Analyst Kyledoops explained that Bitcoin is currently having trouble breaking key levels. Additionally, he noted that the bulls should have reclaimed $67,000 yesterday. The analyst also altcoin It also looks at the state of the market and its position in the broader bull market. Looking at altcoins compared to Bitcoin, some are jumping on the hourly chart. However, it is currently in the red on most daily and weekly charts. Against the USD, many altcoins are struggling overall.
Artificial Intelligence Altcoins Are Also Losing Blood
Many, including AI cryptocurrency He pointed out that the unit was experiencing downward pressure. Although he did not analyze each token individually, he emphasized that the majority showed significant declines. For example, it is possible for AGIX to drop 30% to around 67 cents before finding major support. Similarly, tokens like GRT and APE are likely to see a decline of around 30% to reach important support levels.
Fetch AI and Others Face Potential Decline
Regarding Fetch AI, he mentioned a possible 15% downside to reaching support. However, the broader trend suggests that most tokens could experience a decline of around 30% before reaching major support levels. For example, GRT and Ocean Protocol are down nearly 30%.
Outlook for Game Tokens
According to the analyst, the situation in game tokens is not very encouraging. Tokens like APE could drop to around $1, potentially losing nearly 20% of their value or making new lows. Despite holding at mid-range levels, AXS is likely to fall 47% if the market declines further.
While analyzing price movements, the analyst recommended that wicks should be viewed as trading gaps and at least 50% of the gap should be filled. Applying this principle, tokens like Blur could take a 14% drop to fill the gap, while a full round trip could result in a 50% drop.
Some tokens reach support levels while others do not. It is possible for tokens like Alium to experience a 28% decline towards the mid-level. What’s more, if they make a full circle back to previous lows, they could even see a 58% drop.
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