The selling wave for altcoins is always a nightmare. Because a wave of decline comes with it. So which cryptocurrencies does this apply to? Let’s look at our article.
AVAX support and resistances in altcoins
Among altcoins, AVAX needs to break through the critical $13 barrier to form an uptrend. Also, the bulls need to take control. In addition, the stability of the Bitcoin price plays a vital role in determining the overall strength of the market. The decrease in AVAX’s market value shows that its purchasing power has decreased, which is also reflected in the chart.
At the time of writing, AVAX in altcoins is trading at $ 12.90. It is making an effort to prevent the price from losing value after breaking the $12 resistance level. However, AVAX must surpass the $13 level to continue its upward move. On the other hand, it is essential that it exceeds the $15 resistance level. Failure to do so will drag the price down to the nearest support at $12.40. It will potentially even go below $12.
New case for PEPE
PEPE, a meme coin inspired by the iconic “Pepe the Frog” meme, has experienced a notable surge, reaching a market cap of over $633 million. The price of the cryptocurrency has increased by 74% since June 19. It is currently trading at $0.00000151. Among altcoins, the price chart of PEPE reveals a significant rally that began on June 20, coinciding with Bitcoin’s rise towards the $30,000 level. Factors such as institutional adoption and the filing of spot Bitcoin ETFs by major financial institutions have contributed to Bitcoin’s upward momentum. As a result, meme coins like PEPE also achieved double-digit gains for their holders.
Among altcoins, PEPE hit a local top of $0.00000168 early Thursday. It wiped out all losses since its fall on May 23. Meme coin is currently trading at $0.00000114 above its 10-day Exponential Moving Average (EMA). When we look at cryptokoin.com, the Fibonacci correction calculated from the decline of PEPE from the $ 0.00000437 peak in May to the low of $ 0.00000088 in May has created important resistance levels for the coin.
Important levels
PEPE is facing resistance at $0.00000222, the 38.2% Fibonacci level, and $0.00000263, the 50% retracement level. The long-term sustainability of PEPE’s earnings remains uncertain. Also, more observations are needed. In addition to the rise in Bitcoin prices, PEPE’s potential listing on the Gemini exchange also acted as a bullish catalyst. Gemini recently hinted in a tweet that the coin will be listed on its platform. This listing will promote PEPE to the exchange’s 1.8 million active users. It will also create new opportunities for the meme coin.
MATIC among altcoins disappointing
Layer-2 token MATIC struggled to sustain a 6.5% rally amid downward pressure from the broader market. The crypto market witnessed positive moves as Bitcoin crossed the $30,000 threshold. However, among altcoins, Polygon investors were disappointed that the expected gains did not materialize.
Despite the volatile price fluctuations, MATIC failed to close above the key $0.70 level. It is also currently trading at $0.66. The altcoin has seen a modest recovery of just over 13% over the course of the week. However, the slowdown in its upward momentum affected the profits of MATIC owners. Polygon stands out with the number of investors with the highest loss. Currently, 87% of token holders representing around half a million addresses are facing losses.
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