Why Is Crypto Market Crashing? Top Altcoins in Focus
There were a lot of changes in the value of different digital currencies this week. RWE coin hit the highest levels in its history, while most altcoins lost some value after months that saw them increase greatly in price. A lot of people were confused by what happened because meme coins became popular at once and it was during the same days when the FOMC high-level meeting took place where the committee voted on the country’s monetary policy managers making stakes go higher with uncertainty prevailing among traders and stakeholders in the money markets.
Top Altcoins Under the Radar
Bitcoin or Altcoin- What To Choose?
The analyst recommended focusing on long-term portfolios as good entry points and highlighted the Bitcoin Rainbow Chart as a tool to identify investment opportunities when the market is oversold. The chart categorizes market conditions: accumulation is advised in the light green zones, buying in the blue zones and recognizing fire sale opportunities in the dark blue zones.
What Are The Trending Alotcoins?
- Injective Protocol (INJ)
The INJ is trading near $20 but is expected to decline further according to traders. Would-be buyers ought to hold off until prices stabilize.
- Fantom (FTM)
Once FTM touches the support levels it means that the price is probably coming down towards 0.50 to 0.55 at most. In view of the above, buyers who are not sure whether they should acquire this stock may wish to do so later when markets return to normalcy, but with caution.
- Immutable X (IMX)
IMX sticks to lower grounds in the broader bear market; IMX regularly performs resiliently amid various accumulation strategies as warranted by the day’s sentiment amidst a persisting market feud.
- Chainlink (LINK)
The $12 level is where LINK is losing support at present and it’s going to serve as either a buy or a sell target depending on which direction it breaks out into ($12 and $10 are said to be potential buy zones). Any reversal signal or confirmation should be watched for keenly by the ones who happen to own securities as well as those contemplating opening new trades.
- Polkadot (DOT)
DOT seems to be edging closer to key support areas around $4.5 which serve as early warning signals to tread with care. The advice for traders would thus be to hold onto their horses so as not to end up in the wrong places due to hurry hence better off waiting until after stronger market signals are indicated.
A lot of people are questioning whether they should invest in the top altcoins during the next bull season with the ongoing volatility of the cryptos market leading us to 2024 or not.
That’s all from us today! We suggest you stay connected with our news channel ReadingCrypto where our team of crypto experts provide you with the best updates and happenings in the world of crypto.
