According to crypto analyst Ekta Mourya, MATIC risks a 15% drop in a mass market sale. The analyst also thinks that Dogecoin, Shiba Inu and Dogelon Mars will continue to bleed. Analyst Filip L says ADA is under bearish pressure. Finally, analyst Akash Girimath argues that the price of an altcoin initiates a 61% collapse.
This altcoin faces 15% drop risk
According to data from crypto intelligence tracker IntoTheBlock, approximately 21,530 wallet addresses have accumulated 4.21 billion MATIC tokens above the $1.04 level. So this is a critical level of support for MATIC. cryptocoin.comAs you follow, MATIC has fallen by around 20% last week, capitulating to the latest uncertainty and correction in the crypto market.
Also, MATIC has lost 6.5% since Thursday, and the token is trading near its weekly low of $0.94, according to data from CoinGecko. If MATIC fails to reclaim key support at $1.04, the altcoin could collapse under increasing selling pressure from 21,530 addresses that lost token holdings.
MATIC needs a boost to prevent wallet addresses from panickingly selling a large portion of their 4.21 billion MATIC token holdings between $0.99 and $1.07. If the selling pressure on MATIC builds and the price of the asset continues to decline, it could drop by around 15% to the next support at $0.89. As the chart above shows, nearly 50,000 wallet addresses have collected 1.09 billion MATIC tokens between $0.89 and $0.97.
DOGE, SHIB and ELON disintegrate in the bloodbath
The overall market cap of meme coins took a hit, dropping to $15.6 billion. DOGE, SHIB, and ELON have lost nearly 10% to their owners since Thursday. Dogecoin and Shiba Inu, the two biggest meme cryptocurrencies by market cap, posted double-digit losses of 20.7% and 18.5%, respectively, last week.
Continuing Fear, Uncertainty and Doubt (FUD) in crypto, the voluntary liquidation of crypto-friendly bank Silvergate, macroeconomic uncertainty, and increased selling pressure on Bitcoin, Ethereum and altcoins from mass selling by institutional investors and whales have been triggered. According to data from CoinGecko, meme coin market cap has come face to face with the total market cap of crypto. Both cryptocurrencies have recorded double-digit losses over the past seven days. It was among the worst performing cryptocurrencies in the market.
Should traders be prepared for an FTX-like crypto bloodbath?
Bitcoin price is below the key psychological level of $20,000 for the first time in nearly two months. The contagion has spread to altcoins and meme coins. According to data from crypto intelligence tracker Sanitment, the supply of SHIB tokens on exchanges has increased steadily over the past week and peaked on March 8.
Whales and individual investors are divesting their meme coin holdings and replacing SHIB with stablecoins or fiat. Interestingly, the number of whale transactions nearly doubled in the same time period. This means the sale was triggered by both the whales draining SHIB holdings and the spreading contagion.
Dogecoin has witnessed a similar scenario where the number of big wallet investor transactions increased with the DOGE price drop.
SHIB holders await the release of Shibarium. The project’s lead developer, Shytoshi Kusama, announced that the beta version is scheduled to be released this week. The release of Shibarium’s public beta could reassure SHIB holders and alleviate the negative sentiment among market participants.
Altcoin price shows bears hurting bulls
Cardano (ADA) price is in funeral mode as it becomes clear that the 2023 bull run is dead and buried. With the bears so far successful in crushing any exit attempts, it turns out that the bears are nowhere near monetizing their profitable shorts. Proof of this are the many red markings on the red descending trendline that show a lot of respect.
With the monthly S2 and a significant level all very close together, ADA is only a few cents away to reach $0.30. Expect tremendous pressure in this area where bears are reluctant to buy and turn their profits into cash. On the bears’ side, bearish momentum is adding another 13% on top of the already 22% loss in the last three weeks, marking a sharp drop towards $0.265.
From a technical standpoint, the Relative Strength Index (RSI) could trigger some buying in ADA no matter what. Several automated trading engines will report that the RSI is oversold, which means a small pause should begin. Don’t expect a sudden 180-degree rise. If the bulls can break this red descending trendline instead, a rise towards $0.324 is possible.
OCEAN could drop to December 2022 lows
Altcoin price dropped below the 50-day Exponential Moving Average (EMA) at $0.374 on March 6 and lost 17.05% to find support at the current price of $0.309. The token’s price action since late January has created a head and shoulders chart pattern. This technical formation is a bearish pattern of three peaks with a higher elevation (head) in the middle and a line connecting the two valleys known as the neckline.
Ocean Protocol price confirmed the pattern when it broke the $0.350 mark and produced a twelve-hour candlestick below it in the March 8 trading session. The bearish divergence paved the way for the chart pattern target of around $0.140, which is 61.58% below current levels. Specifically, the target is estimated by measuring the height between the neckline and the head and then projecting downward. Before reaching the target, altcoin price must overcome the support offered by the 200-days EMA at $0.287 and then the $0.246 support.
On the other hand, conservative traders looking for additional confirmation may see this as an entry point to buy OCEAN at the fair market value of $0.3231. Meanwhile, a daily candlestick above $0.350 will invalidate the head-and-shoulder bearish argument. Such a move would push the altcoin price higher to face the close resistance at $0.323 offered by the 100-days EMA. An increase in buying pressure from this level could push OCEAN price past the neckline to tackle the next roadblock at $0.374 presented by the 50-day EMA.
Heading north, OCEAN will need to break the $0.461 and $0.517 resistance levels before regaining $0.557 at the beginning of the executive chart pattern. However, given the overall pressure from the EMAs and the overall bearish sentiment in the market, the chances of a trend reversal are slim for now.
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