Bitcoin’s drop below $60k hints at further market correction, altcoins to avoid!

Altcoins - XRP

XRP is a cryptocurrency designed to facilitate fast and cost-effective cross-border payments. It is the native token of the XRP Ledger (XRPL), an open-source, decentralized blockchain developed in 2012.

XRP has struggled in the first half of 2024 as investors remain cautious due to ongoing legal issues between Ripple and the United States Securities and Exchange Commission. As of the latest update, XRP has a market cap of $26.3 billion and a trading volume of $1.037 billion in the past 24 hours.  

If a bearish breakout occurs, it could intensify selling pressure that could cause the altcoin’s price to fall below $0.40.

Dogwifhat (WIF)

Dogwifhat (WIF) is a meme-inspired cryptocurrency that was launched on the Solana blockchain in late 2023. It originated from a popular internet meme featuring a Shiba Inu wearing a pink beanie.

The falling Dogwifhat price is oscillating within two parallel trendlines, forming a channel pattern. If this pattern continues, WIF could fall another 28% before finding support at the lower trendline of the channel.  

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Shanda Games (GALA)

Gala Games (GALA) is a blockchain-based gaming platform that allows players to earn cryptocurrencies and non-fungible tokens (NFTs) through gaming.

Over the past four months, GALA's price has shown a steady downward trend, characterized by the formation of a descending wedge pattern. Affected by this pattern, the price fell from a high of $0.086 to the current trading price of $0.025, a drop of 70%. As a result, the market value has fallen to $828.2 million.

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