The current state of the cryptocurrency market
As the cryptocurrency market faces a downturn, with Bitcoin dropping below $50,000 and several altcoins hitting all-time lows, investors are keeping a close eye on the situation.
The decline of Curve (CRV)
One of the notable losers in this market is Curve DAO Token (CRV), which has seen a significant drop of over 18% in the past 24 hours. Despite attempting to break the $0.307 resistance, CRV has failed to do so and currently sits above $0.230.
However, CRV hit an all-time low of $0.217 earlier in July and recently broke that level, reaching a new low of $0.190. While there may be further declines in store, a potential recovery could see CRV rise back above $0.250.
The struggle of EOS (EOS)
Another altcoin facing challenges is EOS, which has not experienced a significant drop in the last day but has seen a continued decline over the past week. With a 25% loss in five days, EOS is currently trading at $0.43.
EOS recently broke its previous all-time low of $0.44 and hit a new low of $0.40, only to show signs of recovery. To climb back up, EOS must reclaim the $0.50 psychological support level and potentially reach $0.55 for further upside.
The challenges of dYdX (DYDX)
dYdX, the native token of the proof-of-stake (POS) blockchain dYdX, has faced a sharp decline of 11% on the daily chart. Like other altcoins, DYDX hit all-time lows in July and broke out, touching $1.01 after almost offsetting yesterday’s ATL of $1.00.
However, DYDX experienced a new all-time low of $0.86, indicating potential further lows. A return to $1.16 as support could assist DYDX in recovering its recent losses.
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