Analysts have identified 9 altcoins that will fall again as the crypto market continues to lose more value. They have also added the leading crypto Bitcoin (BTC) alongside it.
Some projects are more negatively impacted by the crypto market crash
The cryptocurrency market is facing several dips due to the declining conditions of the stock market. Financial experts predict it will soon experience a recession, inflation and other financial setbacks. Because of this, fear and panic are spreading through the financial and economic markets. Major cryptocurrencies like Bitcoin and Ethereum continue to drop. In this environment, more and more investors want to escape the market. This in turn negatively impacts daily trading volumes and reduces the overall crypto market value.
According to experts, the primary trigger of the current crypto crash is escalating fears of inflation and the pause of the service by several crypto exchanges. These events lead to the formation of weak cryptocurrencies that show weak price movements. Analysts are listing some of the biggest altcoin projects whose prices are likely to drop further this year.
Altcoin projects and Bitcoin that are more likely to drop
Terra (Luna)
The LUNA cryptocurrency has drastically dropped after the collapse of the UST. Terra was one of the fastest growing cryptocurrencies in the market. However, it has become one of the biggest cryptocurrencies, destroying most of the investors’ money. The value of LUNA rose after LUNC and USTC cryptos finally showed some price action. But Terra is still highly volatile and likely to slide down again.
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As you follow on Kriptokoin.com, Solana has dropped more than 80% in 2022. Solana’s growth has frightened some of the most avid BTC and ETH believers, who wish the altcoin would soon surpass Ethereum. SOL supports more than 65,000 transactions per second. However, the altcoin has gained attention recently due to recent network outages. This is one of the many reasons investors have become quite skeptical about Solana’s future prospects.
Sandbox
Meaverse coin is a Blockchain-based virtual world that allows users to design, develop, buy and sell digital assets in the form of a game. Sandbox uses decentralized autonomous organizations and NFTs to create a decentralized platform. But even after all its utilities and real-world use cases, Sandbox has dropped more than 23% this year. Analysts expect it to slide further down.
AAVE (AAVE)
The altcoin experienced a dramatic drop of almost 10% in the first week of June. The overall value of the AAVE token has dropped significantly. Currently, the altcoin is trying to maintain its 20 EMA. However, the falling wedge pattern shows that its value may fall further below.
Shiba Inu (SHB)
Shiba Inu developers have promised a bright future with an upcoming NFT game project. However, experts predict that crypto will fall. Luxury fashion brands like Gucci are adopting SHIB for payments. However, the bulls are constantly ignoring SHIB developments in the network. This is one of the many reasons why the value of crypto has dropped drastically.
Bitcoin (BTC)
Bitcoin is the largest cryptocurrency on the market. However, according to analysts, falling prices of crypto indicate that BTC will fall even more. At press time, BTC rose 6.85% on a daily basis to $21,666. However, experts state that the next resistance of Bitcoin will be around $ 15 thousand and the crypto may fall further.
Axie Infinity (AXS)
Axie Infinity’s value dropped drastically after the Ronin attack. According to reports, its value has decreased from its original value of about $300 million to about $2 million. Investors have become quite skeptical due to security issues and current crypto market conditions. Therefore, they consider it possible for the value of AXS to decrease further.
Ethereum (ETH)
Ethereum’s performance is quite similar to Bitcoin. In the last crash, the price of ETH fell rapidly along with Bitcoin. ETH’s all-time high at $4,000. However, the leading altcoin is currently hovering around $1,240. Based on current forecasts, analysts see ETH likely to drop to triple-digit prices in the coming months.
Avalanche (AVAX)
Avalanche has yet to show any bullish price retaliation this big selling season. Crypto price continues to take big hits in this volatile crypto environment. Experts believe that the price of Avalanche could drop further as trading volumes keep falling.
Algorand (ALGO)
According to analysts’ forecasts, the ALGO price will drop below $0.40 in the coming months. The recent turmoil in the stock market has affected thousands of altcoins in the process, drastically reducing the total of the crypto market. Algorand has yet to show any bullish action in these challenging market conditions.
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