- AGIX, GRT, and APE are facing potential crashes due to Bitcoin’s bearish chart patterns.
- Major altcoins such as Ethereum, BNB and Solana have also fallen significantly.
Recent developments within the cryptocurrency markets have seen a significant downturn, with leading digital currencies including Bitcoin [BTC] have difficulty keeping their foot on the ground.
If reported by analyst Kyledoops in a video about the “Crypto chatter” channel, Bitcoin is facing an inability to break through critical resistance levels.
This has become increasingly apparent over the past week, with the asset seeing a notable decline of over 10% during this period, sending Bitcoin to a monthly low in the $58,000 range.
Predictions of a 30% crash
The downturn doesn’t just apply to Bitcoin; the broader altcoin market has also seen a substantial decline.
From a high of over $1 trillion last week, the total market capitalization of altcoins has plummeted to $952 billion.
According to Kyledoops, in this volatile environment, specific altcoins are under the spotlight for potential further losses.
SingularityNET [AGIX]For example, there has already been a 24% drop in the past week, with another 10% drop on the last day alone.
Technical analysis suggests that AGIX, along with other tokens such as The Graph [GRT] and Apecoin [APE]could drop another 30% due to their bearish chart patterns.
Tokens related to artificial intelligence and gaming are particularly vulnerable.
For example, AGIX’s daily chart analysis shows that the altcoin has shown a clear shift towards a bearish trend after breaking its support structure.
Recently, it formed a bearish doji candlestick, followed by a close below this level with an engulfing bearish candlestick, indicating potential for further declines.
Source: TradingView
As for AI retrieval [FET]the ‘Crypto Banter’ analyst expected a potential drop of 15%. This projection seems plausible, as Fetch AI’s chart pattern closely matches that of AGIX, which has already signaled further downward movement.
APE, on the other hand, could see its value drop to around $1, meaning a potential drop of 20% or even hitting a new low.
This prediction is supported by the daily chart, which shows a crucially low liquidity level around $1, which could be tested before a possible reversal.
Source: TradingView
Likewise, AXS is poised for a possible 47% decline for the same reason, further emphasizing the bearish outlook.
Bitcoin: far-reaching effects
Amid these projections, the three most important altcoins: Ethereum [ETH]Binance coin [BNB]and Solana [SOL] – have experienced a decline of approximately 8.8%, 8.8% and 10.9% respectively over the past 24 hours.
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An analysis of AMBCrypto highlights Solana’s current technical setup: a descending triangle pattern on the 3-day chart, with a support level at $128.
Should market sentiment deteriorate further, there is a risk that Solana breaks this support and falls below $130.