The Crypto Market’s Next Move: Imminent Downward Trajectory?
The crypto market has been on a downward trajectory for the past three weeks, and it shows no signs of stopping. Here are the key points to know:
- The altcoins are taking the biggest hit, with $40 billion wiped off the combined market cap of all cryptocurrencies except bitcoin and ethereum.
- The lack of volume in the market is comparable to a calm before a storm. The direction of the storm is uncertain, whether it will push the market higher or lower is yet to be determined.
- The total market cap of all cryptocurrencies except bitcoin and ethereum is delicately poised at $340 billion, and a further fall to $330 billion is a possibility.
- $XRP, a prominent altcoin, has been hit hard with a 3.2% drop to $0.66. It is currently just above support, with potential further supports at $0.58 and $0.50.
- $DOGE, another altcoin to watch, has retraced to strong support at $0.073. It has been trapped in a downwards wedge since November 2022, but a breakout to the upside could happen in the near future.
Overall, the crypto market is facing a challenging time, with the altcoins being hit the hardest. It remains to be seen whether the market will continue its downward trajectory or if it will experience a reversal in the coming weeks.
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