Amid rumours of war, the Japanese stock market collapsing, and a huge sell-off in risk assets, the cryptocurrency market is ablaze. $BTC is down 12%, and altcoins are absolutely tanking. How far down will altcoins go?
Bitcoin is down at its last major support at $51,000. Should the king of the cryptocurrencies lose this support, then armageddon could ensue. If $BTC is suffering this kind of a reversal, it can only be imagined what can, and is, happening to the altcoins.
$ETH falls 23%
Ethereum ($ETH) is still the big daddy of the altcoins. ETF or no ETF, $ETH has suffered a huge drop in price over the last week, culminating in a massive 23% fall on Monday alone.
Source: TradingView
As can be seen in the daily chart above, the $ETH price careered down through the fibonacci supports at 0.382 and 0.618, before almost getting to the 0.786 - all in the space of only four days.
Currently, the $ETH price is managing to hold the horizontal support at $2,300. $2,000 awaits below, and then the bull market support trend, the last line in the sand, isn’t far below this.
$SOL gives back 5 months of gains
Source: TradingView
Solana ($SOL) has just given back all the gains it made from late February through to late July, and this in a period of just over a week. The $SOL price came back into its long time triangle on 2 August, and on Monday it pierced through the bottom trend line and has dropped out of the other side. The 0.786 fibonacci is just below the current price, at $106.
$WIF gets destroyed
Source: TradingView
For the memecoins, $WIF has been the outperformer for this bull market. That said, $WIF is getting destroyed during this crypto market collapse. The major support at $1.49 has gone, and the $WIF price is currently battling to stay afloat at the 0.786 fibonacci level at $1.10. Baseline horizontal support can be found at $0.43.
With the US stock markets opening in under two hours, what happens there is likely to have an impact on whether crypto falls further, or whether the day can somehow be saved.
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.
