Investors’ Anxiety Peaks as Altcoins Plummet to New Lows
- Altcoins like SOL, XRP, and MATIC face significant price dips.
- Bitcoin hits a two-month low of $57043 with a 4% decline.
The cryptocurrency market experienced a significant bearish trend over the past twenty-four hours, with the overall market cap decreasing by 4.40%. Bitcoin, the largest cryptocurrency, fell by 4%, dropping to a two-month low of $57,043.96, unsettling investors as it led to a broader decline in altcoin prices. Ethereum, the leading altcoin, also hit a two-week low.
Altcoins Price Chart, Source: Santiment
Ethereum (ETH)
ETH saw a 4.33% decline over the past 24 hours, with trading volume increasing by 52% during the same period. Its price decreased from $3,320.84 to $3,128.61, currently under selling pressure with a daily RSI of 32. The 9-day EMA at $3351 confirms a bearish trend. Resistance levels are identified at $3520 and $3632, while potential support levels include $3246 and $3065.
ETH Price Chart, Source: TradingView
Solana (SOL)
Solana, among the top 5 cryptocurrencies by market cap, fell by 8% in the past twenty hours, hitting a ten-day low of $7.19, with trading volume up by 17%. Over the past month, it has declined notably by 20%. Solana is currently facing selling pressure with a daily RSI at 32 and a 9-day EMA at $141 indicating a bearish trend. Resistance levels are noted at $154 and $162, while support levels might be tested at $122 and $116.
SOL Price Chart, Source: TradingView
Toncoin (TON)
Toncoin, also in the top 8 by market cap, dropped by 7.18% in the past twenty hours, reaching a ten-day low of $132.45, with trading volume up by 27%. It is nearing selling pressure with a daily RSI of 47. And a 9-day EMA at $7.638 confirming a bearish trend. Resistance levels are observed at $8.09 and $8.28, with potential support at $6.7 if bearish sentiment intensifies.
TON Price Chart, Source: TradingView
Memecoins Face Heavy Dip
Top memecoins like DOGE , PEPE, SHIB, and FLOKI also experienced significant declines during this bearish period. Dogecoin dropped to a five-month low of $0.1103, down by 7%; PEPE hit a seven-day low of $0.000009329, down by 9%. SHIB fell to a four-month low of $0.00001522, down by 8%. And Floki reached a nine-week low of $0.0001509, down by 8%.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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