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Among the top 5 cryptocurrencies that have suffered serious losses, a larger problem looms that is currently affecting the markets despite the improvement in the macroeconomic situation, as evidenced by the consumer price index.
Investors have become increasingly concerned about the US debt ceiling of late as US Treasury Secretary Janet Yellen has set a June 1 deadline. As a result, markets continue to fear the worst.
The cryptocurrency market is not immune to the bearish sentiment that the markets are facing. According to CoinGecko, the total market capitalization of the cryptocurrency is down almost 3% as major cryptocurrencies continue to fall after a month of accumulating gains.
Top 5 cryptocurrencies with the biggest losses
PEPE
After an astronomical rise in popularity, the token is now subject to the vagaries of the cryptocurrency market. According to market data, PEPE is down 8.7% over the past 24 hours as investors both large and small reduce their holdings.
At the time of writing, the bulls are trying to reclaim support at $0.00000138. However, if the market continues its general decline, PEPE will be drawn to lower lows. For now, investors and traders should keep a close eye on market sentiment in order to make more informed decisions.
HT
The management exchange Huobi HT, owned by Justin Sun, is under the influence of its controversial owner. After being criticized by CZ and the Office of Foreign Assets Control for various reasons, the price of HT has fallen 12% since last week.
The current momentum of the token is putting it on a path to lower lows. After a bearish breakout at $3.55, HT has little to no support to stop the bleeding. Investors and traders can short the token for profit in the short to medium term.
TONN
First launched by Telegram back in 2018, TON has come a long way as developers continue to add more features. Despite this, the token itself continues to fall along with the broader market. CoinGecko data shows that TON has fallen a whopping 11% on a weekly scale, becoming one of the biggest losers in the market.
Unlock the power of #TON
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[1/3] pic.twitter.com/psux1C871z
— TON 💎 (@ton_blockchain) April 17, 2023
At the time of writing, the bulls are trying to reverse the resistance at $1.88 towards support. However, investors should still be cautious in the short to medium term, despite the recent market pullback.
CFX
The Conflux Governance Token has experienced ups and downs as Conflux itself has grown over the years. Since on-chain development is strong in the ecosystem, the only thing holding back CFX is the bearish market. CFX is down 18% from last week, according to CoinGecko.
Introducing RIME Protocol – powering interest-free loans with minimal collateral on the Conflux Network. Our official website is now live! Visit us at https://t.co/yxWajr5nOx to learn more. #RIME #DeFi #ConfluxNetwork @Conflux_Network @SwappiDEX @Nodereal_io @PythNetwork pic.twitter.com/iCnCNoo0Dt
— RIME Finance (@_Rimefi) May 12, 2023
Bulls are currently targeting the $0.312 resistance to support a larger push higher. However, the strong correlation of the token with Bitcoin could also help the bears in the long run. If the macroeconomic situation does not improve, CFX will suffer in the future.
The total market capitalization of the cryptocurrency is $1.10 trillion on the daily chart of TradingView.com
Project X is near.
That’s it. That’s the tweet.
— Injective 🥷 (@Injective_) May 10, 2023
INJ
Despite Injective trying to create buzz around their mysterious X project, INJ has not been excluded from today’s list of the top 5 cryptocurrencies in decline. The latest market data shows that the token is down a whopping 21% compared to last week, which is indicative of investor weakness as it became one of the biggest losers this week.
The bears are on track to drop $5.56 to a resistance level in the short to medium term. If they are successful, investors and traders will experience more pain during this time period. Defending this support level will be critical in the coming days as the macro environment continues to sow fear in the markets.
– Featured image from Outlook Money