Three Altcoins Hit Record Lows: Market Struggles Intensify

The cryptocurrency market has encountered considerable losses over the past 24 hours, driven by negative macroeconomic factors. Bitcoin's decline to $80,000 has sent shockwaves through altcoins, resulting in significant price drops.

In this analysis, we delve into three altcoins that have marked new all-time lows amidst the current market turmoil.

Arbitrum (ARB)

Arbitrum’s value has experienced a steep decline of 21% this week, currently trading at $0.365. It registered a low of $0.343 earlier today, establishing a new all-time low. The ongoing downturn reflects the broader adverse market sentiment, with ARB facing intensified bearish pressure as investor apprehension grows in these uncertain times.

The formation of a Death Cross in late January has compounded ARB’s downward trajectory, further exacerbated by deteriorating macroeconomic conditions. Should selling pressures remain high, it is possible that ARB could test the next support level at $0.300.

In the event of market recovery, ARB may see a resurgence, potentially climbing back to $0.473. A breakout above this resistance could alter the current bearish outlook.

Astar (ASTR)

Following a 21% decline this past week, ASTR has set a new all-time low today at $0.0294, with a current trading price of $0.0315. Despite the recent downturn, the altcoin has some potential for recovery.

ASTR is currently moving within a descending channel, leaving it vulnerable to additional losses. It may drop to $0.0270 to challenge the lower trendline of this channel as a support point before attempting a rebound.

However, if the market conditions stabilize, ASTR could regain its upward momentum and aim for $0.0367. Breaking above this platform would neutralize the bearish sentiment and suggest a potential recovery phase.

Celo (CELO)

Celo also reached a new all-time low today at $0.329, although it has managed to recover slightly to trade at $0.350. This altcoin has seen a 17% decrease over the week after failing to maintain $0.399 as a support level, leading to continuous selling pressure and a bearish environment.

The three-month long downward trend has significantly impacted CELO, pushing it into deeper past lows. If this trend persists, CELO could drop further below its new low of $0.329, possibly testing $0.300 or lower, which would reinforce the prevailing negative market sentiment.

A reversal is conceivable if CELO can reclaim the $0.399 support threshold. Achieving this would negate the bearish perspective and pave the way for a potential rebound. A successful breakout above this resistance level could propel CELO toward $0.467, rekindling investor confidence and signaling a transformative shift for the asset.