The volatile market led to significant drawdowns for many altcoins this week, as Bitcoin and Ethereum also faced corrections. While a few assets managed to stay in the green, most cryptocurrencies hit multi-week or multi-month lows.
BeInCrypto analyzed three altcoins that recorded the steepest declines, emerging as the worst performers of the week.
Dogwifhat (WIF)
WIF price plummeted by nearly 38% this week, hitting an 11-month low of $0.704. The steep decline followed the loss of the crucial $0.829 support level earlier this week. This downturn has intensified bearish sentiment, raising concerns about further losses as the altcoin struggles to find stability in the current market.
The meme coin’s decline was aggravated by reports that it made false claims about a partnership with the Las Vegas Sphere. The drawdown also caused WIF to slip below the psychological $1.000 mark.
Currently holding above $0.674, the meme coin remains vulnerable to further declines. If this support fails, selling pressure could drive WIF below $0.600, with a potential drop to $0.500, further extending losses for investors.
A possible reversal remains if WIF can bounce off the $0.674 support. A successful recovery could see the token reclaim $0.829 as a support level. If WIF pushes back above $1.000, it would invalidate the bearish outlook, signaling a shift toward a potential recovery.
Virtuals Protocol (VIRTUAL)
VIRTUAL has suffered a significant 40% decline, making it the worst-performing cryptocurrency of the week. The token is currently trading at $1.19 after losing its crucial $1.30 support. This sharp drop has intensified selling pressure, and without a reversal, VIRTUAL could face further downside in the short term.
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Author: Aaryamann Shrivastava
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