The crypto market witnessed the biggest crash of the year as Bitcoin fell to $91,200 over the last 24 hours. Nevertheless, the upcoming week presents opportunities for investors owing to external developments surrounding tokens.
BeInCrypto has analyzed three altcoins to watch for investors looking to turn tragedy into opportunity.
Portal (PORTAL)
Portal (PORTAL) price saw a sharp 25% decline in the past 24 hours, falling to a new all-time low of $0.1064 during the intra-day crash. This significant drop has raised concerns among traders about the token’s immediate future, but factors beyond the price action suggest potential for recovery.
One key event to watch this week is Portal’s upcoming launch on the Solana blockchain. Given Solana’s strong position in the decentralized finance (DeFi) space, this integration could provide a significant boost to Portal’s price, especially if Solana’s user base becomes active with the new token.
The potential of Solana’s platform could help Portal recover from its recent losses and reclaim the support of $0.1828. If the altcoin can secure this level, it may pave the way for further upward momentum. However, a further decline below current support is less likely with the upcoming developments.
Aptos (APT)
Aptos (APT) saw a sharp 35% decline, dropping to the lows of $4.57 during an intra-day fall. This marked the loss of key support at $6.16, coinciding with the 23.6% Fibonacci retracement line, signaling the potential for further downside in the altcoin’s price.
Currently trading at $5.86, APT has a chance to reclaim the $6.16 support level. Doing so would help the altcoin recover recent losses and target $7.66. The upcoming token unlock, involving 11.31 million APT worth $66 million, adds a layer of potential volatility to the price action.
Amidst the unlock, a failure to reclaim $6.16 as support could push APT to $4.96, invalidating the bullish outlook.
BNB
BNB price dropped by 11% in the last 24 hours, falling below key support levels of $619 and the range between $587 and $619. This significant loss reflects a shift in the token’s price action, raising concerns over its short-term performance.
Despite this, BNB has the potential for a rebound. If the token recovers and manages to close above $587, it could regain bullish momentum and move back above the $619 level. This would provide a strong entry point for investors.
If BNB fails to reclaim the $587 support level, the token could fall further, potentially reaching $550 or lower. A continued decline would invalidate the bullish outlook, extending the recent losses.
Disclaimer
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