The crypto market experienced a significant crash earlier this week, causing substantial losses for altcoin holders. In an effort to offset these declines, many opted to sell their holdings, which only intensified the downward pressure.
BeInCrypto has analyzed three altcoins that hit new all-time lows in the past 24 hours and the direction they could take going forward.
Movement (MOVE)
MOVE’s price experienced a sharp 30% decline after failing to break above $0.52 earlier this week. This downtrend led to the formation of a new all-time low of $0.37 in the past 24 hours, mirroring Bitcoin’s struggles in the broader market. A recovery could be challenging without strong support.
As Bitcoin attempts to cross the $89,000 mark, broader market conditions may improve. This could have a positive impact on altcoins like MOVE, potentially pushing their price upwards. The key resistance level to breach for a potential recovery is $0.52, which could help stabilize the price.
If the broader market remains bearish or MOVE fails to reclaim $0.52, the altcoin could experience further losses. A drop below the all-time low of $0.37 could signal deeper declines and invalidate the bullish outlook for the altcoin. The next support level to watch is the $0.30 mark.
Pol (ex-MATIC) (POL)
POL price fell 24.6% this week during the broader market downturn, hitting a new all-time low at $0.228. However, it has since recovered slightly and is currently trading at $0.254. As market conditions improve, POL has a chance to regain momentum if bullish cues continue to emerge.
To regain recent losses, POL needs to reclaim the critical support level of $0.292. This support flip could allow the altcoin to rise to $0.359, helping it recover the losses from the past week. A successful breach would also mark a new monthly high, signaling renewed investor confidence.
However, if bearish sentiment persists, POL could continue its decline, slipping below $0.228. If this happens, the altcoin may fall to $0.200, invalidating the bullish outlook. POL’s price movement will depend on broader market conditions and investor sentiment in the coming days.
World (WLD)
WLD price dropped 28% during Monday’s market crash, reaching a new all-time low of $0.86. Afterward, the altcoin managed a slight recovery, trading at $0.99. Despite the losses, the recent price movement shows potential for recovery, depending on broader market conditions and support from investors.
The new all-time low occurred after WLD lost the critical support of $1.10. For the altcoin to regain ground, it must first breach $1.10 and flip this resistance into support. Successfully doing so could send the altcoin towards the next target of $1.33, helping it recover recent losses.
If bearish sentiment continues to weigh on WLD, the altcoin could fall below the recent low of $0.86, forming another all-time low. The lack of investor confidence could push the altcoin further down.
Disclaimer
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