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- 1 zkSync crypto crashed by over 35.01% a week leading the worst performers list.
- 2 LayerZero and Starknet crypto experienced a sharp decline of over 20% this week.
The broader crypto markets are struggling to gain traction for the third consecutive week. While the leading cryptocurrencies BTC and ETH reported a swift loss this week, on the other side, several altcoins crash landed this week, losing over 20% of its value.
zkSync, Layerzero & Starknet emerged as the worst performing altcoins of the week losing over 20% of their value. Let’s analyze each from a different perspective and find out whether they will resurface next week.
ZkSync (ZK) Crypto
zkSync Era, a Layer-2 solution that enhances Ethereum using advanced ZK technology. It aims to scale while upholding core principles like freedom and decentralization.
zkSync price suffered a strong rejection from the highs in the last couple of sessions and dropped by over 20%. It ranks 98th in the cryptoverse with a current market capitalization of $687.13 Million.
The daily volume inflow has dropped by 24% to $249.47 Million. Moreover, the volume to market capitalization ratio was 36.48% indicating high volatility in the crypto. The bulls still have the opportunity to recover despite losing this week.
If the bulls surpass the $0.20 mark, it may indicate a trend continuation on the higher side. Conversely, falling below $0.172 could trigger profit booking.
LayerZero (ZRO)
LayerZero is a cutting-edge protocol that enables seamless and efficient message transmission between blockchain networks. It ensures the authenticity and certainty of message delivery, allowing users to adjust the level of trust required.
Often described as a “blockchain of blockchains,” LayerZero facilitates direct and trustless communication across various blockchain platforms.
The LayerZero price dropped over 36% from its ATH of $4.8, yesterday. However, the bulls made a comeback and have posted a gain of nearly 7.1% at the time of writing.
It has a live market capitalization of $814.62 and ranks 85th in the overall crypto market.
At the time of writing, the bulls were leading the charge intraday and might retain their control in the upcoming sessions. on the lower side, the $3 level has been acting as a strong support below which a sharp selling pressure may be observed.
Starknet (STRK)
StarkNet (STRK) is a decentralized ZK-Rollup. It operates on Ethereum as an L2 network, offering dApps the ability to scale computations infinitely while maintaining Ethereum’s security and composability, thanks to its reliance on the robust STARK cryptographic proof system.
Starknet crypto has been on a constant decline since April. The long term trend outlook has turned a bearish side below the 50 and 200 day EMAs. The bears are in complete domination and the price might continue to slump more in the upcoming sessions.
Moreover, for a bullish reversal, STRK needs to surpass the $1 level and sustain above it. At the time of writing, the Starknet crypto was exchanging hands close at $0.72, recording a swift intraday rise of 0.70%. It ranks 73rd in the overall crypto market with a live market capitalization of $941.47 Million.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
