Cryptocurrency Market Recovers 50% of Last Week's Losses as Major Cryptocurrencies Bounce Back

In recent years, cryptocurrencies have steadily gained recognition as a significant asset class and investment option. What once began as a niche interest has now evolved into a mainstream financial phenomenon, attracting the attention of traders and investors worldwide.

Major cryptocurrencies recovered more than 50% of the losses incurred during last week’s price decline within just a few days.

In recent years, cryptocurrencies have steadily gained recognition as a significant asset class and investment option, attracting the attention of traders and investors throughout the world.

Let’s take a look at the top losers of the week and how they can perform in the upcoming week:

1. Lido DAO (LDO)

A slight surge of 24% in the traded volume of the LDO token was recorded, which resulted in a traded value of $106.219 Million. This showed good liquidity in the LDO token as 11.53% of the market cap of the token was traded in the last 24 hours from the press time.

The sentiment of the LDO token was bearish and the fear and greed index of the token was at 48. The supply inflation of the token was further very low resulting at 1.55%, followed by a circulating supply of 892.32 Million.

LDO/USD Chart by TradingView

As the LDO token price consistently declined over the last few months followed by the formation of a lower low swing on the chart, the price had declined below significant levels.

A descending triangle was formed on the daily chart of LDO tokens and the price on August 2nd, 2024, broke below a similar pattern.

2. Maker (MKR)

The circulating supply of the Maker token was 927K MKR, while the maximum supply was 1.01M MKR. The supply inflation of the MKR token was very low at -5.11%.

MKR/USD Chart by TradingView

The MKR token price was trading in a strong downtrend which was followed by the formation of lower lows on the token. This further resulted in the formation of a falling wedge pattern and the price hit the lower band of wedge pattern at press time.

Following the most recent price action, a strong green candle was formed on the token’s daily chart. If the price further rises to higher levels and breaks above the wedge pattern and sustains above the same, we might get to see higher levels.

3. BEAM (BEAM)

The Total Value Locked for the BEAM token resulted in $2.74 Million and the token’s market cap was worth $617.936 Million (press time). Additionally, the liquidity of the token was certainly low as the volume/market cap ratio of the token was 2.81%.

The sentiment of the token was bearish and the market cap dominance was 0.03%. Moreover, at press time 49.466B BEAM circulated in the market which was 79.23% of the maximum supply.

BEAM/USD Chart by TradingView

Strong lower lows are formed on the daily chart of the token followed by the breakdown below the most recent swing low. BEAM further traded below the crucial EMAs on the daily chart.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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