Market Insights: Top 10 Crypto Altcoin Losers Of This Week

• 1 PENDLE, ENA, GNO and SUI were dragged the most this week.
• 2 Amidst the negative market sentiments, some of the crypto altcoins witnessed a severe dip.

In the cryptocurrency market, there are thousands of crypto assets, with many soaring through the week, while many others crash. Read on to learn about the worst-performing altcoins of the fourth week of June 2024.

The charts of most altcoins typically ape Bitcoin (BTC)’s trend, whenever it is bearish or bullish. Now, BTC and ETH witnessed a negative shift and revealed a weekly decline of around 3-5%.

RON, UNI and FET fell somewhere between 5-8% over the week. Other altcoins, namely, TAO, WLD and LDO are also below par. The greatest weekly descent rates are PENDLE (-18.20%), ENA (-14.30%), GNO (-13.20%) and SUI (-10.20%).

The following paras explain the charts of the ten worst-performing cryptocurrencies for the fourth week of June.

PENDLE Shifting Gains Toward 200 Day EMA Mark 

Pendle (PENDLE) comes first in the list of top ten crypto losers, trading at $4.94 at press time which comes after a sharp weekly decline of over -18.20% and -3% intraday. With a market cap of $1.11 Billion, the token ranked 72nd on Coinmarketcap.

Source: TradingView

Recently, PENDLE displayed the breakdown of a symmetrical triangle pattern, it is heading toward the 200 day EMA make or break zone. The breakdown happened with a strong addition in volume, indicating that the seller army was in control.

Notably, PENDLE lost most of the weekly gains to a distribution, implying that sellers have the upper hand.

Ethena (ENA) Revealed Severe Correction; Whats Next

ENA comes second on the list of the top crypto losers, trading at $0.504 with a decline of over -14.30% weekly and -3% daily. With a market cap of $717.67 Million, it ranked 98.

Source: TradingView

Trading below its key moving averages, ENA crypto persisted in forming the lower low swings and produced a falling wedge pattern. Nonetheless, ENA is set to retest its all time low (ATL) mark of $0.300 in the upcoming sessions.

Gnosis (GNO) Breached $300 Mark: Seeks Further Decline 

GNO comes third. At press time, it is trading at $280.25, noting a weekly drop of over 13.20% and a rise of over 0.05% intraday. 

It had a market cap of $309.56 Million and has a total supply of 10 million. In terms of market cap, it was ranked 178.

Source: TradingView

GNO was in a falling parallel channel as it breached its make or break 200 day EMA mark. It was in a free fall at press time. The decline is likely to extend toward the $250 mark in the coming sessions.

Sui Network (SUI) Price Slipped Below $1 Mark Reflecting Bearishness

SUI placed fourth in the list of top losers, trading at $0.801 with a weekly decline over -10% and remained flat intraday. At the time of writing, it had a market cap of $1.94 billion and ranked at 51 in terms of market cap.

Source: TradingView

For the last two months, SUI had underperformed, it had lost over 60% of its gains, breaching the $1 level. This sharp distribution accompanied by volumes signifies the sellers’ dominance.

Until the token fails to retain the $1 mark, further drawdown could be seen ahead.

Lido DAO (LDO) Breaches $2 Mark Post SEC Allegations

The Lido DAO (LDO) came fifth in the list of top losers, trading at $1.91 with a weekly decline over -10% and 3% decline intraday.

Last week, the SEC made allegations on it regarding the staking feature which led to a sharp price drop. At press time, it had breached its pivot of $2 with sharp volume selloff and might continue to shed gains.

Source: TradingView

In terms of market cap, it ranked 56 with a total supply value of 1 billion. Last month, it showed a pullback and fetched the $2 mark, but failed to sustain and faced rejection in the past few hours.

Worldcoin (WLD) Revealed Severe Underperformance

Worldcoin (WLD) was in a major downtrend and revealed severe underperformance over the past few weeks. It also displayed a range breakdown.

Source: TradingView

At press time, WLD token was trading at $2.53, noted a weekly decline of over -9.30% and -7% intraday. Its short term and long term projections indicate bearish sentiments.

WLD token has a market cap of $650.67 Million and ranked 107, while it has a total supply of 10 billion.

Uniswap (UNI) Price Forecast

UNI faced severe rejection from the supply zone of $12 and lost over 25% of gains this month.

At press time, UNI was trading at $9 with an intraday rise of 0.03% and a weekly drop of over -9%. Its market cap was $7.95 Billion, it ranked 19th.

Source: TradingView

Recently, UNI displayed massive volatility and failed to overtake the resistance mark of $12, resulting in a sharp distribution in the past few trading sessions. It has breached the crucial support zone of $10 and reached the make or break 200 day EMA zone.

Ronin (RON) in Major Downtrend: What’s Next?

The Ronin (RON) token price was trading inside a falling parallel channel and exhibited a massive distribution from the highs. It revealed a follow-on selloff and displayed lower low swings on the chart.

Trading below the significant moving averages, RON had reached its demand zone at the $2 mark and was in a make or break situation.

Source: TradingView

At press time, RON was trading at $2.07 with an intraday drop of 2.03% and a weekly drop of over 8.90%. The market cap was $688.49 Million, it ranked 101 on CMC.

Bittensor (TAO) Price Analysis on Daily TimeFrame

Trading in the downward trajectory, Bittensor (TAO) witnessed massive correction and reflected low buying over the past few months. It exhibited a bearish flag pattern, which indicates the downtrend is likely to continue.

Source: TradingView

At press time, TAO was trading at $258.07 with an intraday drop of 3.25% along with a weekly drop of over 7.80%. Its market cap was $1.81 Billion and it ranked 52nd.

Amidst the past underperformance, TAO continued to face headwinds and might reach the downside of $200 ahead.

Fetch.AI (FET)

The Fetch.AI (FET) reflected follow on retracement and slipped below its key moving averages in the past few sessions. Given the shape of the decline, the coin could hit the $1 mark soon.

At press time, FET was trading at $1.40 with an intraday drop of 2.30% and 7% weekly. It has a market cap of $3.60 Billion and was ranked 30th.

Source: TradingView

Notably, the key indicators signaled an oversold status, suggesting a possible rebound could be seen ahead.

These ten cryptocurrencies have faced a challenging week and witnessed bearish moves. Investors should conduct comprehensive research and approach with caution.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.