Altcoins
Top Altcoins Could See a 30% Drop in the Next 10 Days, Here’s Why
The crypto market has had a roller coaster week, with significant developments affecting various coins. Red Coin (RWE) has reached all-time highs, while altcoins have shown signs of weakening after a bullish year. The rise of meme coin hype and the emergence of the FOMC have contributed to this volatility, leaving traders and investors in a state of emotional turmoil.
Let’s analyze the red crypto market.
Impact of Meme Coins
In a recent podcast, Crypto Banter highlighted the negative impact of meme coins on the crypto market. They delayed the expected rise of altcoins by diverting investments from real projects. This focus on memes has raised concerns about a possible scenario in which the elimination of meme coins becomes crucial to the recovery of altcoins. The analyst says removing meme coins is key to allowing projects with real-world applications to succeed in the market.
When to buy: Bitcoin or Altcoin?
The analyst recommended focusing on long-term portfolios and good entry points, highlighting the Bitcoin Rainbow Chart as a tool to identify investment opportunities when the market is oversold. The chart categorizes market conditions, advising accumulation in light green areas, buying in blue areas, and recognizing flash sale opportunities in dark blue areas.
If Bitcoin collapses, altcoins could capitulate due to their dominance. The analyst is bullish on Bitcoin in the long term despite short-term volatility. Bitcoin’s dominance means that altcoins may suffer in the short term but rebound quickly when the market rebounds.
Analysts Pick Trending Altcoins
Injective protocol (INJ)
Currently trading around $20, INJ is facing significant downward pressure and further potential decline is indicated. Investors are advised to wait for clearer signs of market stability before considering entry points.
Ghost (FTM)
FTM flattened near its support levels, suggesting a potential further decline to between $0.55 and $0.50. This represents a cautious buying opportunity for those looking to accumulate at lower prices once market conditions stabilize.
Immutable X (IMX)
IMX remains stable at lower levels amid widespread market slowdown. Accumulation strategies could be considered as IMX demonstrates resilience, although continued market volatility affects sentiment.
Chain link (LINK)
LINK is currently losing support around $12, with potential buying zones identified at $12 and $10. Investors should closely monitor any signs of reversal or confirmation before entering into positions.
Polka dot (DOT)
DOT is approaching critical support levels near $4.5, indicating a cautious outlook. Investors are advised to be patient and wait for stronger market signals before considering new positions.
With the current market uncertainty, many are wondering about the future of cryptocurrencies in 2024 and wondering if investing in altcoins makes sense for the next bull run.