With Bitcoin crashing back to the $60,000 support zone, the crypto market took a huge dip last night. The BTC price fall of 3.62% amplifies the supply wave in the altcoins market, resulting in a breakdown in many coins.
While Bitcoin clings to the support zone, the altcoins could crash in the coming week if the market rests. Further, the Fear and Greed indicator now retraces to the Neutral zone at 56, a step back from the greed sector.
Here are the potential altcoins that could suffer a crash in the coming week as Bitcoin struggles at $60,000. Let’s have a closer look
SUI Puts $1 At 25% Downside Risk
With an intense pullback phase in the daily chart, the SUI price trend is at a 30% discount in just 20 days. This leads to a bearish reversal in the 50 and 200-day EMA, resulting in a looming death cross.
Further, the double-bottom reversal possibility is under extreme pressure as the SUI price cracks under the 61.80% Fibonacci level and the 200D EMA. This puts the $1 psychological level at risk and warns of a drop to the 78.60% Fibonacci level at $0.73.
Hence, the coming week for SUI could be bearish and experience a crash if Bitcoin stagnates or takes a dip.
Bearish Dominance in This Altcoin Warns A 40% Fall
Failing to reach $100 in early 2024, the market crash in April resulted in a massive drop in ORDI price. The downtrend in ORDI cracks under the 200D EMA, the $50 psychological milestone and the 50% Fibonacci level.
As the death cross is on the verge in the 1D chart, the ORDI price struggles to sustain above the 61.80% Fibonacci level at $33.74. Currently, the altcoin trades at $36 after the 8% drop last night.
With minor divergence in the daily RSI, the double bottom reversal remains a possibility. However, as the pullback intensifies into a downtrend, the risk of a breakdown under $33 is greater.
A breakdown will drop the altcoin price to the 78.20% Fibonacci level at $20, almost a 40% potential crash next week.
Altcoin Stacks At 200D EMA Warns 40% Dump
With a 45% crash in the last 40 days, the STX price cracks under multiple support levels and tests the 200D EMA. Further, the downfall puts the crucial level of $2 at leads to a solid resistance trendline.
Moreover, the falling prices of this altcoin crack under the long-coming support trendline. This increases the chances of a downfall in STX price if the 200D EMA fails to provide a dynamic cushion.
A breakdown under $2 and the 200D EMA will result in a massive supply dump in Stacks. In such a case, the altcoin price could drop to the $1.25 mark or the 78.60% Fibonacci level.
Celestia (TIA) Risks Losing $9 Support
Under the influence of a high resistance bearish trendline, the TIA price struggles to regain bullish momentum. As the altcoin trades at almost 55% discount, the pullback phase undermines the bull run in the early phases.
The downfall crashing under the 50% Fibonacci level finds solid support at the $9 support zone or the 61.80% Fibonacci level. However, the declining trend and the rising supply keep the bullish revival under check.
If the supply increases in the altcoin and Bitcoin slide under $60,000, a drop to $6 is possible.
Will These Altcoins Survive Next Week?
In case of a bullish comeback in Bitcoin influencing a broader market recovery, these altcoins could make a trend reversal. However, as Bitcoin struggles to sustain itself, a slip or consolidation under $60,000 will amplify the crash in these altcoins. Hence, sideline traders can find a short-selling opportunity for the above-mentioned coins.
The post appeared first on Coinpedia
