The crypto market experienced a sharp decline over the last 24 hours, with Bitcoin dipping below $87,000 at its lowest point. While some altcoins managed to hold steady, others faced significant drawdowns, reaching new all-time lows and extending investor losses.
BeInCrypto has analyzed three such altcoins that have been severely impacted today and ended up forming a new all-time low.
Movement (MOVE)
MOVE price fell 21% over the last 24 hours, dropping to a new all-time low of $0.385. Currently trading at $0.397, the altcoin is still vulnerable to further declines. With the broader market facing bearish sentiment, there are concerns it could drop even lower in the coming days.
The bearish broader market cues suggest that MOVE could face more downside risk, potentially falling to $0.350. If the altcoin continues to struggle in the current market conditions, it might breach more support levels, pushing it to new all-time lows and causing further investor losses.
However, MOVE could recover its recent losses if it bounces off the $0.385 all-time low. For this to happen, it will require significant investor support, especially from those looking to buy at low prices. This could allow MOVE to rise towards the $0.515 resistance, challenging the current bearish trend.
Avail (AVAIL)
AVAIL price dropped 26.8% over the past day, reaching a new all-time low of $0.072. This marks the second all-time low in just seven days. The continued bearish trend reflects a struggle for the altcoin, and its investors are facing significant losses in the current market conditions.
If investors decide to sell their holdings to mitigate further losses, AVAIL may continue its downward trend, potentially falling to $0.065. The altcoin’s failure to recover could lead to another new all-time low, extending its downtrend and contributing to investor uncertainty amid the broader market decline.
However, if the broader market sentiment shifts toward bullishness, AVAIL could see a recovery. A price increase towards $0.087 would signal positive momentum, potentially invalidating the bearish outlook. Breaching this resistance level would mark a strong recovery for AVAIL, fostering renewed investor confidence.
Aevo (AEVO)
AEVO price was looking at a potential breakout after consolidating between $0.169 and $0.148 for two weeks. Unfortunately, broader market conditions did not favor the altcoin, and AEVO fell by 24.8% over the past day. This decline leaves the token vulnerable to further price action changes.
The altcoin dropped to a new all-time low of $0.120 before slightly recovering to $0.127. While there is some relief, the risk of further decline persists, potentially pushing AEVO below $0.120. Without strong market cues or investor action, the altcoin may struggle to maintain its current levels.
If AEVO manages to reclaim the support of $0.148, the bearish outlook may be invalidated, though it could remain in consolidation. A full recovery, however, will depend on AEVO flipping $0.169 into a solid support level. This would confirm the reversal and provide a solid foundation for future gains.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
