Three most trending cryptocurrencies last week are the biggest losers now
Shiba Inu, Waves, and Stepn were the top trending cryptocurrencies last week. All assets on the list gained at least 30%, which caught the attention of retail traders and whales, according to CoinMarketCap.
Shiba Inu market performance
According to the chart provided by TradingView, SHIB is currently losing almost 100% of its previously gained value as it returned below its 200-day moving average and $0.000024.
Unfortunately, even the increased use of the Shiba Inu smart contract and the huge purchasing power from whales could not help the asset gain ground and cross the extended distance.
STEPN’s mindblowing 315% run
Out of every trending coin on the market, STEPN (GMT) showed the strongest performance with an over 300% run. Traders and investors could keep the selling pressure later on, which is why the token still remains far above pre-rally values.
At press time, GMT is moving within the ascending channel, which is generally considered a bearish pattern, showing that buying power is slowly fading as traders are unable to maintain the same pace of rally.
Waves lost previously gained value
The weakest coin from the list is Waves, which gained almost 500% to its value since the end of February. The explosive growth of Waves was a surprise for almost any market participant, as no fundamental updates or news have been released about the long-forgotten project.
Since the nature of the rally was purely speculative, there was no fundamental support behind it, which is why it pulled back almost immediately, losing 44% in the first week after hitting its peak, and another 37% after it peaked. course of the month. At press time, Waves is trading at $19, down from hitting $63 in March.
