Dogecoin (DOGE) price slid further down after breaking the key support level of $0.223 yesterday. The seventh-largest crypto-asset lost another 6% over the past 24-hours, making it one of the worst-performing altcoins among the top-10 cryptocurrencies. The meme coin has already lost 72.2% from its ATH of $0.735 and a dip below $0.200 levels could increase the risk of registering a new 3-month low.
The meme currency started to show signs of recovery at the time of writing as its price jumped to $0.213 at the time of writing, but a 4% recovery is minimal considering the volatility of the altcoin.
The crypto market slump continued in the second week of July as market sell-off led to a 3% decline in overall market cap. While BTC fell below the $33k support level again, altcoins took an even bigger hit falling in the range of 3%-5%. Ethereum (ETH) was the worst hit with an over 4% decline in price in the last 24-hours as the $2,000 support level is back in play. For ETH, there are multiple support levels between $1,850-$2,000.
In theory, what this means is that even if $ETH briefly lost the multi-month Higher Low (black) & retraced to the high $1800s…#ETH would still maintain the bottom of its blue wedging structure
Lots of confluent support in the $1850-$2000 area#ETH #Crypto #ethereum https://t.co/UsKTfZc5V0 pic.twitter.com/Ndr9O8f8wG
— Rekt Capital (@rektcapital) July 8, 2021
Altcoin Bloodbath Could Intensify Towards Weekend
The crypto market has been in the bearish phase ever since the May second week mayhem that wiped off nearly $1 trillion from the crypto market cap. Bitcoin and altcoins since then have been in a consolidation range trying to avoid any further crashes. The weekends have proven to be bearish over the past couple of months registering a sell-off followed by low liquidity.
Major altcoins Binance Coin (BNB), Cardano (ADA), XRP, Solana (SOL) are all on the verge of seeing another bloody weekend, holding onto their key support zone. BNB is currently trading above $309 trying to hold onto the support above $300, Cardano fell to $1.33, XRP is holding onto $0.60 support while Solana has lost nearly 7% as its price fell below $33. A price slump from these support zone could lead to another sell-off spree as investor patterns indicate bearish sentiments are more dominant at the moment.