Over the past week, these top 5 cryptos have experienced a depreciation, causing them to lose a considerable amount of their value. Crypto market tracker CoinGecko reports that the market has fallen by 2% since yesterday alone, contributing to the downward trend. This negative movement is compounded by the recent collapse of First Republic Bank, which has heightened negative sentiment surrounding the banking system.
With increasing pressure on the banking sector, investors are eagerly anticipating the release of the Consumer Price Index data, which will be made public this Wednesday. As the release date draws closer, traders and investors should exercise caution when dealing with cryptocurrencies, as they are more vulnerable to negative market movements during this period. Below are the week’s top 5 cryptos that are showing red flags.
This Week’s Top 5 Cryptos Showing Red Flags
XRD
Despite managing to create some buzz around its Consensus 20223 event, this wasn’t enough to be exempted from the broader market decline seen today. At the time of writing, CoinGecko data shows that the token is down 20% since last week, showing investors that it is a weak buy right now.
🔁 #Radix Recap 🔁
The #Consensus2023 special 💙👇 pic.twitter.com/H7a6xzmgrp
— Radix – Radically Different DeFi (@radixdlt) April 30, 2023
At the time of writing, the Radix token is sitting below the $0.08389 support level. If the bulls manage to hold above this level, XRD’s recovery from its slump is inevitable. Despite this, the token is strongly susceptible to outside forces. Thus, monitoring how Bitcoin and Ethereum will move in the coming days should be a priority.
IMX
Immutable has been pushing through with its plans to be the top blockchain to build Web3 games on Ethereum in recent months. However, this has not come to fruition even as on-chain development continues for the IMX ecosystem. The latest market data reveals that IMX is down nearly 20% in the weekly timescale, showing that investor confidence is shaky at the moment.
Immutable 🤝 @0xPolygon
We are joining forces in an industry-defining partnership to accelerate the development and adoption of web3 gaming. The future of gaming begins today with the announcement of the Immutable zkEVM, powered by Polygon.https://t.co/7FEyidsydV pic.twitter.com/IkhbWrLIaq
— Immutable – $IMX (@Immutable) March 20, 2023
The token is currently changing hands at $0.797, above the $0.721 support level. Momentum points to IMX stabilizing on or slightly above this support. Investors and traders should focus on defending this support level as any bearish breakthrough can drive their gains deeper into the negative.
LUNC
After a targeted exploit on one of its DeFi projects wreaked havoc on LUNC, investor confidence has somewhat recovered. However, external market forces still place bearish pressure on the token. Coinglass data shows that short sellers still outnumber long buyers by a tiny margin, revealing that the bears are in control.
Source: Coinglass
After being down nearly 19% in the weekly timeframe, LUNC makes it to the list of the week’s top 5 cryptos. The crypto is currently sits lower than its July 2022 support at $0.00009390.
KAS
Pushing through with its aim to be the fastest proof-of-work layer 1 blockchain, Kaspa has not slowed down. Despite being listed on KuCoin last week, KAS has been struggling since last week. CoinGecko data shows that the token has devalued by 20% in the weekly timescale.
A bearish breakthrough on $0.024814 now threatens the future price movement of the crypto. KAS bulls should then focus on regaining ground on or above $0.024814 to prevent further pain. If the bulls are successful, a retest of the $0.036947 resistance is possible.
BTCUSD moving closer to reclaim the $28K level. Chart: TradingView.com
ICP
Although Internet Computer’s dApp scene is going strong, ICP has been struggling to gain ground in the past few days. According to CoinGecko, the token is down nearly 18% in the weekly timeframe, showing investor weakness in the midst of a general market slippage.
ICP’s current momentum suggests that the bears are trying to revisit $4.888 in the short to medium term. To prevent this from happening, ICP bulls should focus on defending this support level as any bearish breakthrough on this level can drive the token deeper in the red.
-Featured image from TechCentral
