ease as buyers emerge.

Key characteristics of Arbitrum include:

Current price: $0.7784
Market capitalization: $7,779,657,651
Trading volume: $211,258,947
7-day loss: 13.09%

Gala

Gala (GALA) has been declining since January 28 and has now reached the bottom of the chart. The cryptocurrency’s price has dropped from a high of $0.060 to a low of $0.014. Gala is currently at Relative Strength Index Level 21 for the period 14, indicating that the downtrend may continue as it remains in the oversold zone.

Key characteristics of Gala include:

Current price: $0.01402
Market capitalization: $700,855,199
Trading volume: $46,995,970
7-day gain/loss: 10.88%

dYdX

dYdX (DYDX) has been trading sideways below the $2.20 resistance level. The altcoin has fallen below the moving average lines and entered oversold territory. As long as the resistance level is not broken, the sideways trend will continue. Currently, DYDX is trading in the oversold zone and is below the daily stochastic level of 20.

Key characteristics of dYdX include:

Current price: $1.91
Market capitalization: $1,909,847,359
Trading volume: $27,981,645
7-day loss %: 10.03%

Hot Take: Cryptocurrencies Experience Significant Price Drops

The past week has seen a notable decline in cryptocurrency prices, particularly for altcoins such as Pepe, ApeCoin, Arbitrum, Gala, and dYdX. These cryptocurrencies have experienced varying degrees of downward movement and are currently in oversold zones. While some may see this as an opportunity to buy at lower prices, it’s important to consider the market conditions and trends before making any investment decisions. Cryptocurrency markets can be highly volatile, so it’s crucial to do thorough research and consult with financial advisors before entering into any trades or investments.