Amid the Larger Crypto Market Fear, Altcoins Noted a Strong Reversal This Week

Dogwifhat (WIF), Bonk (BONK), Render (RNDR), Pyth Network (PYTH), and Sei (SEI) emerged as the top losers of the week.

Top 5 Losers of the Week

Amid the larger crypto market fear, altcoins noted a strong reversal this week. Dogwifhat (WIF), Bonk (BONK), Render (RNDR), Pyth Network (PYTH), and Sei (SEI) emerged as the top losers of the week.

The broader crypto markets saw a reversal from the higher levels. Bitcoin crashed again below the $63k level and was at the risk of falling more. This reversal has stirred fear among the Investors.

Top Crypto Loser: dogwifhat (WIF)

Dogwifhat or WIF is a meme token of a dog with a hat operating on the Solana blockchain. Over the past week, WIF noted a strong downturn, losing nearly 35% of its value.

The weakness in the broader market made it worse. Dogwifhat or WIF turned out to be the most underperforming coin of the week. It ranks 48th in the crypto-verse with a live market capitalization of $1.70 Billion.

Moreover, the recent fall has dragged WIF towards the demand of $1.5 level. Now, WIF may bounce back if it gets the support of buyers from the demand. However, if the selling pressure resumes, it could drag the price toward the lower support zones.

Bonk (BONK)

BONK is the first dog-themed coin on Solana, created “for the people, by the people,” with 50% of its total supply airdropped to the Solana community. The memecoin is similar to Shiba Inu (SHIB) and Dogecoin (DOGE).

It has a live market capitalization of $1.56 Billion and ranks 52nd in the crypto-verse. Out of 92.9 Trillion BONK tokens, 69.08 Trillion tokens are currently in circulation.

On the chart, Bonk emerged as the second biggest loser this week, with a decrease of nearly 24.8% a week. The price analysis highlighted that BONK started the week with a mild bearish sentiment.

It significantly declined after it dropped below the 20-day exponential moving average.

At the time of writing, Bonk was trading close to $0.000022, recording a swift intraday rise of 0.10%. On the lower side, the 200-day EMA may serve as a support, and the price may rebound.

Render (RNDR)

RNDR is a distributed GPU rendering network built on the Ethereum blockchain. It is designed to connect artists and studios needing GPU compute power with mining partners willing to rent out their GPU capabilities.

 

Render price resumed its downward journey after a short consolidation near the $6 level. With a weekly loss of 24.7%, RNDR emerged as one of the weekly losers.

At the time of writing, RNDR was exchanging hands close to $5.16, which was a 4.7% increase a day.

It has a live market capitalization of $2.02 Billion and ranks 40th in the crypto-verse. The trading volume has dropped by 23.1% to $59.07 Million a day.

From a technical standpoint, the Render price hovered below all the key EMAs, suggesting a strong bearish trend prevailing. The MACD line had also withdrawn below the zero line, indicating a bearish continuation.

Pyth Network (PYTH)

The Pyth Network is the largest and fastest-growing first-party Oracle network. It delivers real-time market data to financial dApps across 40+ blockchains.

This is accompanied by 380+ low-latency price feeds for cryptocurrencies, equities, ETFs, FX pairs, and commodities.

 

Pyth Network experienced a significant reversal in the recent session, making itself one of the biggest losers this week. It registered a decline of approximately 23.4%, ranking it the fourth biggest loser of the week.

Currently, PYTH was headed downwards to retrace the lower support zones. The RSI line and the 14-day SMA line had withdrawn below the mean line, suggesting a weak trend.

It has a live market capitalization of $1.08 Billion and ranks 64th in the crypto market. The volume to market cap ratio at 5.74% suggests low volatility.

Sei (SEI)

Sei introduces an innovative approach in the blockchain space tailored to improve the functionality and performance of decentralized exchanges (DEXes).

As the first sector-specific Layer 1 blockchain, Sei is dedicated to optimizing trading processes. It also provides exchanges with a notable competitive advantage.

 

Sei price suffered rejection from an upper trendline resistance and declined. The price noted a significant 23% fall and claimed the 5th most

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