Bitcoin Downtrend Continues, Altcoins Struggling
The crypto market is experiencing a downward trend, with Bitcoin leading the way. Altcoins like Kaspa (KAS), Bonk (BONK), and Solana (SOL) are performing worse than Bitcoin. It’s important to note that experienced traders aim to buy altcoins during pullbacks.
Kaspa (KAS) Reaches Buy Zone?
Kaspa (KAS) has been on a downward trend since its high of $0.15. The price touched the 0.786 Fibonacci level at $0.095, and a good support level can be found just under $0.08. It remains to be seen if the price will reach this level.
Bonk (BONK) Faces Potential Correction
Bonk (BONK) experienced a massive surge before retracing around 45% of its gains. The price is currently in a flag formation and sitting on the 0.618 Fibonacci level. If Bitcoin rebounds, Bonk may follow and potentially achieve a new high.
Solana (SOL) Maintaining Upward Trend
Solana (SOL) is still respecting its upward trend line despite showing a bearish M formation. If the formation plays out, SOL could reach lower levels. Strong support can be found at $65.50 and $51.70.
Hot Take: Is It Time to Buy Altcoins Again?
The cryptocurrency market is currently experiencing a downward trend, with altcoins struggling more than Bitcoin. This may present an opportunity for investors to buy altcoins at lower prices. Kaspa (KAS), Bonk (BONK), and Solana (SOL) have seen significant price movements and potential buy zones can be identified for each. However, it’s important to monitor the market closely and consider the potential risks before making any investment decisions.
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