Altcoins
A 30% crash looms for these Altcoins
Kyledoops, an analyst, spoke to the Crypto Banter channel and explained that Bitcoin is currently struggling to clear key levels. Yesterday he mentioned that the Bulls had to get $67,000 back.
Altcoin Market Feeling the Heat
It also examines the state of altcoin market and its position in the broader bull market. Comparing altcoins to Bitcoin, some are bouncing on the hourly chart, but most are red on the daily and weekly charts. Compared to the US dollar, many altcoins are struggling overall.
Bloodbath in AI tokens
He pointed out that many cryptocurrencies, including AI, are experiencing downward pressure. Although he did not analyze each token individually, he pointed out that the majority are showing substantial declines. For example, AGIX could fall 30% to around 67 cents before finding major support. Likewise, tokens like GRT and APE could also see a drop of around 30% to reach important support levels.
Fetch AI and others face potential slowdown
Regarding Fetch AI, he mentioned a possible 15% downside in reaching support. However, the broader trend indicates that most tokens could see a decline of around 30% before reaching major support levels. For example, GRT and Ocean Protocol are down about 30%.
Outlook for Gaming Tokens
Moving on to gaming tokens, the situation looks bleak. Tokens like APE could drop to around $1, potentially erasing around 20% or hitting new lows. AXS, although at the midpoint, could see a 47% decline if the market continues to decline.
Filling the Gaps: How Low Can Prices Go?
When analyzing price action, he advised viewing wicks as trading gaps, with at least 50% of the gap likely to be filled. Applying this principle, tokens like Blur could see a 14% drop to close the gap, while a full round trip could result in a 50% drop.
while some tokens reach support levels, others do not. Tokens like Alium can see a 28% drop towards the mid-range, or even a 58% drop if they undergo a full round trip to previous lows.
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