- July 30, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The following top 5 cryptos may experience further challenges as the DeFi industry remains on a general decline since last month. Investor sentiment might remain bearish, and it is essential for investors and traders to closely monitor these leading cryptocurrencies during the weekend, as the market downturn has buffeted them.
Meanwhile, despite significant legal victories for the cryptocurrency industry, market leaders such as Bitcoin and Ethereum have found themselves grappling with mounting pressures.
As reported by CoinGecko, these big-name cryptocurrencies have been facing persistent downward trends, exerting a substantial pull on the entire crypto market and pushing it closer to their respective resistance levels.
The consequence of this adverse movement has been a cascading effect within the market, with other digital assets being influenced and dragged down in the process.
Top 5 Cryptos Retreating This Weekend
TON
Even after the recent news that TON hit 3 million addresses in its long history, the token didn’t project gains for investors. Instead, TON is down over 7% in the daily timeframe, leading the weekend’s top 5 cryptos losing their value, and potentially dropping even more.
As of writing, however the token – which shed nearly 20% of its price in the last week – could be on the road to recovery. But the bulls should retake the $1.3703 resistance and flip it to support. If they fail at this in the short to medium term, we might see TON falter below $1 soon.
GALA
Despite the successful implementation of GALA v2 earlier this year, the token has struggled to keep itself afloat. Recent market data shows that GALA is down nearly 13% in the daily timescale. Even with a strong development side, investors and traders are still holding their tokens at a loss.
GALA bears currently control the market as they claw their way to the $0.02345 level. If they succeed, a stronger bearish momentum will grip the market in the short to medium term.
PEPE
Following the earlier memecoin hype at the start of the year, PEPE led the short-lived bull run that saw gains for investors and traders. But at the time of writing, the token is down nearly 13% in the daily timescale.
PEPE is currently struggling to regain the lead against the bears this week. The token is just below $0.00000136, representing a big hurdle for investors. If the bulls fail to flip $0.00000136 to support, it might fall to $0.00000113 in the medium to long term.
MNT
After implementing the BIT-to-MNT conversion, the latter has been hit hard by the simultaneous drops of major cryptocurrencies like Bitcoin and Ethereum. According to CoinGecko, MNT is down over 11% in the daily timeframe in under two weeks after its release.
The token started on rough ground as its price plummeted to $0.51852714. This level might not be strong enough to hold the token’s price long-term if bulls try to consolidate around this level. However, if they break the bearish momentum and slow it down, we might see it recover to a higher price point in the coming months.
INJ
Injective continues to create some buzz in the world of DeFi, but its token is making noise in the wrong way within the industry. CoinGecko notes a solid bearish momentum, with the token down more than 13% bi-weekly. This makes the token unsuitable for risk-averse investors.
With the dips across the major cryptocurrencies, INJ follows the general market trend. Currently, the token has the potential to push toward $6.904 in the short to medium term. Unlike the other mentioned cryptos, INJ’s bears are not as vital, which gives the bulls some space to maneuver.
Featured image from Getty Images
