Top Crypto Losers: Why HNT, KCS, and FTN Have Underperformed Despite Market Optimism

Despite the overall positive market sentiment, certain assets like FTN, KCS, and HNT have not resonated as strongly with BTC's rally.

Bitcoin (BTC) price has surged over 10% in the past 72 hours, which has had a positive impact on the broader crypto market.

However, while this bullish trend has benefited many cryptocurrencies, some have remained in the red and have emerged as the top crypto losers.

Despite the overall positive market sentiment, certain assets like HNT, KCS, and FTN have not resonated as strongly with BTC’s rally. Even the significant news from the Federal Reserve had a minimal impact on them. Come along as we explore why these top crypto losers have underperformed and what their future might hold.

Factors Responsible For Assets To Remain In Red, Despite Larger Optimism In The Market

The top crypto losers, such as HNT and KCS, follow separate price actions due to their lower correlation with Bitcoin. This makes the crypto so strong that some news does not impede or fuel its price action, making it robust fundamentally.

Secondly, the assets with weaker fundamentals and lower market cap dominance get affected when most are in the green. For instance, FTN has seen a decline in token holders, indicating a loss of interest in the project.

Additionally, factors like higher long liquidations also contribute to heightened bearish sentiments. Specifically, FTN has zero short liquidations intraday but has seen long liquidations amounting to $36.59.

Helium (HNT)

A project ranked 63rd on CoinMarketCap experienced a 3.5% intraday decline and a nearly 9% drop over the week. Despite this, the asset remains fundamentally strong and has been in an uptrend. It consistently made higher highs and lows on the daily chart.

Helium (HNT) price was trading at $7.03 with a market cap of $1.13 Billion. Its growth is driven by its real-world physical infrastructure networks, making it a leading project in the DePIN category.

The HNT price was in a breakout stage, having faced resistance at the $8.50 level for the past 10 days. It has kept the price in the red.

In the long term, the outlook remains bullish as the price was above the 200-day and 50-day EMA bands. However, it has dipped below the 20-day EMA in the short term.

If the sell-off by profit-takers isn’t too intense, a rebound towards $10 is likely. Conversely, a breach of the 50-day EMA would be concerning. Also, falling below the 200-day EMA could shift the trend from bullish to bearish.

KuCoin (KCS)

KuCoin (KCS) price movements are not correlated with Bitcoin, setting it on a unique trajectory. Despite an intraday surge of 1.2%, KCS has declined by 6.2%, following a series of lower lows across the 20-day, 50-day, and 200-day EMA bands.

Recent news and Bitcoin’s rally have not influenced its price action, leaving it unaffected.

The KCS price traded at $7.54 with a market cap of $888.35 million, ranking 73rd intraday. The price is at a crucial support level.

If optimism increases, it could overcome the EMA hurdles one by one. However, the decline could accelerate if it fails to hold this support and faces higher sell-off orders.

Fasttoken (FTN)

Fasttoken (FTN) price experienced a 1% intraday decline and a 10% reduction in weekly gains. Since the start of 2024, FTN has been in an uptrend, but profit-taking in September led to a downturn. With a market cap of $695.83 Million, this mid-cap coin is ranked 205th on CoinMarketCap.

The strong selling pressure generated significant market volume, with liquidity at 30%. This indicated smooth and hassle-free transactions close to the exchange price.

The FTN was trading at $2.28, slipping below the 20-day and 50-day EMA bands. It remained unaffected by the broader bullish market sentiment.

The price is approaching the 200-day EMA, which appears to be its short-term target. If the sell-off intensifies, breaching the 200-day EMA could lower the price.

The views, and opinions stated by the author, or any people named in this article are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.