Top Altcoins Render, Filecoin, and Stacks Face Double-Digit Declines: What’s Next?

Date: Sat, August 03, 2024, 04:46 AM GMT

This week, the cryptocurrency market experienced a significant downturn, with major cryptocurrencies and altcoins taking a heavy hit. Render, Filecoin, and Stacks were among the altcoins that saw substantial double-digit declines in the past seven days. The total altcoin market cap has dropped from $1.15 trillion to the current $1.01 trillion in the past week, showing a major sell-off. Both Bitcoin and Ethereum have also been affected, each falling by over 8% in the past week.

Altcoins Performance in Last 7 Days:

• Render (RNDR): Down by 26.08%
• Filecoin (FIL): Declined by 14.95%
• Stacks (STX): Down by 16.70%

Here’s Why Top Altcoins are Down:

Bitcoin Failed to Give Breakout:

Recently, on July 29, Bitcoin had the opportunity to break out from a Bull Flag—a bullish continuation pattern that usually indicates further price increases. Despite the optimism presented in this technical setup, Bitcoin’s price couldn’t break through the crucial resistance level of $71K and instead pulled back to $63,500. This inability to break out has cast some uncertainty into the market, which, in turn, affected the prices of altcoins.

Meanwhile, other factors contributing to the market downturn include Mt. Gox Bitcoin repayments to its creditors, geopolitical tensions between Iran and Israel, and recent sell-offs in global market indices.

What’s Ahead?

If we focus on the Bitcoin (BTC) chart, there is minor support at $60K, a crucial level to watch. If BTC can bounce back from this support, we might see a recovery. However, if it fails to hold this level, the price could drop to around $53,643, likely causing altcoins to dip further.

It will be worth watching the market activity to see how it progresses from here. Keep your eyes on the global market, as it could impact crypto prices this week.

Disclaimer: This article reflects author’s personal views and interpretations of the current market situation. It is not intended as financial advice. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.