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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