Bitcoin
Will Bitcoin’s 10% tumble in 7 days pull these altcoins down 30% as well?
Bitcoin has seen negative trends over the past week, which has affected other smaller altcoins.
- AGIX, GRT, and APE, face potential crashes due to Bitcoin’s bearish chart patterns.
- Major altcoins like Ethereum, BNB, and Solana have dropped significantly as well.
In recent developments within the cryptocurrency markets, a significant downturn has been observed, with leading digital currencies including Bitcoin [BTC] struggling to maintain their foothold.
As reported by analyst Kyledoops in a video on the “Crypto Banter” channel, Bitcoin is facing an inability to break through critical resistance levels.
This has become increasingly apparent over the past week, with the asset seeing a notable drop of over 10% in this period, pushing Bitcoin down to a monthly low in the $58,000 range.
Predictions of a 30% crash
The downturn is not isolated to Bitcoin alone; the broader altcoin market has also experienced a substantial decline.
From a high of over $1 trillion just last week, the total market capitalization of altcoins has plummeted to $952 billion.
Within this volatile environment, specific altcoins are under the spotlight for potential further losses, according to Kyledoops.
SingularityNET [AGIX], for example, has already seen a 24% decline over the past week, with a further 10% drop just in the last day.
Technical analysis suggests that AGIX, along with other tokens like The Graph [GRT] and Apecoin [APE], could see an additional 30% fall due to their bearish chart patterns.
Tokens associated with artificial intelligence and gaming are particularly vulnerable.
AGIX’s daily chart analysis, for instance, shows that the altcoin has shown a clear shift to a bearish trend 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 potential for further declines.
Source: TradingView
As for Fetch AI [FET], the “Crypto Banter” analyst anticipated a potential 15% decline. 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, might see its value drop to around $1, marking a potential 20% decrease or even setting new lows.
This prediction is supported by its daily chart, which shows a crucial swing low liquidity level around the $1 mark that could be tested before any potential reversal.
Source: TradingView
Similarly, AXS is poised for a possible 47% drop due to the same reason, further stressing the bearish outlook.
Bitcoin: Far-reaching effects
Amidst these projections, the three major altcoins—Ethereum [ETH], Binance Coin [BNB], and Solana [SOL] —have experienced declines of approximately 8.8%, 8.8%, and 10.9% respectively over the past 24 hours.
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An analysis from AMBCrypto highlighted Solana’s current technical setup: a descending triangle pattern on the 3-day chart, with a support level at $128.
Should market sentiment deteriorate further, there’s a risk that Solana could breach this support and drop below $130.
