The cryptocurrency market is experiencing a lackluster performance due to a breakdown in support for the largest cryptocurrency, Bitcoin. On the 15th of June, Bitcoin’s price plummeted below the crucial support level of $25,000, resulting in an overall decline in market capitalization by approximately 4% to $1.02 trillion. This decline also triggered selling pressure in the altcoin market.
In the wake of a notable decline in BTC, several altcoins including Curve DAO Token (CRV), AAVE, Injective (INJ), Toncoin (TON), and memecoin PEPE have experienced a significant drop ranging from 8% to 12%. Among them, CRV stands out as one of the top losers of the day, as per CoinMarketCap data.
Here are a few crypto’s that faced losses amid the unfavorable market conditions.Â
CRV Takes a Dive: 12% Loss Follows BTC’s $25K Breakdown
As of the latest update, Curve DAO Token has emerged as the leading decliner of the day, with its price experiencing a significant 12% drop over the past 24 hours. Currently, the token is valued at $0.573. This decline can be attributed to the selling pressure caused by BTC dominance, with the altcoin prices now approaching the demand zone after remaining below key moving averages such as the 20, 50, 100, and 200.
The daily Relative Strength Index (RSI) has reached a remarkably low level, dipping into the extreme oversold zone and hovering around the 22 range. In order to counteract the selling pressure, buyers will need to reverse the trend and surpass the $0.50 demand zone.
AAVE Takes a Hit: Claiming Second Spot in Top Loser List
Today, AAVE has emerged as the second top loser of the day, experiencing a significant decline of 10.9%. On the daily price chart, AAVE has remained below the important Simple Moving Averages (SMAs). Currently, the price of AAVE is approaching a crucial demand zone, specifically at $50, as of the time of writing.
The situation for AAVE is at a critical juncture, as it stands at a make-or-break point. If the key support level of $50 is breached, buyers may face a significant drop in price. The RSI indicates extreme selling pressure, adding to the concerns for buyers.
INJ Price Retracement: Evaluating Injective’s Market Movement
The Injective (INJ) cryptocurrency has taken a downturn recently after breaking below the support trendline (blue). The INJ token seems to be undergoing a retracement phase, as it is currently trading well above the 200-day simple moving average.
As of now, the INJ token is being traded at the $5.5 mark, experiencing an overnight decline of 11.2%. This retracement phase might find support around the $5.0 level, as the Relative Strength Index (RSI) has entered the oversold zone, potentially indicating a sign of recovery in the near future.
TONCOIN is facing continuous sellingÂ
Toncoin (TON) has been displaying a lackluster performance ever since reaching its 6-month high, experiencing a decline of over 50%. Presently, the price of TON is trading at the $1.37 mark, reflecting a 9% drop overnight. Traders are witnessing considerable selling pressure on TON tokens, with the Relative Strength Index (RSI) continuing its downward trend into the oversold region.
PEPE’s Dramatic Fall: Does it Signal the End of the Memecoin Craze
PEPE, a previously popular memecoin in trading, is currently undergoing a continuous decline, with its value falling by more than 32% this month. Overnight, PEPE experienced a drop of approximately 8.7%, settling at the $0.0000085 level. It appears that the fervor surrounding memecoins is temporarily subsiding due to heightened selling pressure in the top cryptocurrencies.
Also Read: The SEC Effect: Altcoin Market Shatters With Over 25% Drop
