The recent decline in the crypto market has led to a significant decrease in the valuation of top tokens such as Zcash, Cardano, and Pi Network.
Zcash, which had reached a high of $685 on May 20th, has been experiencing technical difficulties. The formation of a head-and-shoulders pattern and its move below the Major S/R Pivot Point have led to a sharp decline in value.
Cardano's price has also been affected by the market downturn, dropping below its lowest point in December 2022. This loss of support has put bears in control, accelerating momentum and forming a head-and-shoulders pattern.
Pi Network, which had a promising start, has seen significant losses since its mainnet launch last year. Its current decline is attributed to the lack of substantial demand from American investors despite various initiatives and upgrades.