Author: Valdrin Tahiri, beincrypto; Translation: Shanooba, LianGuai
Summary
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PEPE and FTM have fallen from key horizontal support levels, accelerating their decline.
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LDO price has formed three lower highs after being rejected by a resistance zone. This is a bearish signal.
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PEPE and WOO are both trading within a neutral pattern. Therefore, they both have the possibility of a breakout or a pullback.
From July 14th to 21st, BeInCrypto focused on the top five losers in the entire cryptocurrency market.
The cryptocurrencies with the largest price declines in the cryptocurrency market this week are:
1. Rocket Pool (RPL) with a price decline of 20.81%
2. Fantom (FTM) with a price decline of 17.84%
3. Lido DAO (LDO) with a price decline of 14.53%
4. WOO Network (WOO) with a price decline of 14.44%
5. Pepe (PEPE) with a price decline of 14.11%
Since April 16th, the RPL price has fallen below a descending resistance line. This line has caused multiple declines, with the most recent one on July 14th. Since then, the price has dropped sharply and broke below the level of $34 on July 19th.
This is the last horizontal support level before the new all-time low. If RPL price continues to decline, it may drop to $25.
On the other hand, if the price rebounds, the $34 area is expected to once again become resistance.
Fantom (FTM) price drops after being rejected
FTM price has been declining since being rejected by the resistance zone at $0.32 on June 25th. So far, it has formed three lower highs (marked in red), indicating a weakening upward momentum.
After the last rejection, the decline speed has accelerated. If the downward trend continues, FTM price may drop to the next support level at $0.20.
However, if FTM price stabilizes again, it may attempt to reach the $0.32 region and potentially confirm it as a resistance level.
Lido DAO (LDO) price in correction mode
LDO price has been falling within a descending parallel channel since February 11th. Descending parallel channels are considered correction patterns, which means a breakout of the channel is the most likely outcome in the future.
However, LDO was rejected by the resistance line of the channel and the $2.40 resistance zone on July 14th. Since then, the price has dropped but is still trading near the upper part of the channel.
If the price continues to decline, LDO price may drop to the midline of the channel, which is around $1.70. On the other hand, an upward trend may push the price to the resistance line of the channel. It cannot be considered a bullish trend until LDO breaks above the $2.40 region.
WOO Network (WOO) Trading in Neutral Mode
Since November 2022, the price of WOO has been trading within a symmetrical triangle. A symmetrical triangle is considered a neutral pattern, meaning that both breakouts and declines are possible.
Although the price rebounded from the support line of the triangle (green icon) on June 14th, it was rejected by the resistance line (red icon) on July 4th. Since then, the price has declined.
If the price continues to decline, it may fall back to the support line, which is currently at $0.18. On the other hand, a reversal of the bullish trend can be interpreted as an attempt to break through the resistance line.
Pepe (PEPE) Price Similar to WOO
Since June 22nd, it has been trading within a symmetrical triangle. As mentioned earlier, a symmetrical triangle is considered a neutral pattern. However, due to its occurrence after an uptrend, the possibility of a breakout is slightly higher.
Currently, the PEPE price is slightly above the support line (green icon) and seems to be attempting a rebound.
If there is a breakout, the PEPE price could rise to the next resistance level of $0.00000190. On the other hand, if the PEPE price breaks down from the triangle, it is expected to decline to the nearest support level of $0.00000120.
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