APE, NEXO, MATIC, COMP, FLOW


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78 shares, 38 points


Key Insights:

  • ApeCoin was among the worst performers this week, declining by 16.69%.
  • Flow stood in the same category as ApeCoin, depreciating by 14.79%.
  • Bitcoin and Ethereum also dropped to trade at $21k and $1.4k today.

The crypto market took a big hit in the last 24 hours as the total value of all cryptocurrencies fell to $931 billion at the time of writing.

The downtrend spared only a few altcoins, taking down even the king coin and the altcoin king to trade at $21,309 and $1,402, respectively.

ApeCoin (APE)

The Bored Ape Yacht Club’s native token declined by 16.69% over the last 48 hours to trade at $5.5. The Relative Strength Index (RSI) of the altcoin could be seen hovering at the neutral mark due to the price fall.

If APE does fall into the bearish zone, it could invalidate more of its 90.56% recovery noted over the last month.

Nexo (NEXO)

NEXO has been on a downtrend for the last seven days, although it has only declined by 13.75% in this duration. Nevertheless, this has made it further difficult for the altcoin to recover its June crash of 53.46%.

The Parabolic SAR’s white dots are already above the candlesticks, indicating the beginning of a downtrend.

Polygon (MATIC)

The DeFi token lost over 15.46% in the last 24 hours, thanks to the active bearishness, adding to the week-long decline of 22.53%.

To make things worse for MATIC, the MACD is exhibiting a bearish crossover thanks to the increasing bearishness indicated by the red bars.

Compound (COMP)

Compound’s governance token COMP took a similar direction as MATIC and fell by 13.57% over the previous 24 hours. This increased its week-long depreciation to 22.24%.

The downtick in the Chaikin Money Flow (CMF) highlights investors’ increasing skepticism visible in the form of outflows for the coin. This could result in further price falls.

Flow (FLOW)

Dapper Labs’ FLOW was also a part of this cohort, falling by 14.79% yesterday to trade at $1.56 after failing to flip $2 into support.

The appearance of red bars on the Awesome Oscillator might result in a further decline in price, and if the bars flip to increase below the neutral mark after three months, FLOW might find it difficult to recover its June crash of 53.23%.



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