Top 10 Altcoins Which Might See 30% Drop in Next 10 Days
The crypto market faced a turbulent week, with major developments impacting various coins. Red Coin (RWE) hit new highs, while altcoins showed signs of weakening after a bullish year. Meme coin hype and the FOMC added to this volatility, unsettling traders and investors.
**Impact of Meme Coins**
Crypto Banter's podcast highlighted how meme coins are negatively affecting the market by diverting investments from genuine projects. They suggest that eliminating meme coins could help altcoins recover, allowing projects with real-world applications to thrive.
**When to Buy: Bitcoin or Altcoin?**
The analyst advises focusing on long-term portfolios and using the Bitcoin Rainbow Chart to identify good entry points. This tool suggests accumulating in the light green zones, buying in the blue zones, and recognizing fire sale opportunities in the dark blue zones. Despite short-term volatility, Bitcoin’s dominance suggests altcoins may suffer initially but rebound quickly when the market recovers.
**Analyst Picks Trending Altcoins**
**Injective Protocol (INJ):** Trading around $20 with downward pressure. Wait for market stability before buying.
**Fantom (FTM):** Near support levels, with a potential drop to $0.55-$0.50. Consider cautious buying when conditions stabilize.
**Immutable X (IMX):** Stable at lower levels; accumulation strategies could be considered despite ongoing volatility.
**Chainlink (LINK):** Losing support around $12, with buy zones at $12 and $10. Monitor for signs of reversal before buying.
**Polkadot (DOT):** Near critical support levels at $4.5. Exercise patience and wait for stronger market signals.
Given current market uncertainty, the future of cryptocurrencies in 2024 and the wisdom of investing in altcoins for the next bull run remains a key question.
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