Altcoins continue to bleed as market waits for next big move

Altcoins continue to bleed as market waits for next big move

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

Exceptionally low volume becalms market

As bitcoin moves sideways and downward the altcoins are hit harder as usual, with around $40 billion having been wiped off of the combined market cap of all cryptocurrencies except bitcoin and ethereum.

A lack of volume still besets the sector, likening this situation to a period of calm before a storm hits. Whether this storm will push the market higher or lower is still to be determined.

The value of the total 3 market cap (all cryptocurrencies except bitcoin and ethereum) is delicately poised at $340 billion. A further fall to $330 billion is a possibility, especially given that the upwards trend since June has been broken to the downside. 

$XRP still coming down after recent surge

A particular altcoin, much in the news of recent times, to have been hit quite hard, is $XRP. $XRP is down 3.2% to $0.66 on the day so far, and this following a 30% descent from the high achieved on the news that $XRP wasn’t considered a security when being bought by retail investors on exchanges.

However, $XRP is just above support right now, with the 0.618 Fibonacci for this latest move just below this. If these are broken, $0.58 and $0.50 are good supports further down.

$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) is one of the biggest movers to the upside this year, rising as much as 723% since January 1. However, a break out of a bull flag saw the price hit the top at $9.90 again (double top?) and the present pattern is starting to form a potential bearish head and shoulders with the right shoulder still to form.

A measured move to the downside here could see $INJ go all the way down to test the 200-day moving average which it last left behind 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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