YEREVAN (CoinChapter.com) – The latest CPI report exacerbated the crypto market’s selloff incentive and could send digital assets downward. Here are several cryptocurrencies that mimicked Bitcoin’s price action and eyed more losses ahead.
#1 Kusama (KSM)
Polkadot’s canary network Kusama (KSM) traded at $41 on Oct 14, after four weeks of sideways consolidation. The digital asset’s weekly chart hinted at more losses ahead, despite the confluence of support that prevented a sharp downtrend since July 2022.
However, if KSM cannot hold above $40, the token’s next support level could be at approximately $7, or over 80% lower than the current value.
The declining trading volumes supported the bearish outlook, reflecting traders’ reluctance to bet on the digital asset’s possible price appreciation.
#2 Algorand (ALGO)
Algorand (ALGO) painted a similar picture, flatlining in a Bitcoin-like manner. The digital asset traded at $0.32 in the European session Friday, retesting the support at $0.27. The said line has been instrumental in preventing sharp drops since June 2022. Thus, holding the said support seems crucial for ALGO.
The trading volumes on the ALGO daily chart did not divert from the broader market sentiment and declined since the spike in late September.
#3 Harmony (ONE)
Harmony (ONE) price action remained indecisive in early October after dropping significant support at $0.016 in early July. As a result, the digital asset’s price stood at $0.018 on Oct 14, with little chance for a breakout in Q4.
Moreover, the trading volumes also backed the bearish bias, similar to the other entries on today’s list.
#4 BitTorrent (BTT)
After its spectacular crash in Jan 2022, BTT traded at $07.8e-7 on Oct 14, after a week of sideways consolidation. However, similar to the aforementioned digital assets, the BitTorrent token must hold crucial support to prevent a downward spiral.
#5 Interner Computer (ICP)
Internet Computer (ICP) has had market-deviating rallies before. However, in the present circumstances, a significant divergence from the overall climate seems unlikely. The ICP token painted a bearish pattern known as the ‘descending triangle,’ which could bring down the value to practically 0 if ICP closes Oct 14 below the flat support, confirming the pattern.
Again, the trading volumes have consistently declined since a selloff wave in mid-June. As a result, traders shouldn’t expect a forceful price appreciation for IP any time soon.
