- Major cryptocurrencies in the global market have experienced profit-taking in recent days.
- HNT, AR, and ETH were among the top losers in the past week.
This week, the cryptocurrency market experienced widespread profit-taking, resulting in a significant price decline across various assets. Many cryptocurrencies are now trading at lower levels. They offer potential buying opportunities for investors.
Given these market conditions, assessing the top crypto losers of the week is crucial. Evaluating their recent price action and potential for recovery in the coming days will provide valuable insights for navigating the current market landscape.
Helium (HNT), Arweave (AR), and Ethereum (ETH) are among the top crypto losers of the week. Let’s assess why.
1. Helium
At press time, HNT was the 56th largest cryptocurrency in the global crypto market, with a market cap of $1.237B. The token volume declined by 8.0% in the last 24 hours, which resulted in lower volatility in token prices.
HNT/USD Chart by TradingView.com
When writing, the HNT crypto has formed seven consecutive green candles on its daily chart, signaling a strong bullish bias and a surge in positive market sentiment. This consistent upward movement reflects growing confidence among investors.
For 150 days prior, HNT experienced sustained profit-taking. This led to a steady HNT price decline. However, the token found support at lower levels in early July 2024, marking the beginning of a potential recovery.
The prolonged downtrend formed a descending triangle pattern, a bearish setup, but HNT broke out above this formation. This breakout ignited a rapid price surge within just a few days, reinforcing the strength of the current bullish trend.
2. Arweave
Arweave token has emerged as the second-top loser of the week. The AR crypto has exhibited high volatility, which could lead to unpredictable price spikes in the near term.
According to Coincodex, the token’s sentiment was bearish, reflecting investor pessimism. Also, the Fear and Greed Index stands at 31, indicating a level of fear among investors.
AR/USD Chart by TradingView.com
The AR price recently experienced a significant surge, exhibiting strong upward momentum. However, in the last few days, the token has notably declined, raising investors’ concerns about its recent gains’ sustainability.
Before this surge, AR underwent a sharp downturn. It fell from a swing high of $49.50 and lost 60% of its value over 45 days. This extended downtrend eventually brought the token to a critical support zone. The price found stability after the steep decline.
3. Ethereum
As of writing, the Ethereum coin’s market cap was valued at $282.519B. It is the second-largest cryptocurrency in the global crypto market. Also, the token’s traded value declined 23% in the last 24 hours.
ETH/USD Chart by TradingView.com
Ethereum has been trading in a strong downtrend over the past few days. The price declined by 30% from its most recent swing high. This decline brought ETH to the upper band of a falling wedge pattern, signaling potential changes in market dynamics.
At press time, ETH touched the lower band of the falling wedge. It was accompanied by forming a strong bullish candle at lower levels. This indicated renewed buyer interest and suggested a reversal could be on the horizon.
If the ETH price gains momentum and successfully breaks out of the falling wedge, it could mark a shift toward a bullish trend. In contrast, If sustained above the wedge, the price may revisit its most recent swing high of $2,800.
Disclaimer
This article is for informational purposes only and does not provide any 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.
