Cryptocurrency prices dived on Tuesday morning, with Bitcoin crashing below the key support level at $92,000 for the first time in almost two weeks. Other altcoins like Cardano (ADA), Solana (SOL), and Tron (TRX) also crashed. So, will these altcoins go back up in the coming days?
Cardano, Solana, Tron, and other altcoins have crashed
Bitcoin and other altcoin prices have crashed this week, continuing a trend that has been going on in the past few weeks.
Cardano, a top layer-21 cryptocurrency, dropped to $0.683 on Tuesday, much lower than last year’s high of $1.321.
Solana, the popular layer-1 network for meme coins, slipped from near $300 in January to $140, its lowest level since October 11. This crash happened as concerns about its meme coin ecosystem continued and a large token unlock associated with the FTX collapse.
Tron (TRX) and other altcoins have also retreated. This meltdown in the crypto market has led to substantial losses, estimated at almost $1 trillion in the past few months.
Will these altcoins go back up?
So, will these altcoin prices bounce back? A rebound will happen if several conditions happen. First, they will rebound if Bitcoin moves above its consolidation phase. BTC has remained between the support level at $90,000 and $108,200 this year.
Therefore, a clear Bitcoin rebound above the $108,200, followed by the all-time high of $109,200 will point to more gains in the coming months. These altcoins will only go back up if the coin moves above that resistance level because they often track it.
On the positive side, as shown below, Bitcoin has formed a cup and handle pattern on the weekly chart. It has also formed a bullish flag, which often leads to a continuation. The target of the C&H pattern is about $122,000.
Strong NVIDIA earnings
Altcoin prices have crashed ahead of the closely-watched NVIDIA earnings, which will come out on Wednesday. Analysts expect that its revenue will be $38.16 billion, a 72.6% increase from the same period in 2024. That revenue figure will bring its annual revenue to $129 billion, up by 112% from the same period a year ago.
NVIDIA’s earnings per share (EPS) are expected to come in at 85 cents, up from the previous 52 cents. There are rising odds that NVDA will publish stronger results than expected. However, the company may also issue a weak forward guidance, leading to a stock crash.
Altcoins like Cardano, Solana, and Tron will go back up if the NVIDIA stock price soars after its earnings report on Thursday this week. That will happen because these numbers will mean that there is still demand for artificial intelligence chips despite the DeepSeek threat.
United States tariff delay
Bitcoin and altcoin prices will go back up if there is a tariff delay by the United States. While Donald Trump has confirmed that tariffs on Canadian and Mexico goods will go on, there are hopes for a last minute delay. Such a delay will likely lead to more demand for stocks and cryptocurrency prices.
Trump wants to implement tariffs on imported goods, which he hopes will help to offset his tax cuts. A pause of these tariffs will likely lead to a rebound of Bitcoin and altcoin prices.
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