The market is currently in a FUD storm. Fear, uncertainty and doubt reign in the altcoin world. Accordingly, it is experiencing a regression with an unsettling atmosphere. Added to this difficult situation is the recent lawsuit filed by the US Securities and Exchange Commission against crypto exchange giants Coinbase and Binance.
Binance in and out
Both Binance and Coinbase have been accused by the SEC of being unregistered exchanges selling unregistered securities, including Binance’s own digital assets, BNB, and the Binance USD (BUSD) stablecoin. Stream dropped to a staggering minus $776.8 million.
This event caused the crypto market to drop over 3% in the last 24 hours as major cryptocurrencies fell and pulled the entire market down. Meanwhile, Bitcoin, for its part, remains below the $27,000 zone. Net flow to Binance in the last 24 hours is minus $778.6 million in Ethereum. Shaped. In other words, there is an inflow of 871.7 million dollars and an outflow of 1.65 billion dollars. In the past hour, net flow in Ethereum continued to be minus $35.7 million. Accordingly, there was an inflow of 14.8 million dollars and an outflow of 50.5 million dollars.
5 altcoins that lost in the FUD storm
In the first place is PEPE. According to Coinecko, the token, which once provided significant gains to investors, is down over 13% on the daily timeframe following the market crash that started this week. The token’s current trajectory puts it on the path to more FUD for investors. Currently, the price of PEPE is hovering above the $0.00000101 support range. Due to the bearish trend in the crypto market at the moment, it will take some time for the bulls to drop a zero from PEPE.
In second place is SAND. Despite a strong advertising campaign ahead of Paris Hilton’s concert on June 7, investor and trader confidence in SAND has been shaken by falling prices of major cryptocurrencies. Coinecko shows a 17% drop in the last 24 hours. He also states that this is a sign that more pain is imminent in the short and medium term. SAND is currently sitting above the $0.4976 support range. Investors and traders can expect the bears to break through this support level if the market continues to decline. If this happens, a drop to $0.4368 will occur.
SUI and others
When we look at Kriptokoin.com, there is SUI in the third place. Even as news of the network’s partnership with Red Bull Racing shook the market, the bears found a way to spoil the party. Recent market data shows that the network’s management token, SUI, has dropped 14% since Wednesday. SUI has a newly discovered support range at $0.7533. However, SUI bulls should not expect much from this support level as there is no power behind it. Currently, investors and traders should watch the market move as the token has a significant correlation with Bitcoin.
In fourth place is CFX. The bears continued their bearish momentum, hurting CFX after Conflux was hit by Multichain irregularities. As of writing, CFX is down over 12% since yesterday following the overall market drop. Currently, CFX bulls are attempting to settle around the $0.2229 support level. If this support holds, we could see a reversal towards $0.2354 in the long term. However, investors and traders should still be wary of short and medium-term losses on the token. Finally, there is AXS. Axie Origins successfully launched on the Apple Store last month. However, the market slump and FUD dashed any hopes of gains in the short term. Coinecko data reveals that the token has fallen by about 12% since Wednesday. Enjoying the gains made after the launch of Axie Origins, the bears are now trying to break past the $6.6 support level. If they are successful, a drop to $5.86 is possible in the near future if the market continues to pull AXS down.
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