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Analysis of This Week’s Worst Performers: LDO, ADA, APT, SOL, and MATIC

ADABTC - Duo Nine 2023-06-16 00:00

This week, we take a closer look at the worst performing altcoins with a market cap of over $1 billion: Lido, Cardano, Aptos, Solana, and Polygon.

Lido (LDO) | -24.8%

LDO is the worst performer on our list this week after falling by almost 25%. Buyers failed to sustain the uptrend and with the support at $2 lost, the price was quick to crash.

At the time of this post, the most significant support level is found at $1.4 and the resistance is at $1.8. Considering the market sentiment, the price is unlikely to change its current momentum which is bearish.

Looking ahead, Lido appears to continue its correction that started in February. With lower lows and lower highs, the bears have the upper hand and they may not stop their assault until the price reaches the key support indicated above.

LDOUSDT_2023-06-15_10-12-13 Chart by TradingView

Cardano (ADA) | – 20.9%

ADA disappointed across the board in June and, in this week alone, has lost 20% of its valuation. Those who were hoping that the support at 30 cents would hold were let down as the price suddenly dropped all the way to 22 cents on June 9th. Since then, the price has recovered somewhat.

At this time, sellers have full control of the price action, and they are aiming to take this cryptocurrency to the key support at 24 cents. The current resistance is at 28 cents.

Looking ahead, this major correction appears to be picking up speed, and this is confusing most ADA holders. The expectation is that buyers will return once the price hits the key support, similar to June 9th, but there are no guarantees.

ADAUSDT_2023-06-15_10-17-02 Chart by TradingView

Aptos (APT) | -20.4%

APT failed to stop its downtrend and fell by 20% this week. In the process, it has formed a large descending triangle which was confirmed with the drop on June 9th. This is both concerning and bearish.

Should the support at $5.5, which forms the base of this large triangle, not hold, then buyers of APT may find themselves in a difficult position, as such a scenario would open the way for the price to fall towards $3 again. The current resistance is $6.8.

Looking ahead, APT is giving no clear signs that it can stop this correction. More so, Bitcoin and Ethereum have also made lower lows which re-confirms the bearish bias of the market at this time.

APTUSDT_2023-06-15_10-20-18 Chart by TradingView

Solana (SOL) | -20.2%

Solana has a similar price action to Cardano and also fell by 20% this past week. Buyers are currently struggling to keep the price above $14, and with the sentiment remaining bearish, it is unlikely they will succeed at this time.

The sudden drop in the price has also formed a parabola as shown on the chart below. The key support is found at $12, which has a good chance to hold sellers if reached. The current resistance is at $15.

Looking ahead, Solana is trying its best to stop the bleeding, but buyers remain uninterested.

SOLUSDT_2023-06-15_10-22-41 Chart by TradingView

Polygon (MATIC) | -19.4%

Polygon formed a large wedge, and unfortunately, the price fell below it. This is bearish, and MATIC did not hesitate to show it as it lost 19% of its valuation this week.

The current support is found at 58 cents, and bulls may return at that level since the drop on June 9th saw buyers return as soon as the price went under 60 cents. The current resistance is at 75 cents.

Looking ahead, MATIC may test the key support soon, which could stop this bearish momentum. It is critical for this cryptocurrency to hold at that level as. Otherwise, sellers could be encouraged to take the price under 50 cents in the future.

MATICUSDT_2023-06-15_10-26-53 Chart by TradingView

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