JUP is one of the top losers in the top 100. The coin has since seen considerable price declines as interest in it and the platform dwindled in the past week.
It also appears that the memecoin frenzy is coming to an end as fewer tokens are introduced to the market. Amidst the drop in such activities, major cryptocurrencies are seeing notable price changes.
One huge fundamental that rocked the market on Tuesday is from the United States Security and Exchange Commission. The regulatory body announced that it will change its policy that previously sought to classify Solana, ADA, and a list of other cryptocurrencies as securities.
However, the market is yet to react to this news in terms of price improvement. Will the current trend persist for the whole week?
Top Five Cryptocurrencies
BTC/USD
Bitcoin briefly touched $70k for the first time in nearly two months, but the ascent was short-lived, followed by significant declines. However, the announcement of a US BTC transfer also offers another possible explanation for the decline. Since retracing from $70k to $66,780, losing over 2%, Bitcoin has not shown any significant improvement this week.
Recently, it lost the $66k support but remains close to this level. The persistent proximity to this mark suggests a looming threat of further retracement. Indicators are gradually turning negative in response to the current price trend.
The moving average convergence divergence is a leading indicator in this regard. The 12-day EMA has halted its uptrend and is approaching the 26-day EMA, indicating an ongoing bearish convergence. If trading conditions do not improve, a divergence is likely within the next 24 hours.
The accumulation and distribution chart also signals further declines. It is on a downtrend due to selling pressure, showing no signs of an impending trend reversal.
BTC is trading close to its 23% Fibonacci retracement level, a critical support. The asset may lose this key if trading conditions remain the same. Such slip may guarantee a retest of $64k
