5 cryptocurrencies that underperformed this week

2023-07-21 13:45:28

Author: Valdrin Tahiri, beincrypto; Compiler: Shan Ouba, Golden Finance

Summary

PEPE and FTM fell from key levels of horizontal support, accelerating their decline.
LDO price made three consecutive lower highs after being rejected by the resistance zone. This is a bearish signal for the trend.
Both PEPE and WOO trade within a neutral pattern. Therefore, they are all likely to break out or pull back.

This week, from July 14-21, BeInCrypto takes a look at five of the biggest losers across the cryptocurrency market.

The underperforming cryptocurrencies with the largest price drops across the entire cryptocurrency market this week were:

Rocket Pool (RPL) price fell by 20.81%
Fantom (FTM) price fell by 17.84%
Lido DAO (LDO) price fell by 14.53%
WOO Network (WOO) price dropped by 14.44%
Pepe (PEPE) price fell by 14.11%

Since April 16, RPL price has fallen below a descending resistance line. The line has led to multiple dips, most recently on July 14. Since then, the price has fallen sharply and broke below the $34 level on July 19.

This is the last horizontal support before a new all-time low. If the RPL price continues to decline, a drop to $25 is possible.

On the other hand, if the price rebounds, expect the $34 area to act as resistance again.

Fantom (FTM) price drops after being rejected

FTM price has been declining since the rejection of the $0.32 resistance zone on June 25. It has formed three lower highs (marked in red) so far, indicating that the upward momentum has weakened.

After the last rejection, the decline accelerated. If the downtrend persists, FTM price could drop to the next support at $0.20.

However, if FTM price regains ground, it may attempt to reach the $0.32 area and may reconfirm it as resistance.

Lido DAO (LDO) price is in correction mode

Since February 11, LDO prices have fallen within a descending parallel channel. A descending parallel channel is considered a corrective pattern, which means that an eventual breakout of the channel is the most likely outcome going forward.

However, LDO was rejected at the resistance line of the channel and the July 14 $2.40 resistance area. The price has since dropped somewhat but is still trading in the upper part of the channel.

If the price continues to decline, LDO price may drop to the middle line of the channel, which is $1.70. On the other hand, an upward move could push the price up to the resistance line of the channel. Until the LDO breaks out of the $2.40 area, it cannot be considered a bullish trend.

WOO Network (WOO) transactions in neutral mode

WOO price has been trading inside a symmetrical triangle since November 2022. The symmetrical triangle is considered a neutral pattern, meaning both a breakout and a downside are possible.

Although the price bounced off the support line of the triangle (green icon) on June 14, it was rejected by the resistance line (red icon) on July 4. Prices have fallen since then.

If the decline continues, the price may fall to the support line again. The current price of the line is $0.18. On the other hand, a bullish trend reversal can be interpreted as an attempt to break above the resistance line.

Pepe (PEPE) price is similar to WOO

It has been trading inside a symmetrical triangle since June 22. As mentioned earlier, the symmetrical triangle is considered a neutral pattern. However, since it comes after an uptick, a breakout is slightly more likely.

Currently, PEPE price is slightly above the support line (green icon) and seems to be trying to bounce.

If broken, PEPE price can rise to the next resistance at $0.00000190. On the other hand, if PEPE price breaks down from the triangle, a drop to the nearest support at $0.00000120 is expected.

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