Shiba

Ethereum

Uniswap

Bitcoin

<ul>
 <li>Altcoins have been ruled by the bears for the past week.</li>
 <li>The global crypto market cap is $2.33T, a decline of 2.41% within 24 hours.</li>
</ul>
The altcoin market is experiencing a prolonged decline, making it a hard time for investors. It is influenced by several factors that have created a complex environment for the assets. The launch and oversupply of new coins play a vital role in the decline, leading to a steep market.&nbsp;
According to crypto analyst <a href="https://x.com/Pentosh1" target="_blank" rel="noopener noreferrer nofollow">Pentoshi</a>, around $200 million a day is needed to balance the prices of these newly launched coins. This imbalance between demand and supply has led to a steep fall in altcoin prices while the market struggles to preoccupy the rush of upcoming assets.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdpxxzR7u98wUfeGvea53euEhL1oiFkwtPGJX5LH0O-aT7AQUoPij234IBlPsuH--3bpsDJDeJQVE-P4C_o1YwSGZzQuvzMfCgmZRwfsbXrPMa7YugIdwGckULN4PTOjvsI6IVWASZX5WfXpshE9o3J8QIs?key=jWeBGJnmtJxDa8PaSapLBg" alt="">
</figure>
<h3 class="wp-block-heading" id="h-analyzing-some-of-the-altcoins">Analyzing Some of the Altcoins&nbsp;</h3>
As Bitcoin is the largest asset by market cap, it may influence other coins’s momentum. At the time of writing, BTC is trading at $65,181, with a decline of 0.93%. Bitcoin has been struggling to break the $65K range for the last week. Thus, its nearby resistance may be found at $66,245. The initial support is found in the $64,235 range.
While analyzing the altcoins, most of the coins are declining. Ethereum is currently traded at $3,405 and is down by 3.42%. The nearest resistance level is at $3,580, with the nearest support level at $3,389. It has seen a one-week price decline of 3.39%.&nbsp;
<a href="https://thenewscrypto.com/dogecoin-price-spikes-10-despite-crypto-market-bleeding/" target="_blank" rel="noopener noreferrer nofollow">Doge</a> currently trades at $0.1205, dipped by 10.24%. Over the past week, it has been down by 14.72% and has a one-month decline of 20.82%. The resistance and support might stay at $0.1379 and $0.1100, respectively.&nbsp;
Meanwhile, Cardano’s price traded at $0.375, down by 7.31% in the last 24 hours, and a weekly decline of 12.71%. Nearby resistance is at $0.410, and support is at the $0.267 range.&nbsp;
<a href="https://thenewscrypto.com/shiba-inu-burn-rate-spikes-2800-amidst-shib-price-decline/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu</a>’s price is currently at $0.00001782, but over the past 24 hours, it’s been down by 10.60%. Notably, a dip of 19.33% marked over the past week. The key resistance may occur at $0.00001999 and the support level at $0.00001620.&nbsp;
Further, Uniswap is trading at $9.65, observing a dip of 11.31% in a day. But it was up by 3.83% in the past seven days. The major resistance and support stand at $10.55 and $8.36, respectively.&nbsp;
However, with a loss of momentum in the altcoin market after reaching notable highs, most of the altcoins are <a href="https://thenewscrypto.com/is-an-altcoin-season-far-from-sight-analysts-weigh-in/" target="_blank" rel="noopener noreferrer nofollow">struggling</a> to maintain their positive price pace.
Highlighted News of the Day
<a href="https://thenewscrypto.com/shib-faces-intense-pressure-as-market-fluctuations-continue/" rel="noopener noreferrer nofollow">SHIB Faces Intense Pressure as Market Fluctuations Continue</a>

What’s Causing the Prolonged Crash in Altcoin Market?

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