Pay Attention To The Chart Of These 4 Altcoins: There Is A Collapse Signal!

Crypto market cap dropped below $1 trillion in the wake of the recent FTX debacle. In this decline, the prices of Polygon (MATIC), Cosmos (ATOM), Polkadot (DOT) and Synthetix (SNX) have dropped significantly in the last 24 hours. However, analysts expect further declines for these altcoin projects.

First altcoin Polygon (MATIC)

Koindeks.com As you can follow, MATIC’s price has dropped by 6.65% in the last 24 hours to $0.9585. Compared to the two crypto market heads, BTC and ETH, the altcoin weakened by 8.20% and 10.06%, respectively.

Daily chart for MATIC / Source: CoinMarketCap

The altcoin price is currently trading below the 20 daily EMA line. There has been a lot of volatility in the price of MATIC as it dropped to $0.8152 before rising above $1. But it fell back to its current level again. However, the relative positions of the 9 and 20 EMA lines on the daily chart for MATIC are showing some bullishness. That also mentions mixed feelings. However, the daily RSI line is below the RSI SMA lines. For this reason, the altcoin is actually inclined to the multisell zone.

The second project with a collapse signal is Cosmos (ATOM)

ATOM is trading at $10.99 at press time, following an 8.54% drop in price in the last day. It also weakened by 5.44% and 7.16% against BTC and ETH, respectively.

Daily chart for ATOM / Source: CoinMarketCap

ATOM trades below the daily 9 and 20 EMA lines. Also, last week both went downhill. This downtrend on the EMA line was accompanied by a bearish RSI cross with the RSI SMA line.

Third-ranked altcoin Polkadot (DOT)

The altcoin has seen a 2.09% drop in price over the past 24 hours. Subsequently, DOT is trading at $5.71 at the time of writing. However, the altcoin managed to strengthen by 1.26% against BTC during this period. However, it weakened by 0.87% against ETH.

Daily chart for DOT / Source: CoinMarketCap

As an example of ATOM, the DOT price is trading below the daily 9 and 20 EMA lines after two lines crossed bearish last week. Once again, the bearish divergence of the daily 9 and 20 EMA lines was accompanied by the crossing of the bearish RSI and RSI SMA.

Synthesis (SNX), the last altcoin to signal bearish

SNX is down 9.66% and is currently trading at $1.74. It also weakened by 6.49% and 8.41% against BTC and ETH, respectively.

Daily chart for SNX / Source: CoinMarketCap

The daily chart for altcoin price tells a similar story to the other altcoins in this article. The downtrend on the 9 and 20 daily EMA lines triggered a negative impulse to force altcoin price to trade below the 9 and 20 daily EMA lines. Additionally, the daily MACD and MACD signal lines signaled bearish after crossing the two lines. The gradient of the daily MACD histogram for SNX also has a negative slope over the past 5 days.

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