Kyledoops, an analyst, took to the channel Crypto Banter and explained that Bitcoin is currently having trouble breaking key levels. Yesterday, he mentioned that the Bulls needed to reclaim $67,000.
Altcoin Market Feels the Heat
He also looks at the state of the altcoin market and its position in the broader bull market. Looking at altcoins compared to Bitcoin, some bounce on the hourly chart, but most are red on the daily and weekly charts. Against the USD, many altcoins are struggling overall.
Bloodbath in AI Tokens
He pointed out that many cryptocurrencies, including AI, are experiencing downward pressure. While he didn’t analyze every token individually, he stressed that the majority are showing substantial declines. For instance, AGIX could drop by 30% to around 67 cents before finding major support. Similarly, tokens like GRT and APE could also see around a 30% decline to reach significant support levels.
Fetch AI and Others Face Potential Downturn
Regarding Fetch AI, he mentioned a possible 15% downside to reaching support. However, the broader trend indicates that most tokens could experience approximately a 30% decline before hitting major support levels. For example, GRT and Ocean Protocol are down by about 30%.
Outlook for Gaming Tokens
Moving on to gaming tokens, the situation looks grim. Tokens like APE could plummet to around $1, potentially wiping off about 20% or making new lows. AXS, despite holding at mid-range, might see a 47% downside if the market declines further.
Filling the Gaps: How Low Can Prices Go?
When analyzing price action, he advised viewing wicks as trading gaps, with at least 50% of the gap likely to be filled. Applying this principle, tokens like Blur could see a 14% decline to fill the gap, while a full round trip could result in a 50% downside.
while some tokens hit support levels, others do not. Tokens like Alium may see a 28% decline to the mid-range or even a 58% decline if they undergo a full round trip to previous lows.
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Read More: Crypto Market Prediction: 30% Crash Looms for These Altcoins
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