Altcoins
These Altcoins Could Experience a Major Crash in the Week Ahead
With Bitcoin returning to the $60,000 support zone, the crypto market fell significantly last night. The BTC price drop of 3.62% amplified the supply wave in the altcoin market, leading to a shortage of many coins.
As Bitcoin clings to the support zone, altcoins could collapse in the coming week if the market takes a rest. Additionally, the Fear and Greed indicator now returns to the neutral zone at 56, a step back from the Greed sector.
Here are the potential altcoins that could crash in the coming week as Bitcoin struggles at $60,000. Let’s take a closer look
SUI puts $1 at 25% downside risk
With an intense pullback phase in the daily chart, the SUI price trend is down 30% in just 20 days. This leads to a bearish reversal at the 50 and 200 day EMA, resulting in an impending death cross.
Additionally, the possibility of a double bottom is under extreme pressure as SUI price falls below the 61.80% Fibonacci level and the 200D EMA. This puts the psychological $1 level at risk and warns of a decline to the 78.60% Fibonacci level at $0.73.
Therefore, the coming week for SUI could be bearish and experience a crash if Bitcoin stagnates or plunges.
Bearish dominance in this Altcoin prevents a 40% fall
Having failed to reach $100 by the start of 2024, the April stock market crash led to a massive drop in the price of ORDI. ORDI’s downtrend is cracking below the 200D EMA, the psychological $50 mark, and the 50% Fibonacci level.
As the death cross is about to occur on the 1D chart, ORDI price is struggling to hold above the 61.80% Fibonacci level at $33.74. Currently, the altcoin is trading at $36 after last night’s 8% drop.
With a minor divergence in the daily RSI, reversal of the double bottom remains a possibility. However, as the pullback deepens and turns into a downtrend, the risk of a break below $33 is greater.
A breakdown will cause the altcoin’s price to drop to the 78.20% Fibonacci level at $20, a potential crash of almost 40% next week.
Altcoin Stacks at 200D EMA Prevents 40% Dump
With a 45% crash in the last 40 days, STX price is cracking below multiple support levels and testing the 200D EMA. Additionally, the drop places the crucial $2 level towards a strong resistance trendline.
Moreover, the price decline of this altcoin is cracking below the long-term support trendline. This increases the risks of STX price falling if the 200D EMA fails to provide a dynamic cushion.
A breakdown below $2 and the 200D EMA will cause a massive supply decline in Stacks. In such a case, the price of the altcoin could fall as low as $1.25 or the 78.60% Fibonacci level.
Celestia (TIA) risks losing $9 support
Under the influence of a high-resistance downtrend line, TIA price is struggling to regain bullish momentum. As the altcoin is trading at a discount of almost 55%, the pullback phase undermines the uptrend in the early phases.
The fall below the 50% Fibonacci level finds strong support at the $9 support zone or the 61.80% Fibonacci level. However, the downtrend and increasing supply keep the bullish recovery in check.
If supply increases in the altcoin and Bitcoin slips below $60,000, a drop to $6 is possible.
Will these Altcoins survive next week?
In the event of a bullish return of Bitcoin influencing a broader market recovery, these altcoins could cause a trend reversal. However, as Bitcoin struggles to hold steady, a slide or consolidation below $60,000 will amplify the crash of these altcoins. Therefore, secondary traders may find a short selling opportunity for the coins mentioned above.