The crypto market managed to recover Monday’s sharp losses, but the volatility left a lasting impact on several altcoins. Despite the broader market rebound, some tokens failed to recover fully, with the drawdown leaving them vulnerable.
BeInCrypto has identified three altcoins that faced significant losses and formed a new all-time low over the past 24 hours.
Maga (MAGA)
MAGA has seen a sharp decline over the last 12 days, dropping 74% since Donald Trump became President of the United States. The altcoin’s rapid downturn reflects a waning hype surrounding the meme coin, leaving it vulnerable to further price erosion.
Currently trading at $0.00003077, MAGA formed a new all-time low of $0.00002768 after losing critical support levels at $0.00005293 and $0.00004196. The failure to hold these key levels has intensified bearish momentum, discouraging investor confidence in the short term.
The drawdown may continue as enthusiasm surrounding Trump’s presidency fades. However, MAGA could invalidate this bearish outlook if it reclaims $0.00004196 as a support level. Such a recovery would restore some investor confidence and offer the token a chance to recover its recent losses.
Pudgy Penguins (PENGU)
PENGU has faced a steep 28% decline in the past 24 hours, falling to $0.0176 during intraday lows, marking a new all-time low. This significant drop reflects intense bearish pressure and highlights the altcoin’s struggle to maintain any upward momentum in the current market environment.
The fear of further decline looms as bearish market cues persist. If the selling pressure continues, PENGU could drop further to $0.0150 or lower. This extended drawdown would exacerbate losses, leaving investors cautious about re-entering the market until stabilization occurs.
However, if PENGU manages to reclaim the $0.0225 support level, the bearish outlook could be invalidated. Such a recovery might provide the altcoin with an opportunity to regain investor confidence and initiate a broader upward trend, potentially offsetting recent losses.
Sonic (S) – Previously Fantom (FTM)
S token hit a new all-time low (ATL) in the last 24 hours, reflecting bearish sentiment following its migration from Fantom to Sonic. The transition has not garnered the positive reception developers might have hoped for, leaving the altcoin vulnerable to further downward pressure.
Currently trading at $0.488, S formed its new ATL at $0.458 after falling below the critical support of $0.514. The breach of this level has intensified bearish momentum, with traders closely monitoring whether the token can stabilize or continue its decline.
If the downturn persists, S could drop further to $0.400 or lower. However, reclaiming $0.514 as support could reverse the bearish trend. This recovery might push the token towards $0.605, offering a chance to regain investor confidence and recover recent losses.
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Disclaimer
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