Bitcoin Below $24,000 Mark Threatens Altcoins for Further Corrections

Posted 31 minutes ago

Cryptocurrency Price Today, Feb 26: Bitcoin, the largest cryptocurrency by market capitalization, has witnessed a significant drop this week. Thus, the BTC price dropped below the $24,000 mark, causing a correction phase in most major coins. However, amidst the continued decline, interested traders could take advantage of the pullback opportunity and buy coins at a discounted price.

Stack (STX)

TradingView chartSource- Tradingview

Despite this week’s sell-off in the crypto market, the price of the stack turned sideways and managed to sustain above the rising support trend line. This trendline, being part of an ascending channel pattern, can reinforce a slow but steady recovery until only structure is intact.

At press time, the STX price is trading at $0.733 with an intraday loss of 3.8%. However, in theory, the most likely outcome of this pattern is a significant drop when the pattern breaks the support trendline. Thus, the possible breakout of the STX price from trend support could trigger a significant drop and discount the market cap by 22.7%.


TradingView chartSource- Tradingview

Amidst the growing bearishness in the cryptocurrency market, the Ankr price rally has recently dropped from the $0.0574 mark. The resulting drop dropped the price by 27.4% and broke through the $0.43 support.

Today, the ANKR price is trading at $0.041 with an intraday gain of 2.33%. If the coin price shows sustainability above $0.43 in the coming days. The correction phase will be extended by 12% and will revisit the $0.37 mark.

In any case, decreasing volume during this drop indicates that the ongoing correction should be temporary.

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TradingView chartSource- Tradingview

BinaryX coin has been trending sideways for the past four days, coin prices keep fluctuating between the $1.785 and $1.27 mark, indicating that market sentiment is uncertain.

The area within the aforementioned level can be considered a no-trade area for market participants. At press time, oa is trading at the $1.346 mark, and traders looking for an entry opportunity must wait for a price breakout from either side of the range to trigger a significant drop.

A possible bullish break of the $1.785 resistance could push prices towards the following targets of $1.93, $2.12 or $2.3

Lido Dao (LDO)

Trading Visualization ChartSource- Tradingview

The Lido Dao coin shows the formation of an ascending wedge pattern on the daily time frame chart. The coin price has retested the trendlines of the pattern several times, indicating that traders are actively responding to this technical setup.

At press time, the LDO price is trading at the $3,086 mark with an intraday gain of 5.19%. As prices continue to trade within the trendlines of the pattern, traders can expect a prolonged uptrend.

In any case, if the daily candle closes below the trend support line, sellers could trigger a new correction phase.

For the last 5 years I have been working in Journalism. I follow Blockchain & Cryptocurrency from last 3 years. I’ve written about a variety of different topics including fashion, beauty, entertainment and finance. raech for me at brian(at)

The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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