- 1 Wormhole crypto experienced the biggest hit this week, losing nearly 34.07% of its value.
- 2 FLOKI and Arweave crypto noticed a significant decline, losing over 24% and 23% this week.
With the uncertainty in the broader crypto markets, the price movements in the market leaders have left investors confused about the possible trajectory in the short term. The market leader BTC price showed strength in the previous weeks and surged near the $72K level.
However, the bears dominated this week, causing the price to drop back towards $67K, losing all the gains. Moreover, the price drop in Bitcoin triggered a selloff in several cryptocurrencies, causing a significant loss in value this week.
Wormhole, FLOKI, and Arweave incurred the biggest hit this week, losing over 20 to 30% of its value. Let’s analyze whether they might recover in the next week or continue to show a decline ahead.
Wormhole Crashed Below All-time Low!
Wormhole took the biggest hit this week, losing over 34.07%. The weakness in the broader market impacted the price severely, causing it to break below the all-time low value of 0.54 on 11th June.
When writing, the W crypto price was exchanging hands close to $0.455, recording a swift intraday gain of 1.12%. It is a leading interoperability platform that powers the multichain application and bridges at scale.
Currently, the wormhole crypto has dropped below the recent support of $0.50 and is showing no signs of recovery. The price may continue to fall until it reaches a strong demand zone.
As per the current price action, the short-term and long-term trend has turned bearish, which may drag the price toward the south in the upcoming weeks until it is maintained below $0.50.
FLOKI Snapped Off The Previous Week’s Profits!
FLOKI had been following a strong trend for the last four weeks. However, this week’s downturn has snapped off most of the gains. The investors saw a 24% decline in their portfolio this week, making it the 2nd worst performer of the week behind the Wormhole.
The popular meme coin faced a strong selloff after the bulls tried surpassing the annual high of $0.0003. At the time of writing, FLOKI was trading close to the $0.00020 level and seemed to be struggling to gain ground.
On the lower side, the $0.000167 level may act as a strong support and try to halt the further downturn. Despite the significant downturn this week, the long-term trend outlook still lies on the positive side. The bulls may bounce back if the selling pressures fades away in the broader market.
Arweave Breaks Below The Trendline Support!
Arweave crypto made a breakdown below a trendline support and in the previous weeks indicating a short term bearish dominance. Moreover, the AR crypto failed to reclaim above the trendline this week causing a continued selling pressure eroding nearly 23% of its value.
At the time of writing, the crypto was hovering close to $29.25 indicating a 2.81% rise in Intraday. It has a live market capitalization of $1.92 Billion and ranks 51st in the cryptoverse. Out of maximum supply of 66 Million tokens, 99.47% i.e. 65.65 Million AR tokens are currently in circulation.
From a technical point of view, the price seems to be taking support from the 200 day Exponential moving average of 200 days. The 200 day EMA might be the last defending zone before a possible trend shift. Now, if the bulls fail to hold the price above the 200 day EMA, it may indicate a bearish trend reversal and the price may crash more.
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.
