Investors’ Anxiety Peaks as Altcoins Plummet to New Lows

Altcoins and Bitcoin Decline Amid Market Dip

The cryptocurrency market experienced a downturn in the past 24 hours, with the overall market capitalization dropping by 4.40%. Bitcoin (BTC), the dominant cryptocurrency, saw a 4% decline, hitting a two-month low of $57,043.96. This has led to a broader decline in altcoin prices.

Ethereum (ETH)

ETH witnessed a 4.33% loss over the past day. Trading volume surged by 52%. The price dropped from $3,320.84 to $3,128.61, indicating selling pressure. The daily RSI of 32 and 9-day EMA at $3351 suggest a bearish trend. Resistance levels are at $3520 and $3632, while potential support may be found at $3246 and $3065.

Solana (SOL)

SOL, ranked among the top five cryptocurrencies by market cap, fell by 8% in the past 20 hours. It reached a ten-day low of $7.19, with a trading volume increase of 17%. SOL has faced a significant monthly decline of 20%. Selling pressure is evident, with a daily RSI of 32 and 9-day EMA at $141 indicating a bearish trend. Resistance levels are noted at $154 and $162, while support may be tested at $122 and $116.

Toncoin (TON)

TON, another top-eight cryptocurrency, dropped by 7.18% in the past 20 hours. It hit a ten-day low of $132.45, with a trading volume rise of 27%. TON is approaching selling pressure, with a daily RSI of 47 and 9-day EMA at $7.638 indicating a bearish trend. Resistance levels are observed at $8.09 and $8.28, with potential support at $6.7 if bearish sentiment persists.

Memecoins Plunge

Memecoins like DOGE, PEPE, SHIB, and FLOKI also experienced significant declines. Dogecoin (DOGE) hit a five-month low of $0.1103, down by 7%. PEPE reached a seven-day low of $0.000009329, a 9% decline. SHIB fell to a four-month low of $0.00001522, dropping by 8%. Floki (FLOKI) reached a nine-week low of $0.0001509, a decline of 8%.

Notable News

The Mt. Gox redemption process is raising concerns about potential sell-off pressure on BTC and BCH.