With the decrease in prices of Bitcoin below the support level, various top blockchain network tokens dropped by 14%.
In the last 24 hours, top cryptocurrencies have witnessed huge losses, as the price of BTC fell to as low as $42,500.
Among the top ten cryptocurrencies, tokens of Solana (SOL), Avalanche (AVAX), and Terra (LUNA) the so-called ‘SoLunAvax’ (rivals of Ethereum) were down by 12% in just one day. There was also a drop of 14% in the prices of a token, of another Ethereum rival, but after the Asian hours, there was a slight revival.
In the past year tokens of these blockchains have risen by a hundred percent because people were looking at them as alternatives for Ethereum.
At the $25 price level, DOT was able to find support and then gained $1.00. At the time of writing it was trading at $26.04.
If the prices fall further the next support is at $20.
SOL prices fell from a support level of $167 to $144 during Asian hours of the market. As per the trading charts the range of $130-$140 is very crucial for SOL. If SOL falls any further then it could go down to $78 as per the previous resistance levels. At the time of writing it was trading at $147.40.
For LUNA, prices were at $75 which is also its support level during Asian hours, and if the prices fell even more it could go down to $50. At the time of writing it was trading at $76.11.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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