The crypto market has always been a rollercoaster of fortune, a frenetic ballet of peaks and troughs that can create or destroy millions in moments. Now, it seems, the altcoin market is set to perform its most dramatic pirouette yet as they have reached the support line. According to market experts and analysts, altcoins are teetering on the edge of a significant tumble, potentially plummeting by 30-50%.
Are Altcoins in Correction Or Crisis?
Just recently, the market witnessed a slight upward correction as positive consumer price index (CPI) reports created a brief surge of optimism among investors. However, the market’s joy was short-lived, as a few hours later, it took a brutal nosedive. This sudden shift in dynamics has been interpreted by many as a classic “buy the news, sell the rumor” event.
The CPI report was a beacon of hope, an opportunity for the market to regain some lost ground. But as the saying goes, “what goes up, must come down,” and in the realm of crypto, it seems that even the briefest ascent is followed by a swift and merciless decline.
Following Bitcoin’s steep decline, the altcoin market sharply broke below multiple support levels, and traders are wondering if this is a correction or a crisis. According to prominent altcoin trader Alt Sherpa, altcoins have the possibility to drop by 30-50% from their current levels as they tumble near the support line. However, traders may witness some bounces in between.
Stargate Finance (STG) Price Analysis
As of writing, the STG token’s price trades at $0.6, declining over 4% in the last 24 hours. STG price has recently broken below its immediate support level at $0.62, and a breakout below the monthly support at $0.57 will slump the token to the bottom levels.
AltSherpa predicts that the token will experience a decline of over 43% if it breaks the support line at $0.57. STG token may touch the next support of $0.35.
Arbitrum (ARB) Price Analysis
ARB token’s price is currently hovering near $1.12, with a surge of over 1% from yesterday’s rate. ARB is trading on the verge of its monthly support level; however, bulls have successfully sent the price above the 23.6% Fib level.
If the ARB price loses confidence near $1.15, it may witness a downward correction and break below multiple support levels. AltSherpa predicts a drop of over 50%, and ARB price may head toward $0.56.
Aptos (APT) Price Analysis
Aptos has witnessed a severe plunge in the last few hours and is currently trading at $8.02, with a decline of nearly 2% from yesterday’s price. Aptos has already formed a low near $7.75 and is trying to extend its bearish rally below it.
AltSherpa predicts Aptos price may touch $4.9 if it fails to attain enough buying pressure to surge above its 23.6% Fib level.