A recent YouTube video analysis by Crypto Banter notes Bitcoin’s current struggle to break through key resistance levels despite trading at $63,000. The inability of Bitcoin to reclaim $67,000 was highlighted as a concern for the broader market sentiment.
Altcoin Current Scenario
The focus then shifts to the state of the altcoin market within the context of the broader macro bull market. There was an assessment of where the market stands regarding cycles, including discussions about left-translated cycles, right-translated cycles, and double tops.
The analysis suggests that many altcoins could see a dip of around 30% to 50%. Various altcoins were mentioned, with indications of potential downside movements and support levels. Examples included AI, AGI, GRT, OCEAN, and others. The analysis pointed out that most altcoins were rejecting from mid-range levels, indicating potential further downside.
Here are the Top Altcoins to See a 30-50% Drop
AGI (SingularityNET)
It is potentially facing a 30% downside, with support around $0.67. This coin may experience further correction before stabilizing.
GRT (The Graph)
Expect a 30% downside movement. Investors should be cautious as the price may decline in the near term.
Ocean Protocol
If it retraces back down, it could see a 25% downside. Investors should monitor support levels for potential buying opportunities.
AP Coin
Possibly making new lows, indicating a bearish outlook for the coin.
AXS (Axie Infinity)
It could face a significant 47% downside if market conditions deteriorate further.
BLZ (Bluzelle)
If it loses mid-range support, there is a potential downside of 37%. Investors should be prepared for further price declines.
ELF (aelf)
Deviating from the range level, suggesting a potential downside movement. Investors should exercise caution.
MANA (Decentraland)
Might experience another 15% downside movement. Investors should watch key support levels for potential buying opportunities.
INJ (Injective Protocol)
Potentially facing a 39% downside if it sweeps the lows. Traders should be vigilant for potential entry points.
RUNE (THORChain)
Could see a 25% downside if it sweeps the lows. Investors should closely monitor price action for potential buying opportunities.
Also Check Out : Top 3 Altcoins Crypto Whales Are Stacking This May: Should You Buy Now?
Could it be a Buying Call?
The situation is just as dangerous for altcoins, which tend to move in line with Bitcoin. Although they are robust, they still appear susceptible to Bitcoin’s movements. The analyst suggested that altcoins could decline by 30-50%; therefore, investors should prepare for volatile times.
Although admitting the likelihood of correction, the analyst also warned investors against panic, seeing it as an opportunity to accumulate assets at lower prices.
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