Have Big Sale! These 6 Altcoins On Binance Could Drop Hard!

Altcoin analysts are waiting for a drop on a large list, which includes important names such as LINK, DOGE and TOMO. Investors should pay attention to the next supports as prices fall below critical support levels. Especially under pressure despite the news of LTC halving…

Rekt Capital issues a collapse warning about this Binance-listed altcoin

Rekt Capital, one of the well-known analysts of Twitter, warns that Chainlink (LINK) may witness a significant drop. The point that the analyst pointed out is that Chainlink failed to break through the macro downtrend resistance and this is now confirmed as a bearish trend. According to their analysis:

The latest downside to LINK is that the price is positioned below the macro downtrend for the weekly close, delaying the breakout.

According to the analyst, LINK price could witness a 16% pullback in the worst-case scenario. This means that the price will decline to the $ 6.13 region. LINK price is currently trading just below the $8 zone. Rekt Capital says that the price could slide as low as the support line of the horizontal channel below.

Bitcoin (BTC)

Rekt Capital then took a look at the Bitcoin chart. The leader said that the crypto lost its bullish structure on the weekly chart after breaking $29,500. On the positive side, it is worth noting that BTC later surpassed the $29,245 support. This move, according to Rekt Capital, “shows the losing lower and how ($29,245) is currently holding the price.”

Dogecoin (DOGE)

As for Dogecoin, the price is in line with the diagonal trendline at $0.081. This channel represents a zone between $0.8 and $0.55. The analyst says that in the worst-case scenario, DOGE could pull around $0.055 all the way to the diagonal support of the pattern:

DOGE made its new weekly close below the formation resistance. As a result, DOGE is potentially set up for a rejection and in-model consolidation. In the worst-case scenario, DOGE can go all the way to the bottom of the market structure.

Ethereum (ETH)

The leading altcoin continued its sideways movements to the $1,850 region today. Rekt Capital says that for ETH to have a chance to rise above $2,000, it must stay above the critical support of $1,863:

ETH needs to stay here for the price to have a chance to revisit ~$2,275 in the next few weeks.

TomoChain (TOMO)

Lastly, taking a look at the TOMO chart, Rekt Capital warns that the low-volume altcoin now looks poised for a correction after closing July below the $1.60 resistance:

Black has rallied +54% since support, red rally to resistance and overextended. Monthly Close now key. Monthly close above red -> bullish. Monthly Close below red -> black-red range downside movement is possible again.

Litecoin (LTC) under selling pressure ahead of halving

Litecoin recently completed its third halving cycle. LTC faced a stampede of investors who bought the news before that. His social dominance, in particular, saw an increase as expected, with many stakeholders showing signs of panic ahead of the halving.

In terms of price, contrary to expectations, Litecoin lost about 5% of its value. There is potential for further decline due to the large crowd of investors who took the news as a profit. Currently, selling activity is clearly increasing, putting additional downward pressure on the already falling price.

Technically speaking, there was a crucial moment when LTC fell below the 50-day EMA, which is a key support level. This drop potentially paves the way to the 200-day EMA. If this level is reached, there is a drop towards the lower border of the descending price channel at around $66. Such a scenario will turn the halving event into a sales frenzy. LTC is currently gaining momentum below $89, already down 4% intraday.

Meanwhile, analyst Benjamin Cowen has revealed that historically, downturns have always happened. According to the analyst, “after the halving, history shows that you should lower your expectations LTC until the post-halving year (2025).”

What should altcoin traders look out for on the LTC chart?

As seen in the chart below, Litecoin is currently gaining momentum on the downside. Investors should first focus on the critical level at $96.46 and $94.12. However, these levels were broken during the halving hours and the next support will be in the $85.32 region.

If the said level fails to hold, short traders can expect the decline to continue until Litecoin price approaches $78.04. Here the bears will want partial profits. But the two key levels where sell-side liquidity is available are at $65.57 and $47.32. These supports are roughly 27% and 48% away from the current location. On the other hand, if LTC price manages to break above $100, a bull run to $140 will be on the table next.

ApeCoin (APE), heading to historic lows

ApeCoin, the focus of Yuga Labs’ ambitious metaverse game Otherside, is facing significant pressure as it reaches historic lows against the backdrop of the NFT collection Bored Ape Yacht Club (BAYC). Specifically, ApeCoin dropped as low as $1.73 on the evening of August 1. Thus, the difference with the ATH level reached over 93%.

The altcoin is currently ranked 61st. Today, it rallied to $1.82 due to Bitcoin’s recovery. However, it is still down 10% on the weekly timeframe.

Recently, Yuga Labs unveiled a few new items for the Otherside game during a special event. But even that didn’t change the course of ApeCoin’s struggle. However, as the PFP (Profile Picture) market falters, the related assets that once brought great success to Yuga Labs are now going through turbulent changes.

Meanwhile, on the legal front, ApeCoin has come under the SEC’s radar, which is facing allegations that it provides unregistered services and violates investor protection rules. The SEC believes that some NFTs, such as BAYC and ApeCoin, should be classified as securities.