The post Major Altcoins Drop 30-50%: Will Altcoin Season Even Happen? appeared on BitcoinEthereumNews.com.

DogWifHat ($WIF) has experienced a 30% drop, Shiba Inu ($SHIB) has decreased by 40%, and Pepe ($PEPE) has fallen by 35%. These substantial corrections have led investors to question the likelihood of an impending altcoin season. Amidst this downturn, Altura ($ALU) stands out as a potential leader in the next altcoin rally. While the broader market faces challenges, $ALU is exhibiting bullish tendencies, forming a falling wedge pattern that often precedes significant price breakouts. Let’s delve into the current market analyses for these altcoins and explore why $ALU might defy the prevailing trend. DogWifHat ($WIF) Rebounds from Key Support DogWifHat ($WIF) has just been bouncing back after plunging to crucial support at around $2.00. Analysts point out this support has historically provided a key area for $WIF, and the bounce is indicative of a possible bottom for the token. The next major resistance for $WIF is at $2.15. If the price is able to break above this level, we could see some more upside; however, if the DogWifHat fails to hold above the $2.00 region, we could see a retest of the $1.80 range. (These levels are closely being watched by traders for the next directional move.) Shiba Inu ($SHIB) Faces $3.2 Million Market Outflows The market was greeted by a 40% drop on Shiba Inu ($SHIB) during huge outflows. Demand of $3.2 million in SHIB has moved out of the system, and the stream of outflows suggests a downturn in whale involvement. This is a sign of declining investor interest and lower on-chain activity. But the increasing adoption of Shibarium offers hope for a reversal. Important support for $SHIB is located at $0.000022, while resistance is found at $0.00003. Similarly, a resurgence in whale activity and increased utility from Shibariumcould enable $SHIB to reap bullish momentum again. Pepe ($PEPE)…

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Filed under: News - @ December 25, 2024 4:08 am