The crypto market has been down, with many cryptocurrencies dropping and losing significant value fast. However, some tokens like CORE, SEI, and Notcoin’s NOT have seen more notable price declines for various reasons. The three cryptos are now among the biggest losers in the top 100 cryptos; but why are they crashing?
CORE’s Ugly Price Action Suggests Fundamental Issues
CORE’s price started falling earlier than the general market; the downturn began in April. The price was at $4.38 on April 2 and has since decreased steadily with minimal periods of cooling off. The price is now trading at $0.87, a more than 80% drop from April’s high.
The price of CORE has also continued to bounce off a descending trendline which has continuously served as resistance.
CORE’s issues could based on some fundamental metrics rather than technical price action. Looking at the price chart, Core spiked shortly after it was launched in early 2023. Since then, it has been dropping and trading sideways. In March this year, more than one year after its launch, it had a major spike again before it started to fall.
Although Core was built as a Layer 1 blockchain compatible with the Ethereum Virtual Machine (EVM), it doesn’t look like the token is getting much adoption yet, causing the price to be down most of the time since launch.
SEI Filling Market Imbalance
The price of SEI had also been declining before the larger market downturn. The drop commenced in mid-March after SEI had rallied by more than 1,000% between October and March.
Since then, the price has been filling the market imbalance from the initial pump, decreasing from $1.14 and now trading at $0.24. The price is now close to critical support where a (temporal) reversal could happen.
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A rush of positive on-chain and fundamental metrics could make the price spike even higher or trigger another long bullish rally.
Notcoin (NOT) Cooling Off Following a Fine Start
Notcoin also enjoyed a fine start following its launch and became the project that publicized Telegram gaming projects the most. After the launch, the project rallied beyond expectations.
However, it has also seen a steady decline since the beginning of June, which could be due to the subsiding hype around the project. Many may also be taking their profits already.
The whole drop could still be part of a necessary retracement, seeing that it is still within the space the initial hype created. To maintain this outlook, the support at around $0.007 must hold. If not, there could be a longer decline.
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