Heres Why Top Altcoins Could Experience a 30 Decline in the Next 10 Days Due to Crypto Market Crash
The cryptocurrency market had a turbulent week, seeing significant changes in various coins. Red Coin (RWE) reached unprecedented highs, while altcoins showed signs of weakness after a bullish period. The rise of meme coins and the FOMC’s emergence contributed to this volatility, leaving traders and investors feeling emotionally shaken.
Let’s delve into the world of red cryptocurrencies.
Impact of Meme Coins
During a recent podcast, Crypto Banter discussed how meme coins have had a negative impact on the crypto market. They have diverted investments away from legitimate projects, delaying the expected rise of altcoins. This focus on memes has raised concerns about the need to clear out meme coins for altcoins to thrive. The analyst argues that removing meme coins is crucial for allowing projects with real-world applications to succeed in the market.
When to Invest: Bitcoin or Altcoin?
The analyst advised focusing on long-term portfolios and identifying good entry points, highlighting the Bitcoin Rainbow Chart as a useful tool for spotting investment opportunities during market downturns. The chart categorizes market conditions, suggesting accumulating in light green zones, buying in blue zones, and recognizing fire sale opportunities in dark blue zones.
If Bitcoin experiences a downfall, altcoins may follow suit due to its dominance. Despite short-term volatility, the analyst remains bullish about Bitcoin in the long run. While altcoins may struggle momentarily, they are expected to bounce back quickly when the market recovers.
Analyst’s Top Altcoin Picks
Injective Protocol (INJ)
Trading at approximately $20, INJ is facing significant downward pressure with a potential further decline on the horizon. Investors are advised to wait for clearer signs of market stability before considering entry points.
Fantom (FTM)
FTM has stabilized near its support levels, hinting at a potential drop to $0.55 to $0.50. This presents a cautious buying opportunity for those looking to accumulate at lower prices once market conditions improve.
Immutable X (IMX)
IMX remains steady at lower levels amid the broader market downturn. Accumulation strategies could be worth considering as IMX shows resilience, despite ongoing market volatility affecting sentiment.
Chainlink (LINK)
LINK is currently losing support around $12, with potential buy zones identified at $12 and $10. Investors should closely monitor for any signs of reversal or confirmation before making new positions.
Polkadot (DOT)
Approaching critical support levels near $4.5, DOT signals a cautious outlook. Investors are advised to be patient and wait for stronger market signals before considering new positions.
With uncertainties in the current market, many are pondering the future of cryptocurrencies in 2024 and whether investing in altcoins is a wise choice for the upcoming bull run.
Tags: Altcoins, Price Analysis