Major Alt-Coins at Important Support Levels Can Crash Heavily!

As per one of the top crypto analysts, there can be a severe fall in many altcoins markets if the immediate support levels of these coins crumble. 

The analyst going by the name of Altcoin Sherpa on Twitter, having 175k followers, has warned Polygon (MATIC), Solana (SOL), Avalanche (AVAX), and Terra (LUNA) are near their strong support levels. 

As per the analyst, all these coins are at the edge of getting lost. If these support levels don’t hold, then there can be ‘lights out’ for many altcoins!

As per one of the top crypto analysts, there can be a severe fall in many altcoins markets if the immediate support levels of these coins crumble. 

The analyst going by the name of Altcoin Sherpa on Twitter, having 175k followers, has warned Polygon(MATIC), Solana(SOL), Avalanche(AVAX), and Terra (LUNA) are near their strong support levels. 

As per the analyst, all these coins are at the edge of getting lost. If these support levels don’t hold, then there can be ‘lights out’ for many altcoins!

If Terra(LUNA) loses the support of $75.55, then it can go down by as much as 25% to $56.

MATIC has support at $1.0590; below that, it can go as much as 58% to levels of $0.4381!

AVAX has support at $56, and the next support level is as low as $39.17, which is almost 30% downside.

$75.35 is the support level for Solana (SOL), and the next step is 33.75% below at $50 levels!

Layer-1 decentralized application platforms Solana, Avalanche, and Terra are Ethereum (ETH) competitors, whereas Polygon is a layer-2 scaling option for ETH.

What about other altcoins?

Apart from these major altcoins, many other altcoins, which have already lost a significant value, can go further.

Other coins like ChainLink(Link), The Graph(GRT), Algorand(ALGO), and The Sandbox(SAND) have already lost significantly and can get routed to the ground if support levels break. 

ChailLink can fall as much as 58% to $4.5 levels. If the graph beaches $0.2991, it can rot by as much as 86%.

Algorand has the potential to rot by 42% from current levels. SAND can decimate by approx 71% if it breaches its support!

Algorand is a blockchain that focuses on payment processing, whereas The Graph is a protocol for indexing blockchain data. The Sandbox is a virtual gaming world that is decentralized. Chainlink is a distributed network that connects blockchains to other data sources.

Is there any respite?

These coins are at important support levels, just like Bitcoin. All the coins, more or less, follow the price movements of Bitcoin. If Bitcoin goes below $33k levels, then these coins will go below support levels.

Since all the coins are at support, if Bitcoin recovers a bit, we can see even 50% to 3x returns very easily! Until then, they will keep bleeding slowly, as per the trader.

Looking at the chain-activity data of HODLers, as we reported earlier, there is still confidence in the market that BTC will recover. 

Another major Crypto, Etherium, is trading at $2,688, and the next support levels could be at $1,750 levels.

Immediate support seems to be present at $2,300, and the next level could be as low as $1,750, which is almost 25% down.

Why this turmoil in the crypto market?

Increasing regulatory curbs on crypto transactions by federal agencies across the globe has diverted many retail investors from crypto investing. 

Recently Indian Government imposed a 30% tax on crypto trading profits. Moreover, they plan to tax DeFi applications based on cryptos as well. 

IMF recently asked the Argentine federal bank to ban cryptos from its central banks.  

If Terra (LUNA) loses the support of $75.55, then it can go down by as much as 25% to $56.

MATIC has support at $1.0590; below that, it can go as much as 58% to levels of $0.4381!

AVAX has support at $56, and the next support level is as low as $39.17, which is almost 30% downside.

$75.35 is the support level for Solana (SOL), and the next step is 33.75% below at $50 levels!

Layer-1 decentralized application platforms Solana, Avalanche, and Terra are Ethereum (ETH) competitors, whereas Polygon is a layer-2 scaling option for ETH.

What about other altcoins?

Apart from these major altcoins, many other altcoins, which have already lost a significant value, can go further.

Other coins like ChainLink(Link), The Graph(GRT), Algorand(ALGO), and The Sandbox(SAND) have already lost significantly and can get routed to the ground if support levels break. 

ChailLink can fall as much as 58% to $4.5 levels. If the graph beaches $0.2991, it can rot by as much as 86%.

Algorand has the potential to rot by 42% from current levels. SAND can decimate by approx 71% if it breaches its support!

Algorand is a blockchain that focuses on payment processing, whereas The Graph is a protocol for indexing blockchain data. The Sandbox is a virtual gaming world that is decentralized. Chainlink is a distributed network that connects blockchains to other data sources.

Is there any respite?

These coins are at important support levels, just like Bitcoin. All the coins, more or less, follow the price movements of Bitcoin. If Bitcoin goes below $33k levels, then these coins will go below support levels.

Since all the coins are at support, if Bitcoin recovers a bit, we can see even 50% to 3x returns very easily! Until then, they will keep bleeding slowly, as per the trader.

Looking at the chain-activity data of HODLers, as we reported earlier, there is still confidence in the market that BTC will recover. 

Another major Crypto, Etherium, is trading at $2,688, and the next support levels could be at $1,750 levels.

Immediate support seems to be present at $2,300, and the next level could be as low as $1,750, which is almost 25% down.

Why this turmoil in the crypto market?

Increasing regulatory curbs on crypto transactions by federal agencies across the globe has diverted many retail investors from crypto investing. 

Recently Indian Government imposed a 30% tax on crypto trading profits. Moreover, they plan to tax DeFi applications based on cryptos as well. 

IMF recently asked the Argentine federal bank to ban cryptos from its central banks.