The cryptocurrency market experienced an upward trend over the weekend, only to face a massive setback in the past 24 hours with a staggering $395 billion loss. Bitcoin slipped below $85,000, triggering significant declines in various altcoins, many of which hit new record lows.
BeInCrypto examined three altcoins that hit all-time lows today to evaluate their potential for a comeback.
Animecoin (ANIME)
ANIME's price plummeted by 20% in the last day, now resting at $0.0201. This decline led the altcoin to a fresh all-time low of $0.0192 after losing crucial support at $0.0230. The sharp downturn has intensified selling pressure, making a recovery difficult without a renewed interest from investors.
ANIME's performance is closely linked to broader market trends, with movements in Bitcoin and other major cryptocurrencies shaping its path. Should the market downturn persist, ANIME might slide further, potentially breaching $0.0190 and establishing new lows.
On the flip side, a resurgence in investor interest could propel ANIME to reclaim the $0.0230 support level, potentially shifting momentum towards reaching $0.0268. A successful test of this level could negate the bearish outlook, restoring market confidence.
Beam (BEAM)
BEAM's price plunged by 26%, hitting an all-time low of $0.0065 before experiencing a slight rebound. At present, BEAM is trading at $0.0067, struggling to find stability. The sharp drop reflects persistent bearish pressure, with limited indications of an immediate recovery given the weak market sentiment.
While the altcoin tried to break free from its downward trend of the past month, it failed, resulting in the loss of the $0.0082 support. If the downward momentum persists, BEAM might witness further declines, potentially establishing new lows below $0.0060. Sustained selling pressure could impede any short-term price recovery.
Nevertheless, recapturing $0.0082 as support could alter the bearish narrative. A breakout above this level could enable BEAM to escape the downtrend and target $0.0092. Increased buying interest in this scenario would be pivotal in reversing the negative trend.
Balancer (BAL)
BAL has been on a downward trajectory since mid-January, unable to breach the $3.10 resistance level. The continued decline, coupled with bearish market conditions, drove BAL to a new all-time low of $1.50 today. The extended sell-off reflects a lack of investor confidence and buying pressure to fuel recovery.
The 18% drop in the last 24 hours saw BAL dip to $1.56 at the time of writing. This represents its first all-time low since August 2024, heightening the possibility of panic selling. If investors opt to offload their holdings, BAL could witness further declines, reinforcing the bearish trend.
A potential recovery for BAL hinges on reclaiming $1.68 as a support level. Reestablishing this level could alter market sentiment, enabling BAL to set its sights on $2.04. A sustained breakthrough past this resistance level could restore confidence, aiding the altcoin in stabilizing after weeks of losses.