Bitcoin has soared to impressive heights, hitting $63,000, but recent analysis from Crypto Banter reveals it’s grappling with significant resistance levels. Despite its lofty position, the failure to break past $67,000 is casting a shadow over market sentiment.
What is to come? Join along as we uncover the details.
Altcoin Current Scenario
Diving deeper into the digital currency world, attention turns to altcoins within the broader bull market. Market cycles, including left-translated cycles, right-translated cycles, and double tops, are scrutinized for insights.
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.
Top Altcoins That May Soon Dip
AGI (SingularityNET)
SingularityNET faces a possible 30% retreat, with support around $0.67 indicating further turbulence ahead.
GRT (The Graph)
The Graph could experience a 30% descent, urging investors to be wary amidst potential short-term declines.
Ocean Protocol
Should Ocean Protocol retrace its steps, a 25% downturn beckons, prompting investors to monitor support levels for entry opportunities.
AP Coin
AP Coin’s trajectory suggests fresh lows, painting a bearish picture for its future.
AXS (Axie Infinity)
Axie Infinity faces a significant 47% downturn if market conditions worsen, requiring a strategic approach from investors.
BLZ (Bluzelle)
Bluzelle’s fate hangs in the balance, with a potential 37% downturn looming if mid-range support weakens, urging investors to brace for further turbulence.
ELF (aelf)
A deviation from the norm raises concerns for a potential downward spiral, prompting caution among investors in uncertain times.
MANA (Decentraland)
Decentraland’s path is marked by a potential 15% retreat, urging investors to keep an eye on support levels for opportunities.
INJ (Injective Protocol)
Injective Protocol teeters on the edge of a potential 39% downturn, with traders advised to stay vigilant for entry points.
RUNE (THORChain)
THORChain faces a 25% downturn if it delves into the abyss, prompting investors to monitor price action for potential entry points.
Also Check Out: Top 3 Altcoins Crypto Whales Are Stacking This May: Should You Buy Now?
Should You Seize the Opportunity?
Altcoins, though robust, find themselves at Bitcoin’s mercy. The looming possibility of a 30-50% decline underscores the need for investors to strengthen their portfolios for turbulent times.
While correction looms, investors are warned against panic. Instead, the downturn is seen as a chance to accumulate assets at discounted prices, potentially paving the way for future gains.
Are you feeling bullish or bearish? Let us know.