- Top memecoins PEPE, WIF, and BONK have all suffered double-digit losses exceeding 10% in the past 24 hours amid widespread market panic.
- Rising geopolitical tensions between Iran and Israel have caused panic selling across crypto markets, with Bitcoin dropping to $60K despite October historically being a bullish month.
- The TOTAL3 chart (crypto market cap excluding BTC and ETH) is testing critical support at $575B after breaking out of a 5-month downtrend in September.
- Both Bitcoin at $60K support and TOTAL3 at key levels will determine if memecoins see recovery or further decline, with market sitting at crucial support levels.
Date: Thu, Oct 03, 2024, 05:44 PM GMT
October has brought an unexpected twist to the crypto market. Historically a bullish month, it’s now proving quite the opposite, as Bitcoin struggles, dropping to $60K today. The rising geopolitical tensions between Iran and Israel have rattled markets, causing widespread panic selling. Amid this chaos, top memecoins like Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) have all suffered double-digit losses, each tumbling over 10% in the past 24 hours.
TOTAL3 chart
Let’s dive into the broader crypto market starting with the TOTAL3 chart, which tracks the total crypto marketcap excluding BTC and ETH. On September 19, TOTAL3 broke out of a 5-month downtrend, reaching a high of $591B, sparking hopes for a market-wide rally. However, the recent downturn has brought it back to test the resistance trendline at $575B.
This level is now critical. If TOTAL3 manages to hold support here, a market recovery could follow. But if it breaks below, a sharper decline in the value of altcoins, including memecoins, may be inevitable.
Bitcoin’s Struggles
Bitcoin (BTC) hasn’t been immune to the sell-off either. After being rejected from the $66K level on October 1st, BTC has consistently trapped bullish traders, leading to the current price of $60,600. Right now, Bitcoin is sitting on a strong support level at $60K.
Should it hold, we might see some recovery. However, failure to maintain this level could trigger another round of panic selling, dragging down the entire market, including PEPE, WIF, and BONK.
What To Expect Next?
Both the TOTAL3 and Bitcoin charts indicate that the market is sitting at crucial support levels. If these levels hold, a recovery rally could be on the horizon for memecoins like PEPE, WIF, and BONK. But if the market fails to hold these supports, we may see further declines ahead.
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