Key Points
- Bitcoin’s bearish chart patterns could potentially lead to crashes in AGIX, GRT, and APE.
- Ethereum, BNB, and Solana have also experienced significant drops.
Major altcoins such as Ethereum, BNB, and Solana have seen substantial declines in their values.
This is due to the recent downturn observed in the cryptocurrency markets, with leading digital currencies, including Bitcoin (BTC), struggling to maintain their foothold.
Bitcoin’s Struggle
According to analyst Kyledoops, Bitcoin has been unable to break through critical resistance levels.
This has led to a notable drop of over 10% in the past week, pushing Bitcoin down to a monthly low in the $58,000 range.
The decline is not limited to Bitcoin; the wider altcoin market has also seen a significant drop.
The total market capitalization of altcoins has fallen from over $1 trillion to $952 billion.
Altcoins Under Spotlight
In this volatile environment, certain altcoins are under scrutiny for potential further losses.
SingularityNET [AGIX], for instance, has already seen a 24% decline over the past week, with an additional 10% drop in the last day.
Technical analysis suggests that AGIX, along with other tokens like The Graph [GRT] and Apecoin [APE], could see an additional 30% fall due to their bearish chart patterns.
Tokens associated with artificial intelligence and gaming are particularly vulnerable.
AGIX’s daily chart analysis shows a clear shift to a bearish trend after breaking its support structure.
It formed a bearish doji candlestick, followed by a close below this level with an engulfing bearish candlestick, signaling potential for further declines.
Fetch AI [FET] is also anticipated to potentially decline by 15%.
This seems plausible as Fetch AI’s chart pattern closely mirrors that of AGIX.
APE might see its value drop to around $1, marking a potential 20% decrease.
This is supported by its daily chart, which shows a crucial swing low liquidity level around the $1 mark that could be tested before any potential reversal.
AXS is also poised for a possible 47% drop due to the same reason.
Among these projections, the three major altcoins—Ethereum [ETH], Binance Coin [BNB], and Solana [SOL] —have experienced declines of approximately 8.8%, 8.8%, and 10.9% respectively over the past 24 hours.
Solana’s current technical setup is a descending triangle pattern on the 3-day chart, with a support level at $128.
If market sentiment deteriorates further, Solana could breach this support and drop below $130.
