The volatile cryptocurrency market sent many altcoins tumbling this week, with Bitcoin and Ethereum also experiencing corrections. While a few coins managed to maintain their value, most cryptocurrencies hit lows not seen in weeks or months.
BeInCrypto examined three altcoins that suffered the most substantial losses, emerging as the worst performers of the week.
Dogwifhat (WIF)
WIF's price took a nosedive by almost 38% this week, reaching an 11-month low of $0.704. The sharp drop came after losing the crucial $0.829 support level earlier in the week. This downward spiral has heightened bearish sentiments, sparking concerns about further declines as the altcoin struggles in the current market turbulence.
The meme coin's decline was further fueled by reports of false claims regarding a partnership with the Las Vegas Sphere. The downturn dragged WIF below the psychological barrier of $1.000.
Despite holding above $0.674 for now, WIF remains at risk of further drops. If this level fails to support, selling pressure may push WIF below $0.600, potentially dropping to $0.500 and amplifying losses for investors.
Virtuals Protocol (VIRTUAL)
VIRTUAL experienced a significant 40% decline, solidifying its position as the worst-performing crypto of the week. The token is currently trading at $1.19 after losing the critical $1.30 support level. This substantial decrease has heightened selling pressure, indicating possible further downside in the near term.
The AI agent token has hit a two-month low, with focus shifting to the $1.00 mark. Maintaining this support level is crucial, as a breach could send VIRTUAL toward $0.90, exacerbating investor losses and prolonging the bearish trend.
However, if VIRTUAL manages to reclaim $1.30 as support, sentiment could sway in favor of buyers. Breaking above this threshold would negate the bearish outlook and set VIRTUAL up for a potential rally to $1.99, erasing recent losses and reinstating confidence in the coin's future.
Celestia (TIA)
TIA saw a significant 31% decline this week, currently trading at $2.88. The altcoin is striving to hold above the pivotal support level of $2.67.
If the downtrend persists, this support level will be crucial in determining whether TIA can stabilize or extend its losses in the days ahead.
Although investor selling has not surged significantly, TIA remains susceptible to profit-taking. A rise in selling pressure could drive the altcoin below the $2.67 support.
A dip to $2.50 or lower would prolong losses and reinforce bearish momentum, making recovery a tougher battle for the asset in the short term.
To reverse course, TIA must reclaim $3.28 as a support level. Overcoming this hurdle could flip the script, nullify the bearish sentiment, and reinvigorate buying confidence.
With strengthened momentum, Celestia could aim for $3.88, marking a robust recovery from recent setbacks and shifting sentiment back to bullish territory.