Top Altcoins Feared to Drop Below $10 If Crypto Markets Continue to Fall in the Next 24 Hours
The crypto market is crashing! The price of Bitcoin is falling! There has been a lot of chaos in markets around the world, causing a lot of turmoil. Bitcoin suddenly fell below $50,000, triggering alarms in the market. While no crypto is listed on the gainers list, some altcoins are on the verge of losing their year-to-date gains. Also, the bears don't seem to be backing down anytime soon and hence it is feared that these altcoins will fall to single-digits if the markets continue to trade under a bearish influence.
Hurricane (AVAX)
Avalanche's price has been trading in a descending parallel channel since its rejection above $60 on a yearly basis. As the market conditions reversed, the price was trying to break through the top resistance, which caused the token to drop more than 40% last week. The price of AVAX is testing the average bands of the channel and its failure could drag the levels towards the $7 support level.
Orders (ORDI)
Global market conditions have led to price collapse, which has served as strong support since the beginning of the year. The token is now testing the support zone, which can be considered as the last point of resistance. A rebound is currently an hourly demand, otherwise the ORDI price could fall sharply and hit the local support at $13.91, which does not look strong. Therefore, if the selling pressure continues to increase, a free flow below $10 seems imminent.
Arweave (AR)
Arweave's price has erased all the gains made in the last five months as the market has turned bearish since the beginning of the month. The technicals are completely bullish and are testing support levels that seem weak. Another bearish move is expected to pull the level towards $11, indicating a significant bear presence. If these levels fail to recover, the price of AR is likely to drop below $10, possibly closer to $7.
Ethereum Classic (ETC)
Regardless of current market conditions, Ethereum Classic's price continues to show bullish potential. After completing a parabolic recovery, the token started trading in a descending parallel channel and is about to hit the lowest support at $14. If the bulls are able to recover, ETC price could take back $20, otherwise a drop to $9.75 will soon be seen, which was traded before the 2021 bull run.
injection (INJ)
After making a series of low highs and lows, the price of the injection has formed a bearish trend. The price is trading at levels not seen since the beginning of the year, which should be considered as an indicator of depression. A small bearish move could drag the levels towards $10 and if the bulls fail to show their strength, the rally could drop below $9. The price of INJ strengthened at these levels, ahead of the October 2023 eclipse. Therefore, a retracement of these levels can be considered the beginning of a fresh bear market.
