The crypto market is plunging! The Bitcoin price is falling! Massive chaos has erupted in all markets around the world, causing widespread turmoil. Bitcoin slumped suddenly below $50,000, raising alarms across the markets. While no crypto has been listed in the gainers lists, some of the altcoins are on the verge of losing the profits gained since the start of the year. Besides, the bears do not appear to take a step back any time now and hence, these altcoins are feared to drop to a single-digit figure if the markets continue to trade under the bearish influence.

Avalanche (AVAX) 

The Avalanche price has been trading within a descending parallel channel ever since it faced rejection at yearly highs above $60. The price was attempting to pierce through the upper resistance when the market conditions flipped, causing the token to drop by more than 40% in the past week. The AVAX price is testing the average bands of the channel and a failure may drag the levels to the support level of $7. 

Ordi (ORDI) 

The global market conditions have caused a price breakdown of the levels, which has acted as a strong support since the beginning of the year. The token is now testing the support zone, which can be considered the last point of defence. A rebound is the need of an hour at the moment, failing which the ORDI price may slump hard to hit the local support close to $13.91, which does not appear strong. Hence, a free flow below $10 appears imminent if the selling pressure continues to mount. 

Arweave (AR) 

The Arweave price has shed all the profits incurred in the past five months as the market has turned bearish since the beginning of the month. The technicals have completely turned against the bullish interest and are testing the support levels that appear to be weak. Another bearish move is expected to drag the levels to $11, demonstrating a significant presence of bears. If these levels fail to trigger a rebound, then the AR price is feared to drop below $10, probably close to $7. 

Ethereum Classic (ETC) 

Regardless of the current market conditions, the Ethereum Classic price continues to flash bullish probabilities. After completing a parabolic recovery, the token began to trade within a descending parallel channel and is about to hit the lower support at around $14. If the bulls manage to trigger a rebound, then the ETC price may reclaim $20, or else a drop to $9.75 appears imminent, which it traded before the 2021 bull run. 

Injective (INJ) 

After forming consecutive lower highs and lows, the Injective price has triggered a steep bearish trend. The price is trading at levels not seen since the start of the year, which needs to be considered as a bearish indicator. One small bearish move may drag the levels close to $10 and if the bulls fail to display their strength, then the rally could plunge below $9. The INJ price consolidated along these levels, before the breakout that occurred in October 2023. Therefore, reaching these levels back can be considered the beginning of a fresh bear market. 

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