The cryptocurrency market saw a significant downturn in the past 24 hours, with Bitcoin dropping below $87,000 as its lowest point. While some alternative coins (altcoins) remained stable, others experienced substantial declines, hitting new record lows and deepening losses for investors.
BeInCrypto has examined three altcoins that were notably affected and established new all-time lows today.
MOVE
MOVE's price plummeted by 21% in the last day, hitting a record low of $0.385. Currently valued at $0.397, the altcoin remains at risk of further decreases. Given the prevailing bearish sentiment in the market, there is a possibility of it dropping even lower in the days ahead.
The bearish signals from the broader market imply that MOVE may encounter additional downward pressure, potentially reaching $0.350. If it struggles to perform in the current market climate, it could breach more support levels, driving it to new lows and amplifying investor losses.
However, a rebound from the $0.385 low could help MOVE recover recent losses, necessitating substantial investor backing, particularly from those seeking to purchase at discounted rates. This could facilitate a rise towards the $0.515 resistance level, challenging the ongoing bearish trend.
AVAIL
AVAIL's price declined by 26.8% in the previous day, hitting a new all-time low of $0.072. This marks the second record low within a week. The persistent bearish trend indicates a challenging situation for the altcoin, leading to substantial losses for its investors in the current market conditions.
Should investors opt to sell their holdings to minimize further losses, AVAIL could continue its downward trajectory, potentially dropping to $0.065. Failure to recover may result in another all-time low, prolonging the downtrend and adding to the uncertainty among investors amidst the market decline.
Nevertheless, a shift in market sentiment towards optimism could pave the way for a recovery in AVAIL. An uptick towards $0.087 would signify positive momentum, possibly negating the bearish outlook. Surpassing this resistance level would mark a robust resurgence for AVAIL, revitalizing investor trust.
AEVO
AEVO seemed poised for a breakout after consolidating between $0.169 and $0.148 for two weeks. However, the broader market conditions were not favorable for the altcoin, leading to a 24.8% decline in the past day. This drop exposes the token to further price fluctuations.
After falling to a new all-time low of $0.120 before a minor recovery to $0.127, AEVO remains vulnerable to additional declines, potentially dipping below $0.120. In the absence of strong market indications or investor activity, the altcoin may struggle to sustain its current position.
A recovery for AEVO hinges on reclaiming the $0.148 support, potentially challenging the bearish trend. To fully rebound, AEVO must secure $0.169 as a robust support level, signaling a reversal and establishing a solid groundwork for future growth.