Altcoins
Will Bitcoin’s 10% drop in 7 days also cause these altcoins to fall by 30%?
- AGIX, GRT and APE face potential crashes due to Bitcoin’s bearish chart trends.
- Major altcoins like Ethereum, BNB, and Solana also fell significantly.
In recent developments in the cryptocurrency markets, a significant slowdown has been observed, with major digital currencies including Bitcoin [BTC] struggle to maintain their position.
As analyst Kyledoops reports in a video on the “Cryptocurrency Banter” channel, Bitcoin is facing an inability to break through critical resistance levels.
This has become increasingly evident over the past week, with the asset seeing a notable decline of over 10% during this period, pushing Bitcoin to a monthly low in the $58,000 range.
Forecast of a 30% crash
The slowdown is not limited to Bitcoin alone; the broader altcoin market has also seen a substantial decline.
From a peak of over $1 trillion last week, the total market capitalization of altcoins has fallen to $952 billion.
In this volatile environment, according to Kyledoops, specific altcoins are under the spotlight due to further potential losses.
SingularityNET [AGIX]for example, has already seen a 24% drop over the past week, with an additional 10% drop in the last day alone.
Technical analysis suggests that AGIX, along with other tokens like The graphic [GRT] And Apecoin [APE]could experience an additional 30% decline due to their bearish chart trends.
Tokens associated with artificial intelligence and gaming are particularly vulnerable.
Daily chart analysis of AGIX, for example, shows that the altcoin showed a clear shift towards a downtrend after breaking its support structure.
Recently, it formed a bearish doji candlestick, followed by a close below this level with an engulfing bearish candlestick, signaling the potential for further declines.
Source: TradingView
As for Recover AI [FET], analyst “Crypto Banter” anticipated a potential drop 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 drop to around $1, which would mark a potential 20% decline, or even set new lows.
This prediction is supported by its daily chart, which shows a crucial low level of liquidity 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 highlighting the bearish outlook.
Bitcoin: profound effects
Amid these projections, the top three altcoins—Ethereum [ETH], Binance Coin [BNB]And Solana [SOL] — experienced declines of approximately 8.8%, 8.8% and 10.9% respectively over the past 24 hours.
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AMBCrypto analysis highlighted Current technical configuration of Solana: A descending triangle pattern on the 3-day chart, with support level at $128.
If market sentiment deteriorates further, there is a risk that Solana could break through this support and fall below $130.