Altcoins in Freefall: Where to Buy at Support Levels for Best Deals

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Ah, the world of altcoins! A realm where fortunes are made and lost faster than a cat can chase a laser pointer. With Bitcoin tumbling down like a clumsy acrobat, and the U.S. stock market poised to open with all the grace of a hippo on a trampoline, the outlook for altcoins is as bright as a black hole. How low can they go? And where, oh where, can one find the elusive support levels to snag a bargain? 🤑

Buying small cap altcoins like trying to catch a falling knife

Holding onto altcoins right now feels like trying to hug a cactus. Ouch! Some poor souls are already nursing losses over 10%, and we’re just getting started on this rollercoaster ride. Investors will be scratching their heads, wondering if they’ve accidentally walked into a horror movie. 🎢

When it comes to buying, diving into small market cap altcoins is like trying to catch a falling knife—blindfolded. Seriously, folks, it might be wiser to sit back, grab some popcorn, and watch how the U.S. stock market reacts before making any moves. Who knows? It could be a comedy or a tragedy! 🎭

Has the altcoin market cap hit a good enough support?

Peering into the Total3 chart, which tracks the combined market cap of all cryptocurrencies (excluding the big boys, $BTC and $ETH), we see a price drop that’s more dramatic than a soap opera. Currently, it’s clinging to horizontal support at $973 billion. Will it bounce back, or will it plummet to the depths of despair? Only time will tell! ⏳

$ETH inverse head and shoulders pattern

For those brave enough to buy altcoins, the large caps are your safest bet. With $ETH hitting the major $3000 support, it’s like finding a life raft in a sea of chaos. An inverse head and shoulders pattern might just be forming, promising a return to just under $4,000. But beware! If the downward spiral continues, the next strong support is lurking at $2,700. 🏊‍♂️

Could $SOL hit $183?

Now, let’s talk about Solana, $SOL. It’s the next large cap that’s got everyone buzzing. If we take a measured move out of the triangle, we might just see the price plummet to the deepest support at $183. Will it get there? That depends on how the U.S. stock market decides to throw a tantrum when it opens. 🤷‍♂️

$SUI plunge could provide excellent entry points

Lastly, we have $SUI. While it may not be in the same league as $ETH or $SOL, it’s certainly making waves as a large cap altcoin. The daily chart shows a beautiful test of the 0.382 Fibonacci level. If the stock market has a meltdown on Monday, $SUI could dip to the 0.5 Fibonacci at $2.92, or even the 0.618 Fibonacci at $2.34. The latter could be the golden ticket! 🎟️

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2025-01-27 15:13