The crypto market sunk further today as Bitcoin fell to $76,600 during the intra-day low. The impact of BTC’s decline was felt by the altcoins, with many extending their losses and others reaching new lows.
BeInCrypto has analyzed three such coins, which formed a new all-time low today, something they had not seen in months.
Arbitrum (ARB)
Arbitrum reached a new all-time low at $0.294 for the second time this week, as the altcoin endured a 36% decline during today’s intra-day low. This week-long downtrend continues to pile up losses for investors, with no immediate signs of recovery as the market remains under pressure.
Currently trading at $0.330, Arbitrum is looking for a potential recovery. However, if broader market conditions remain weak, further declines are likely. This could lead to Arbitrum setting a new all-time low, continuing the downward trend and deepening the losses for investors still holding the token.
If Arbitrum manages to reclaim the $0.378 level as support, the altcoin could see a reversal in its price action. A successful bounce back from this level would invalidate the bearish outlook and give hope for a recovery.
ApeCoin (APE)
Another one of the surprising altcoins, APE’s price fell nearly 40% this past week, marking a new all-time low (ATL) of $0.42. However, the altcoin has recovered slightly, trading at $0.47. This marked the second ATL for APE this week, adding to the negative sentiment surrounding the token as it continues to struggle.
APE’s recovery from here largely depends on Bitcoin’s price action. The recent drawdown in the broader market, triggered by Bitcoin’s decline, has negatively impacted altcoins, including APE. A further drop below $0.42 could lead APE to test new lows, potentially falling to $0.40 or lower, extending its losses.
If APE manages to reclaim $0.54 as a support floor, it could reverse the current trend. A successful recovery above this level could push APE to $0.65, and a breach of this price could help the altcoin recover its recent losses, invalidating the current bearish outlook.
1inch Network (1INCH)
1INCH formed a new all-time low (ATL) of $0.1812 today after experiencing a nearly 30% decline over the last seven days. Although the altcoin has managed to recover some of its losses, trading at $0.1961, the overall bearish momentum remains, leaving uncertainty about its future price action.
As 1INCH attempts to regain its recent losses, it faces bearish pressure from the broader market. If investor sentiment worsens, further selling could push the altcoin below its ATL of $0.1812, forming new lows.
A successful recovery above $0.2223 could signal a reversal for 1INCH, especially if market conditions improve. If this resistance level is reclaimed, the altcoin may rally to $0.2409 or higher, invalidating the current bearish outlook and potentially signaling a return to bullish momentum for 1INCH.
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Disclaimer
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