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  • Writer's pictureSarah Dixon

Altcoins still dropping, market awaits next move.

Altcoins still dropping, market awaits next move.
Altcoins still dropping, market awaits next move.

The crypto market has continued its downward trajectory over the last three weeks. The next big move is imminent.

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Exceptionally Low Volume Becalms Market

The cryptocurrency market is experiencing a downturn, resulting in a significant drop in the combined market cap of altcoins, amounting to around $40 billion, excluding bitcoin and ethereum. The sector is currently experiencing low trading volume, which may indicate an impending market shift. It remains uncertain whether this shift will result in a market upturn or downturn. The total market cap of all cryptocurrencies except bitcoin and ethereum is currently at $340 billion, and it could potentially fall to $330 billion, considering the recent downward trend since June.

Altcoins still dropping, market awaits next move. $XRP Still Coming Down After Recent Surge

$XRP, a popular altcoin, has experienced a significant decline recently. It is currently down 3.2% to $0.66 for the day, following a 30% drop from its recent high. This drop was due to the news that $XRP was not considered a security when purchased by retail investors on exchanges. Altcoins still dropping, market awaits next move.

Despite this, $XRP is currently just above its support level, with the 0.618 Fibonacci for its latest move just below it. If these levels are broken, there are good support levels at $0.58 and $0.50.

$DOGE Triple Bottom?

$DOGE is another one investors have their eye on. Following a 55% surge from what could be considered a triple bottom, $DOGE has since retraced to strong support at $0.073. $DOGE is trapped inside a downwards wedge since November 2022 so a break to the upside could happen in the next few months.

The $KAS Top In For Now?

One of the altcoin success stories over recent months is certainly Kaspa ($KAS). This would-be successor to ethereum has bucked the trend since the latter end of May by surging over 300%. A top may be in for now, but this coin is certainly worth keeping an eye on.

$INJ Bearish?

Injective Protocol ($INJ) has shown impressive growth this year, with a rise of up to 723% since January 1. However, the recent breakout of a bull flag pattern has reached a double top at $9.90, and a potential bearish head and shoulders pattern is forming, with the right shoulder yet to be completed.

If the measured move to the downside is realized, $INJ could fall all the way down to test the 200-day moving average, which it last touched in late January.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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