Technical Analysis: Severe Market Sell-Off Among Key Altcoins
The cryptocurrency market has seen significant sell-offs, with assets like OAX/USDT, IRIS/USDT, and KEY/USDT facing dramatic declines. OAX/USDT has taken the hardest hit, plummeting by 48.19% to trade at $0.0358. This steep drop reflects heightened selling pressure, likely exacerbated by a lack of strong buyer interest at current levels. With this sharp decline, the next critical support level to watch is $0.0300, while a recovery toward $0.0450 could indicate a reversal if volume picks up.
Similarly, IRIS/USDT has dropped by 46.29%, now trading at $0.00521. This downturn highlights ongoing bearish sentiment, with the coin potentially heading toward its next support zone around $0.0048. Meanwhile, KEY/USDT has fallen by 32.66% to $0.001328. Although the drop is less severe compared to others, it shows sustained downward pressure, with $0.0012 being a crucial level to hold for stability.
BTC and FDUSD Pairs Show Heavy Selling
The BTC pairs are also under pressure, with OAX/BTC falling by 40.85% and BOME/BTC by 27.27%, reflecting weakening demand across BTC trading pairs. For OAX/BTC, a break below 0.00000040 could open the door for further declines, while BOME/BTC will need to hold above 0.00000008 to prevent a deeper correction. On the stablecoin front, THE/FDUSD has seen a decline of 25.87%, now trading at $1.74. The sell-off here indicates uncertainty among investors, with $1.70 acting as a key psychological support.
Overall, the market is currently experiencing heavy bearish momentum. Traders should approach with caution, monitoring critical support levels and awaiting confirmation of a trend reversal before entering long positions. Tight risk management is essential in such volatile conditions.
