This week, especially from March 3-10, five altcoins in particular suffered a sharp depreciation as the entire cryptocurrency market fell. The decline was mostly due to the bankruptcy of Silicon Valley Bank (SVB) and the collapse of Silvergate. So, which coins have fallen the most this week? What’s next? Here is the list of falling altcoins and analyst Valdrin Tahiri’s expectations for them…
Stacks dropped 32 percent: What’s next?
Stacks price has plummeted from the moment it reached $1.05 on March 1. The altcoin broke through an ascending parallel channel on March 4 and dropped to $0.59 on March 9. Currently, the cryptocurrency price is at $0.53, according to Cryptokoin.com data. It is trading just above the 0.618 Fib retracement support level. While the area may initiate a bounce, the RSI has yet to form any bullish divergence. If the decline continues, the next closest support area will be $0.40. On the other hand, if there is a bounce, STX price could rise to $0.63.
SingularityNET (AGIX) price: Is a bigger drop coming for the altcoin?
The AGIX price, which has fallen 30.8 percent this week, has slumped since its peak of $0.67 on February 8. It formed a lower high (red icon) on March 1 and then continued its decline. It dropped from the 0.5 Fib retracement support level to $0.36 on March 9. If the decline continues, the altcoin could drop to the 0.618 Fib retracement level from the $0.28 low. However, AGIX could retest the $0.36 level if there is a bounce.
Mina (MINA) price continues to decline
MINA price, which is down 29.4 percent this week, has fallen sharply since reaching $1.25 on February 16. This resulted in a divergence above the $1.17 resistance area. The rate of decline accelerated on 3 March. Currently, the cryptocurrency is approaching the horizontal support area of $0.57 and is expected to reach it. On the other hand, if the price bounces off, it could retest the $0.82 area and confirm it as resistance.
Render Token (RNDR) has been dropping since February 7
RNDR price has fallen since February 7, when it reached $2.19. It formed a lower peak on February 16 and then accelerated the decline. The crypto asset is currently trading below the 0.618 Fib retracement level from the $1.08 low. If the decline continues, the nearest support will be at $0.77. On the other hand, if RNDR gains momentum, it could test the $1.07 region once again.
Altcoin Dash (DASH) breaks rising support
The DASH price, which has fallen 24.9 percent this week, has fallen since its peak of $77.90 on February 16. The price formed a lower high at the beginning of March and then accelerated its decline. On March 9, DASH broke out of an ascending support line. If the decline continues, the nearest support area will be at $49. On the other hand, if the crypto asset gains momentum, it could retest the ascending support line at $60.
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