---
title: "Altcoins continue to bleed as market waits for next big…"
url: https://diffcoin.com/altcoins-continue-to-bleed-as-market-waits-for-next-big/
description: "The crypto market has continued its downward trajectory over the last three weeks. The next big move is imminent. Exceptionally low volume becalms market…"
published: 2023-08-03
updated: 2023-08-03
author: "Mila"
site: "Diffcoin"
---

# Altcoins continue to bleed as market waits for next big…

**The crypto market has continued its downward trajectory over the last three weeks. The next big move is imminent.**

## **Exceptionally low volume becalms market**

As bitcoin moves sideways and downward the altcoins are hit harder as usual, with around $40 billion having been wiped off of the combined market cap of all cryptocurrencies except bitcoin and ethereum.

A lack of volume still besets the sector, likening this situation to a period of calm before a storm hits. Whether this storm will push the market higher or lower is still to be determined.

The value of the total 3 market cap (all cryptocurrencies except bitcoin and ethereum) is delicately poised at $340 billion. A further fall to $330 billion is a possibility, especially given that the upwards trend since June has been broken to the downside.

## **$XRP still coming down after recent surge**

A particular altcoin, much in the news of recent times, to have been hit quite hard, is $XRP. $XRP is down 3.2% to $0.66 on the day so far, and this following a 30% descent from the high achieved on the news that $XRP wasn’t considered a security when being bought by retail investors on exchanges.

However, $XRP is just above support right now, with the 0.618 Fibonacci for this latest move just below this. If these are broken, $0.58 and $0.50 are good supports further down.

## **$DOGE triple bottom?**

$DOGE is another one investors have their eye on. Following a 55% surge from what could be considered a triple bottom, $DOGE has since retraced to strong support at $0.073. $DOGE is trapped inside a downwards wedge since November 2022 so a break to the upside could happen in the next few months.

## **The $KAS top in for now?**

One of the altcoin success stories over recent months is certainly Kaspa ($KAS). This would-be successor to ethereum has bucked the trend since the latter end of May by surging over 300%. A top may be in for now, but this coin is certainly worth keeping an eye on.

## **$INJ bearish?**

Injective Protocol ($INJ) is one of the biggest movers to the upside this year, rising as much as 723% since January 1. However, a break out of a bull flag saw the price hit the top at $9.90 again (double top?) and the present pattern is starting to form a potential bearish head and shoulders with the right shoulder still to form.

A measured move to the downside here could see $INJ go all the way down to test the 200-day moving average which it last left behind in late January.

*Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.*

[Source link](https://www.cryptodaily.co.uk/2023/08/altcoins-continue-to-bleed-as-market-waits-for-next-big-move)