Altcoins have been ruled by bears over the past week.
The global cryptocurrency market capitalization is $2.33 trillion, down 2.41% in 24 hours.
The altcoin market is experiencing a prolonged decline and life is tough for investors. It is affected by several factors that create a complex environment for the asset. The issuance of new coins and excess supply play a vital role in the decline, leading to sharp volatility in the market.
According to crypto analyst Pentoshi, approximately $200 million is needed every day to balance the price of these newly issued tokens. This supply and demand imbalance has caused altcoin prices to plummet while the market struggles to cope with the craze for emerging assets.
Analyzing some altcoins
Since Bitcoin is the largest asset by market cap, it could affect the momentum of other currencies. At the time of writing, BTC is trading at $65,181, down 0.93%. Bitcoin has been struggling to break out of the $65,000 range over the past week. Therefore, its nearby resistance could be at $66,245. The initial support is at the $64,235 range.
When analyzing altcoins, most of the tokens are falling. Ethereum is currently trading at $3,405, down 3.42%. The nearest resistance level is at $3,580 and the nearest support level is at $3,389. The price is down 3.39% in a week.
Doge is currently trading at $0.1205, down 10.24%. In the past week, it is down 14.72% and 20.82% in a month. The resistance and support levels are likely to be at $0.1379 and $0.1100 respectively.
Meanwhile, Cardano’s price is $0.375, down 7.31% in the past 24 hours and 12.71% on a weekly basis. The immediate resistance is at $0.410, while the support is at the $0.267 range.
Shiba Inu’s price is currently trading at $0.00001782, but in the last 24 hours, it has lost 10.60%. Notably, it has fallen by 19.33% in the past week. A key resistance level could be seen at $0.00001999, while support could be seen at $0.00001620.
Moreover, Uniswap is trading at $9.65, down 11.31% in a day. But in the past seven days, it is up 3.83%. The main resistance and support levels are at $10.55 and $8.36 respectively.
However, most altcoins are struggling to maintain their positive price pace as the altcoin market has lost momentum after reaching significant highs.
"The cryptocurrency world is like life, with sudden realizations in despair and turning points of its own.
When everyone feels panic and despair, it is often the time when the bottom is about to come. Keep an open mind and wait, otherwise you will only fall in the dusk before dawn, which is the so-called "bloody dusk".
It is not yet completely despair, but the darkness before dawn is slowly approaching.
Altcoins have been ruled by bears over the past week.
The global cryptocurrency market capitalization is $2.33 trillion, down 2.41% in 24 hours.
The altcoin market is experiencing a prolonged decline and life is tough for investors. It is affected by several factors that create a complex environment for the asset. The issuance of new coins and excess supply play a vital role in the decline, leading to sharp volatility in the market.
According to crypto analyst Pentoshi, approximately $200 million is needed every day to balance the price of these newly issued tokens. This supply and demand imbalance has caused altcoin prices to plummet while the market struggles to cope with the craze for emerging assets.
Analyzing some altcoins
Since Bitcoin is the largest asset by market cap, it could affect the momentum of other currencies. At the time of writing, BTC is trading at $65,181, down 0.93%. Bitcoin has been struggling to break out of the $65,000 range over the past week. Therefore, its nearby resistance could be at $66,245. The initial support is at the $64,235 range.
When analyzing altcoins, most of the tokens are falling. Ethereum is currently trading at $3,405, down 3.42%. The nearest resistance level is at $3,580 and the nearest support level is at $3,389. The price is down 3.39% in a week.
Doge is currently trading at $0.1205, down 10.24%. In the past week, it is down 14.72% and 20.82% in a month. The resistance and support levels are likely to be at $0.1379 and $0.1100 respectively.
Meanwhile, Cardano’s price is $0.375, down 7.31% in the past 24 hours and 12.71% on a weekly basis. The immediate resistance is at $0.410, while the support is at the $0.267 range.
Shiba Inu’s price is currently trading at $0.00001782, but in the last 24 hours, it has lost 10.60%. Notably, it has fallen by 19.33% in the past week. A key resistance level could be seen at $0.00001999, while support could be seen at $0.00001620.
Moreover, Uniswap is trading at $9.65, down 11.31% in a day. But in the past seven days, it is up 3.83%. The main resistance and support levels are at $10.55 and $8.36 respectively.
However, most altcoins are struggling to maintain their positive price pace as the altcoin market has lost momentum after reaching significant highs.
"The cryptocurrency world is like life, with sudden realizations in despair and turning points of its own.
When everyone feels panic and despair, it is often the time when the bottom is about to come. Keep an open mind and wait, otherwise you will only fall in the dusk before dawn, which is the so-called "bloody dusk".
It is not yet completely despair, but the darkness before dawn is slowly approaching.
