Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Altcoins Could Suffer Due to the Israel-Hamas Conflict

Published 10/09/2023, 08:49 PM
Updated 10/09/2023, 09:15 PM
Altcoins Could Suffer Due to the Israel-Hamas Conflict
ETH/USD
-
ETC/USD
-
MATIC/USD
-
SOL/USD
-

  • CoinMarketCap indicated that the global cryptocurrency market’s value dropped 0.54% over the past 24 hours.
  • ETH, MATIC, SOL, and ETC were at risk of entering a strong downward move in the next few days.
  • A breakout pattern on ETC’s daily chart suggests the altcoin may surge to $18.45.

Cryptocurrency prices seem to be responding negatively to the recent war in Israel. CoinMarketCap data indicated that the market’s valuation dropped 0.54% over the past 24 hours. Altcoins suffered the most as Bitcoin’s (BTC) market dominance rose 0.02% during the same period.

Ethereum (ETH), Ethereum Classic (ETC), Polygon (MATIC), and Solana (SOL) are altcoins to watch in the next few days. At press time, technical indicators and chart patterns on their respective charts suggested that these altcoins could see their prices enter into strong moves soon.

Ethereum (ETH)

The altcoin market leader was rejected by a key resistance level throughout the past 2 weeks. Since then, ETH has broken through the subsequent support level, where it continued to trade at press time.

Daily chart for ETH/USDT (Source: TradingView)

On October 2, 2023, ETH was rejected by the $1,75…

The post Altcoins Could Suffer Due to the Israel-Hamas Conflict appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.