Altcoins
Will Bitcoin’s 10% drop in 7 days cause these altcoins to also drop by 30%?
- AGIX, GRT, and APE are facing potential collapses due to Bitcoin’s bearish chart patterns.
- Major altcoins such as Ethereum, BNB, and Solana also declined significantly.
In recent developments within the cryptocurrency markets, a significant downturn has been observed, including across major digital currencies Bitcoin [BTC] struggling to maintain their foothold.
As reported by analyst Kyledoops in a video on “Cryptocurrency Jokes” channel, Bitcoin is facing the inability to break above critical resistance levels.
This has become increasingly evident over the past week, with the asset seeing a notable decline of over 10% in this period, pushing Bitcoin to a monthly low in the $58,000 range.
Forecasts of a 30% drop.
The recession isn’t just about Bitcoin; the broader altcoin market also suffered a substantial decline.
From a high of over $1 trillion just last week, the total altcoin market capitalization has plummeted to $952 billion.
In this volatile environment, specific altcoins are under the spotlight for potential further losses, according to Kyledoops.
SingularityNET [AGIX]for example, it has already seen a 24% decline in the last week, with a further 10% decline just in the last day.
Technical analysis suggests that AGIX, along with other similar tokens The graph [GRT] AND Apecoin [APE]they could see a further 30% drop due to their bearish chart patterns.
Tokens associated with artificial intelligence and gaming are particularly vulnerable.
Analysis of AGIX’s daily charts, for example, shows that the altcoin has shown a clear shift towards a bearish trend after breaking its support structure.
Recently, it formed a bearish doji candle, followed by a close below this level with an engulfing bearish candle, signaling the potential for further declines.
Source: TradingView
As for Recover the AI [FET], the analyst from “Crypto Banter” predicted a potential decline of 15%. This projection seems plausible, given that Fetch AI’s chart pattern closely mirrors that of AGIX, which has already signaled further downward movement.
APE, on the other hand, could see its value fall to around $1, marking a potential 20% drop or even setting new lows.
This prediction is supported by its daily chart, which shows a crucial low liquidity swing around the $1 mark that could be tested before any potential reversal.
Source: TradingView
Likewise, AXS is poised for a possible 47% decline for the same reason, further underscoring the bearish outlook.
Bitcoin: Far-Reaching Effects
Amid these projections, the three main altcoins:Ethereum [ETH], Binance coin [BNB]AND Solana [SOL] —have recorded decreases of approximately 8.8%, 8.8% and 10.9% respectively in the last 24 hours.
Is your portfolio green? Take a look at APE Profit Calculator
An analysis of AMBCrypto highlighted Solana’s current technical setup: A descending triangle pattern on the 3-day chart, with a support level at $128.
If market sentiment worsens further, there is a risk that Solana could breach this support and fall below $130.