Altcoins Face Sell-off, but Outlook Remains Optimistic

Altcoins have fallen sharply as Bitcoin price dropped to $90,000. However, the overall signal is still positive, suggesting that the market can recover quickly.

Azcnews Altcoins Face Sell Off, But Outlook Remains Optimistic

Along with the Bitcoin price drop, the altcoin market also suffered a sharp correction, as leading coins such as Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE) fell by 6-12%. This led to a large wave of liquidations with a total value of up to 1.76 billion USD. As Bitcoin continued to be rejected at the threshold of 100,000 USD, many investors questioned whether the “party” of altcoins was coming to an end.

Altcoins Sell Off Strongly During Market Correction

Since September, this is the sharpest decline of altcoins as traders restructure their portfolios to look for “bottom-fishing” opportunities. Bitcoin’s drop below the threshold of 95,000 USD today has increased liquidation pressure across the entire cryptocurrency market.

Bitcoin Price Chart
Bitcoin Price Chart

Cryptocurrencies that have been on a tear during the two-month bull market have seen a sharp decline in the past 24 hours, according to analysis from blockchain data platform Santiment. However, Santiment noted that if retail investors get caught up in fear and sell off their assets, the market could quickly recover as buying opportunities arise. Meanwhile, crypto analyst IncomeSharks noted that the altcoin sector remains bullish, with professional traders taking advantage of the opportunity to buy on dips.

IncomeSharks expressed optimism about the recent altcoin price drop, calling it a positive development for the market. “This is the most bullish thing that has ever happened to altcoins,” the analyst said. The correction also led to a wave of liquidations, with the total value approaching $2 billion.

Incomesharks Analytics
Incomesharks Analytics

According to IncomeSharks, the correction has helped the market shake out new investors who bought into the bull market while maintaining Supertrend support levels – a key bullish signal.

Meanwhile, crypto analyst Rekt Capital said that the altcoin market has been rejected at a historic resistance level. However, he noted that this correction could be less severe, suggesting that the $425 billion resistance level is weakening. This trend could signal increased momentum for a potential breakout in the near future.

(1 vote)

2.0/5

(1 vote)

Latest

Azcnews Breaking Pi Network Price Drops 17% Reasons Behind The Decline Of Pi Coin

News | Altcoin | Editor Choice | Pi Network

Pi Network Price Drops 17%: Reasons Behind the Decline of Pi Coin

Pi Network's price drops 17% due to a lack of transparency and key updates, raising concerns among investors about the future of Pi Coin.

Azcnews Breaking Paul Atkins Nears Sec Chairmanship Amid Challenges

News | Editor Choice | Policy & Regulations

Paul Atkins Nears SEC Chairmanship Amid Challenges

Paul Atkins is moving closer to becoming SEC Chairman despite financial disclosure challenges and a prolonged confirmation process.

How To Participate In The Avalon Airdrop

Airdrops | Editor Choice

How to Participate in the Avalon Airdrop

Join the Avalon airdrop hunt! The project has successfully raised $23 million and is launching a Point-earning program for users.

Bitcoin Shows Unexpected Movement Compared To The Dxy Ind

News | Bitcoin | Editor Choice

Bitcoin Shows Unexpected Movement Compared to the DXY Index

Bitcoin is hovering around $84,000 after a sharp correction, with selling pressure from short-term investors and capital outflows from ETFs – will the market recover soon?

Okx Suspends Dex Aggregation Services

News | Editor Choice | Policy & Regulations

OKX Suspends DEX Aggregation Services After Being Exploited by Bybit Hackers

OKX suspends its DEX aggregation services after being linked to the $1.5 billion Bybit hack, amid an EU investigation into money laundering activities and regulatory violations.