SCRT Down by 21% as Crypto Market Loses $100 Billion in 24 Hours

The total cryptocurrency market cap has dropped to the $1.8 trillion level as Bitcoin and other cryptos sustain further losses.

Secret Network Raises $400 Million in Ecosystem Funding

The Secret Network announced earlier this week that it had raised $400 million in ecosystem funding. The funding round was led by HashKey, DeFinance Capital, CoinFund, and Alameda Research.

The team will use the funds to boost the decentralized finance (DeFi) and nonfungible token (NFT) ecosystems on its platform.

However, despite this latest development, SCRT, the native token of the Secret Network, has lost more than 20% of its value in the last 24 hours. At press time, SCRT is trading at $7.20 per token.

The massive decline comes as the broader cryptocurrency continues its recent bearish performance. The broader cryptocurrency market has lost more than $100 billion in the last 24 hours, with the total market cap now below $1.9 trillion.

Bitcoin has dropped below the $40k mark again after losing 7% of its value over the past day. Ether is also trading below $3,000 as the selling pressure on the leading cryptocurrencies continues.

The Secret Network will soon host the launch of Quentin Tarantino’s NFT collection. However, this event wasn’t enough to stop SCRT from recording massive losses.

SCRT has been underperforming over the past two weeks. Last week, SCRT dipped despite concluding the pilot of its Duplex Finance project.

SCRT Could Drop Below $6 if Bearish Trend Continues

The SCRT/USD chart is still bullish, thanks to SCRT’s strong performance since the start of the year. However, the technical indicators show that SCRT is underperforming at the moment and could drop further if the current market conditions persist.

SCRT is trading above its 50-day moving average price of $5.78. The MACD line is still in the positive region but could drop below the neutral zone if the bearish trend continues. The RSI has been declining and risks entering the oversold territory unless the bulls regain control of the market.