Altcoin
These Altcoins may experience a major crash in the next week
With Bitcoin crashing into the $60,000 support zone, the cryptocurrency market suffered a huge decline last night. The 3.62% BTC price drop amplifies the supply surge in the altcoin market, causing many coins to collapse.
As Bitcoin clings to the support zone, altcoins could collapse in the next week if the market stalls. Additionally, the Fear and Greed indicator now returns to the Neutral zone at 56, a step behind the greed sector.
Here are the potential altcoins that could take a nosedive in the next week as Bitcoin struggles to $60,000. Let’s take a closer look
SUI places $1 with a downside risk of 25%.
With an intense pullback phase in the daily chart, SUI price action is off by 30% in just 20 days. This leads to a bearish reversal in the 50-day and 200-day EMA, resulting in a looming death crossover.
Furthermore, the possibility of a double bottom reversal is under extreme pressure as the SUI price collapses below the 61.80% Fibonacci level and the 200D EMA. This puts the psychological $1 level at risk and warns of a decline to the 78.60% Fibonacci level at $0.73.
Therefore, the next week for SUI could be bearish and experience a collapse if Bitcoin stagnates or experiences a decline.
Bearish dominance in this Altcoin senses a 40% drop.
Failing to reach $100 in early 2024, April’s market crash resulted in a massive drop in the ORDI price. The bearish trend of ORDI collapses below the 200D EMA, the $50 psychological milestone and the 50% Fibonacci level.
As the cross of death is on the edge of the 1D chart, ORDI price struggles to sustain above the 61.80% Fibonacci level at $33.74. Currently, the altcoin is trading at $36 after dropping 8% last night.
With a slight divergence in the daily RSI, a double bottom reversal remains a possibility. However, as the pullback intensifies into a downtrend, the risk of a collapse below $33 increases.
A collapse will push the altcoin’s price down to the 78.20% Fibonacci level at $20, a potential collapse of nearly 40% next week.
Altcoin Stack at 200D EMA Feels 40% Drop
With a 45% drop in the last 40 days, STX price collapses below several support levels and tests the 200D EMA. Furthermore, the breakdown places the crucial $2 level at the level of a solid resistance trendline.
Furthermore, the price decline of this altcoin breaks below the long-term support trend line. This increases the chances of a decline in STX price if the 200D EMA fails to provide a dynamic cushion.
A drop below $2 and the 200D EMA will result in a massive drop in supply in Stacks. In that case, the price of the altcoin could drop to the $1.25 mark or the 78.60% Fibonacci level.
Celestia (TIA) is at risk of losing $9 support
Under the influence of a high-resistance bearish trend line, TIA price struggles to regain bullish momentum. Since the altcoin is trading at a discount of almost 55%, the pullback phase undermines the bull run in the early stages.
Breakdown below the 50% Fibonacci level finds solid support at the $9 support zone or the 61.80% Fibonacci level. However, the downtrend and rising supply keep the bullish recovery in check.
If supply increases in the altcoin and Bitcoin falls below $60,000, a drop to $6 is possible.
Will These Altcoins Survive Next Week?
Should a Bitcoin bullish return influence a broader market recovery, these altcoins could make a turnaround. However, as Bitcoin struggles to sustain itself, a decline or consolidation below $60,000 will amplify the collapse of these altcoins. Therefore, collateral traders can find a short selling opportunity for the above-mentioned coins.