The crypto market has always been a rollercoaster of fortune, a frantic ballet of ups and downs that can create or destroy millions in moments. Now it seems that the altcoin market will perform its most dramatic pirouette yet as they have reached the support line. According to market experts and analysts, altcoins are teetering on the brink of a significant fall, potentially dropping 30-50%.
Are Altcoins in Correction or Crisis?
Recently, the market witnessed a slight upward correction as positive consumer price index (CPI) reports sparked a brief wave of investor optimism. The market’s joy was short-lived, however, as a few hours later there was a brutal nosedive. This sudden shift in dynamics has been interpreted by many as a classic “buy the news, sell the rumor” event.
The CPI report was a beacon of hope, an opportunity for the market to regain some lost ground. But as the saying goes “what goes up must come down”, and in the crypto realm it seems that even the shortest rise is followed by a rapid and relentless decline.
After Bitcoin’s sharp fall, the altcoin market broke sharply below multiple support levels, and traders are wondering if this is a correction or a crisis. According to for prominent altcoin trader Alt Sherpa, altcoins have the potential to fall by 30-50% from their current levels if they tumble near the support line. However, traders may experience some bounces in between.
Stargate Finance (STG) price analysis
At the time of writing, the price of the STG token is trading at $0.6, down more than 4% in the past 24 hours. STG price recently broke below its immediate support level at $0.62, and a breakout below the monthly support at $0.57 will send the token down to the lowest levels.
AltSherpa predicts the token will experience a drop of more than 43% if it breaks the support line at $0.57. STG Token Could Hit Next $0.35 Support.
Arbitrum (ARB) Price Analysis
The price of the ARB token is currently hovering near $1.12, with an increase of more than 1% from yesterday’s price. ARB is trading on the edge of its monthly support level; however, bulls have successfully driven the price above the 23.6% Fib level.
If the ARB price loses confidence near $1.15, it could witness a downside correction and break below multiple support levels. AltSherpa is forecasting a decline of more than 50% and the ARB price may move towards $0.56.
Aptos (APT) Price Analysis
Aptos has witnessed a serious plunge in the past few hours and is currently trading at $8.02, down almost 2% from yesterday’s price. Aptos has already bottomed near USD 7.75 and is trying to extend its bearish rally below that.
AltSherpa predicts Aptos price could hit $4.9 if it doesn’t get enough buying pressure to rise above its 23.6% Fib level.
