Will Top Losers Of The Week Outrun The Gainers Next Week?

• The major cryptocurrencies in the global crypto market underwent strong profit booking last week.
• Dogwifhat, BRETT, and PEPE are the top losers of the week.

In recent years, cryptocurrencies have become some of the most popular investment options. Starting as a normal niche market, cryptocurrencies evolved as one of the most powerful assets in the world.

As the crypto market continues to gain popularity, it’s crucial to stay informed about the latest trends and performances of cryptocurrencies.

This week, most of the cryptocurrencies witnessed significant profit booking which led the prices to a discount. Let’s look at the top losers of the week and assess how they might perform in the upcoming days.

1. dogwifhat (WIF)

WIF was the 49th largest cryptocurrency in the global crypto market and had a market cap of $1.403 Billion. With strong liquidity, the volume/market cap ratio was 24.23%, which makes it easier to buy and sell in different market conditions. 

WIF/USD Chart by TradingView

WIF has been in a strong downtrend, declining over the past few months and forming a bearish lower low swing pattern. This price action displayed the formation of a falling wedge pattern on the daily chart.

Despite the sell-off, the token surged by over 1800% from its all-time low. If WIF breaks above the falling wedge pattern with strong momentum and sustains it, a potential trend reversal could occur. This would be followed by higher price levels in the future.

2. BRETT

BRETT displayed high volatility (18.05%). This might lead to uncertain spikes in the coin price in the future. Additionally, 100% of the total supply was circulating in the market. 

BRETT/USD Chart by TradingView

The BRETT coin price traded inside a falling wedge pattern and had consistently declined to lower levels over the last few months. This also resulted in the formation of lower low swings on the chart. 

If the coin manages to break above the falling wedge pattern and sustains above the same, we might get to see higher levels in the future. 

3. PEPE

PEPE displayed a rise in its trading volume over the last 24 hours which shows a rise in the coin’s demand. Despite this, the coin’s market cap declined by 9.3% resulting in a market cap value of $3.019 Billion.

Additionally, PEPE was the 25th largest cryptocurrency in the global crypto market at press time.

PEPE/USD Chart by TradingView

The token recently experienced significant profit booking, leading to a decline in its price. Over the past two and a half months, the coin’s value has dropped by 55%, reflecting strong seller dominance in the market.

This downward trend resulted in the formation of a falling wedge pattern on the daily chart.  The situation became more bad as the token’s price fell below this pattern, confirmed by the formation of a strong bearish candle. This indicates continued selling pressure and potential further declines in the near term.

Disclaimer

This article is for informational purposes only and provides no 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.