The cryptocurrency market experienced a swift recovery following Monday's downturn, but the volatility has had a lasting impact on several altcoins. While the broader market has bounced back, certain tokens have struggled to fully recover, leaving them exposed to further declines.
BeInCrypto has pinpointed three altcoins that have suffered significant losses and hit new all-time lows in the last 24 hours.
Maga (MAGA)
MAGA has witnessed a sharp 74% drop over the past 12 days, coinciding with Donald Trump's tenure as President of the United States. The altcoin's rapid decline signifies a diminishing hype around the meme coin, making it susceptible to additional price drops.
Currently priced at $0.00003077, MAGA plummeted to a record low of $0.00002768 after breaching crucial support levels at $0.00005293 and $0.00004196. The failure to hold these levels has bolstered bearish sentiment, dampening investor confidence in the near term.
Pudgy Penguins (PENGU)
PENGU has experienced a significant 28% decline within a day, slipping to $0.0176 at intraday lows and establishing a new all-time low. This notable decrease underscores the intense bearish pressure on the altcoin, highlighting its struggle to maintain upward momentum in the current market conditions.
If the selling pressure persists, PENGU risks dropping further to $0.0150 or below, deepening losses and cautioning investors against re-entry until the market stabilizes.
Sonic (S) – Formerly Fantom (FTM)
S token hit a new all-time low in the past day following its transition from Fantom to Sonic, reflecting bearish sentiment post-migration. The move has not elicited the anticipated positive response, rendering the altcoin vulnerable to continued downward pressure.
Trading at $0.488, S established its new ATL at $0.458 after breaching the critical $0.514 support. The breach has amplified bearish momentum, prompting traders to watch for signs of stabilization or further decline.
A sustained downturn could see S falling to $0.400 or below. However, reclaiming $0.514 as support might shift the bearish trend, potentially propelling the token toward $0.605 and revitalizing investor confidence as it aims to recover recent losses.