Loopring, NEAR and Harmony among the biggest losers as crypto bloodbath intensifies
- Loopring, Harmony and NEAR have suffered a double-digit decline in prices in the crypto bloodbath over the past week.
- Globally, tech stocks and the European markets tumbled earlier today, slowing down investors.
- Analysts believe that the recent crypto bloodbath in altcoins is a correction following a large price rise.
Altcoins suffered double-digit losses in the recent crypto bloodbath. The recent spike in altcoin prices was followed by a correction for Loopring, Harmony and NEAR. The losses nursed by altcoins were accompanied by a wave of selling pressure across exchanges.
Altcoins emerge as biggest losers in recent bloodbath
Today stocks and assets in most global markets faced a sharp decline. The losses suffered on Wall Street came as a result of the spike in downward pressure on technology stocks. Among altcoins, Loopring, NEAR and Harmony suffered double-digit losses.
Loopring, Harmony and NEAR posted over 25% in losses in the market's recent downturn. Colin Wu, a Chinese journalist, believes that the key reason for the decline in altcoin prices is a pullback after a large spike.
The cryptocurrencies with the largest declines in the past 7 days are: Loopring (-32.5%), Pocket Network (-30.2%), Kadena (-27.3%), Harmony (-26.6%), Near (-25.1%). The main reason for the larger decline was a pullback after a larger rise.
— Wu Blockchain (@WuBlockchain) January 21, 2022
Analysts have evaluated the Loopring price trend and predicted that the altcoin is at a make-or-break point. Loopring price has dropped to the confluence of horizontal and daily moving average for 200-days for the first time since late October.
$LRC (USDT) interesting technical setup with confluence of horizontal and daily MA 200, first touch since late October pic.twitter.com/fCMCkoVkWU
— Cheds (@BigCheds) January 19, 2022
@AltcoinSherpa, pseudonymous cryptocurrency analyst and trader, has predicted a further drop in NEAR price. The analyst expects the price to drop to $14, so investors can continue accumulating NEAR.
$NEAR: Some got filled at 16.50 ,patiently waiting for the rest of my bids to fill a bit lower. $14s would be really nice IMO. #NEAR pic.twitter.com/I41kQHvQOt
— Altcoin Sherpa (@AltcoinSherpa) January 21, 2022
@rektcapital, an analyst and trader, believes that there is scope for Bitcoin dominance to increase since it hit the bottom of the black wedging structure after slowing down in momentum for weeks. If Bitcoin dominance fails to rise, the analyst expects selling pressure to increase further in altcoins.
There is scope for #BTC Dominance to increase from here$BTC Dom has reached the bottom of the black wedging structure after weeks of slowing in retracing momentum
— Rekt Capital (@rektcapital) January 19, 2022
This means Altcoin panic selling into BTC could persist, should BTC.D indeed fully reverse here#Crypto #Bitcoin pic.twitter.com/yPdFTe8pPw
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
