YEREVAN (Coinchapter.com) – Here are the top 5 altcoin losers, printing red candles along the charts of leading cryptocurrencies by market cap. Notably, Bitcoin initiated the price drop, and, as often happens, altcoins followed. So the list of the biggest Dec 11 losers is as follows:
#1 Solana Switches to the Losing Side After Impressive Inflows
Solana (SOL) joined the top 5 altcoin losers and shed 5% in the previous 24 hours, arriving at $69 on Dec 11. As mentioned, the token had significant inflows in the week ending Dec 3. However, the outflows possibly did not extend into Dec 11. Notably, the new weekly report from CoinShares is not yet available to confirm.
As the chart above indicates, SOL repeatedly retested the $75 resistance in the previous days. If the drop continues, the likely target for the Solana token will stand at the next available resistance/support at approximately $68, or 2% lower than the current value.
#2 Cardano (ADA) downturn short-lived?
Cardano (ADA) lost over 4.5% of its valuation in the previous 24 hours following the drop in Open Interest (OI) bets. As a result, the ADA/USD exchange rate stood at $0.55. Notably, the correction came after a 74% pump Dec 1-9, which took ADA to $0.64, the highest peak since June 2022.
However, the correction could be short-lived, given the increase in the number of Cardano whales since early October. As a result, ADA addresses with a balance greater than $1 million and $10 million reached their yearly high despite the price correction.
Generally, a high whale count signals large investors’ high confidence in an asset’s returns. Also, since retailers tend to follow the whales, large investors could sway the market in their chosen direction. Thus, the charts above paint a positive outlook for the coin.
However, while ADA whales play an important role, they might not immediately boost the token’s price, as the mentioned headwinds to the top 5 altcoin losers persist.
#3 BNB Lost 2% Among Top 5 Altcoin Losers
Binance coin (BNB) inched down 2% to $233 on Dec 11, after a month-long sideways consolidation due to the exchange’s legal woes.
Additionally, the token retested its 200-day exponential moving average (200-day EMA) as resistance on Dec 11, hinting at more declines in the coming sessions. However, as noted, the top 5 loser altcoins depend on the Bitcoin price action and the overall crypto climate. If the crypto correction is short-lived, the BNB coin price will recover. The following sessions will shed more light on market expectations.
#4 Ethereum (ETH) 4% lower on Dec 11
Ethereum (ETH) dipped by 4% today, stooping to $2,245. The leading altcoin rallied 20% from Dec 1-9, peaking at $2,400.
Meanwhile, Ethereum inflows in the week ending Dec 3 totaled $30 million, negating the monthly outflow. According to CoinShares, the year-to-date inflow stood at merely $10 million.
#5 Dogecoin (DOGE) Joins Top 5 Altcoin Losers
DOGE followed the decline and joined the top 5 altcoin losers on Dec 11. After shaving 4% off its valuation, the Dogecoin token reached $0.098 in the European session. Moreover, the coin could not conquer a resistance line at $0.1, which hindered the token’s upside attempts since June 2022.
However, much like other entries on the list, DOGE’s correction came after a 30% month-to-date rally triggered by the overall bullish sentiment on the market.
If the decline continues, the target price for DOGE could stand at $0.088, or 8 lower than the current value.
