The Impact of Price Drop on Worst-Performing Cryptocurrencies
The recent price drop on January 3 has had a significant impact on the worst-performing cryptocurrencies, including HNT, BONK, MINA, IOTA, and EGLD. The fall in prices below the moving average lines marks the end of the current rise in these altcoins.
Helium (HNT)
The price of Helium (HNT) is currently falling as it faces rejection at the resistance level of $9.63. This rejection has put an end to the recent rise in the cryptocurrency. The price of HNT is now stuck between the moving average lines. However, if it remains above the 50-day SMA support, there is a possibility of another rise. On the other hand, if it falls below this support, selling pressure will increase, leading to further decline.
Current price: $5.30
Market capitalization: $1,183,439,502
Trading volume: $11,736,623
7-day loss: 23.34%
Bonk (BONK)
Bonk (BONK) is experiencing a continuous decline below the moving average lines. As long as the price remains below these lines, the downward trend is expected to continue. Buyers need to hold the price above these lines to sustain an uptrend. Currently trading at $0.00001097, BONK is in the oversold area of the market.
Current price: $0.00001101
Market capitalization: $1.1B
Trading volume: $102.41M
7-day loss: 23.11%
Mina (MINA)
The price of Mina (MINA) has fallen after reaching the $1.69 resistance level. Although buyers are pushing for a reclaim of the historic high at $3.50, the price is currently moving between the 21-day and 50-day SMA. If MINA closes above the 21-day SMA, it may resume its positive trend; otherwise, selling pressure may increase.
Price: $1.16
Market capitalization: $1,289,851,394
Trading volume: $120,075,810
7-day loss: 18.66%
IOTA (IOTA)
IOTA (IOTA) is facing a decline after an unsuccessful upward correction. The cryptocurrency fell below the moving average lines and is now rising as it climbs above the 50-day SMA. If the price falls back below these lines, a downturn could occur.
Price: $0.2481
Market capitalization: $1,141,405,464
Trading volume: $20,424,999
7-day loss: 17.54%
MultiversX (EGLD)
MultiversX (EGLD) has fallen below the moving average lines after being rejected at the resistance level of $78. The cryptocurrency will continue to drop if it breaks below these lines but will maintain an uptrend if the current support holds.
Price: $55.25
Market capitalization: $1,735,438,444
Trading volume: $34,332,983
7-day loss: 17.36%
Hot Take: Worst-Performing Cryptocurrencies Experience Significant Price Decline
The recent price drop has affected the worst-performing cryptocurrencies, causing them to experience significant losses. HNT, BONK, MINA, IOTA, and EGLD have all seen a decline in their prices. The rejection at resistance levels and the movement below moving average lines have contributed to this downward trend. It remains to be seen whether these cryptocurrencies can recover and regain their previous levels of performance.
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