The Altcoins with Downward Momentum
As a cryptocurrency enthusiast, you may have noticed some altcoins declining in value recently. This trend is due to the rejection of these cryptocurrencies at overhead resistance levels. Dive deeper into the discussion of several altcoins experiencing downside momentum.
Wormhole
Wormhole (W) has seen a decrease in price after hitting a high of $1.94. Unfortunately, the bulls failed to maintain their upward momentum past the $2.00 resistance level. As of today, the altcoin has dropped to $0.89. The recent sharp rise makes it challenging to gauge the extent of bearish pressure. If Wormhole retraces and stays above the $0.50 support, an uptrend may begin.
- Price: $0.8969
- Market capitalization: $8,967,454,694
- Trading volume: $394,796,971
- 7-day loss percentage: 35.48%
Core
Core price (CORE) is currently in a bear market phase. After reaching a high of $4.29, the altcoin quickly retreated, with bearish momentum taking it down to $2.50. CORE has now hit a low of $2.40 and might experience further decline. Should the altcoin remain above the 21-day SMA support, a recovery to its previous high of $4.29 could be on the horizon.
- Price: $2.42
- Market capitalization: $5,077,841,115
- Trading Volume: $133,845,359
- 7-Day Loss: 25.32%
Jupiter
Jupiter (JUP) has been on an uptrend, but it recently dipped below the 21-day SMA, signaling the end of the upward movement. If JUP falls further, it could reach the 50-day SMA or the $1.01 support level. Bulls need to prevent a decline below the 50-day SMA to avoid prolonged selling pressure. Currently priced at $1.36, JUP is classified as the third worst performing cryptocurrency.
- Current price: $1.36
- Market capitalization: $13,644,540,139
- Trading volume: $228,519,389
- 7โday loss: 15.07%
Aptos
Aptos (APT) is showing signs of recovery after a recent downturn. To fully recover, APT needs to break above the $20 resistance level. Currently trading below moving average lines at $13.46, a drop below these lines could see APT plummet below $10.50. APT is ranked as the fourth worst performing cryptocurrency.
- Current price: $13.68
- Market capitalization: $14,910,922,816
- Trading volume: $180,857,718
- 7โday loss: 9.93%
Sui
Sui (SUI) has been experiencing an upward trend within the current bull market. However, after hitting the $2.20 level, the altcoinโs bullish momentum slowed, dropping below moving average lines. If the support level at $1.40 holds, the uptrend could resume. With a current price of $1.59, SUI is ranked as the fifth worst performing cryptocurrency.
- Price: $1.59
- Market capitalization: $15,862,205,296
- Trading volume: $247,776,060
- 7โday loss: 7.68%
Hot Take
In conclusion, the altcoin market is seeing varying degrees of downside trends, with cryptocurrencies like Wormhole, Core, Jupiter, Aptos, and Sui experiencing declines in value. Keep an eye on these altcoins as they navigate through their current price movements and potential recovery paths.
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.