Altcoin Bloodbath: Bitcoin Plunge Sparks Massive Sell-Off

Amidst market volatility, Bitcoin's price plunge triggers a sell-off in altcoins, including Dogwifhat (WIF), Ethena (ENA), and Core DAO (CORE). WIF faces consecutive losses, dipping below its previous resistance level of $3.45. ENA drops below $1 and risks further decline if it closes below $0.91, while CORE emerges as the biggest loser among top 100 altcoins with an 19% decline due to profit-taking and Bitcoin's downtrend.

Bitcoin's Price Fluctuations Trigger Altcoin Sell-Off

New York, [Date] - Bitcoin's (BTC) volatile price action has sent ripples through the cryptocurrency market, leading to a significant sell-off in altcoins like Dogwifhat (WIF), Ethena (ENA), and Core DAO (CORE).

BTC's Plunge Impacts Altcoin Market

In the weekly timeframe, BTC has experienced a sharp decline of 5.7%, igniting a major sell-off in altcoins. Ethereum and other altcoins are also under intense selling pressure as the markets eagerly anticipate crucial US job data, scheduled for release on Friday.

Core DAO Suffers Significant Losses

Among the top 100 altcoins, CORE emerged as the biggest loser on Friday, plummeting by almost 19%. As of press time, $327 million worth of CORE tokens had been traded, highlighting profit-taking and the ongoing BTC price downtrend.

Dogwifhat's Consecutive Red Days

Popular memecoin WIF has also witnessed a significant sell-off, facing intense rejection at $4.86. WIF is currently experiencing its fifth consecutive red day, falling below the $3.45 level, a previous resistance point. If bears manage to break below this level, the next target could be $2.69, as indicated by the trading range chart.

Ethena Breaches Psychological Support

Ethena, a DeFi governance token, has also faced a sharp decline in the past 48 hours. After reaching its peak of $1.32 on Wednesday, early investors sold their holdings. Since then, ENA's price has dropped by 29.5%, falling below the psychologically significant $1 level.

ENA crypto has temporarily found support at the former resistance level of $0.91. However, if it closes below this level, the price prediction becomes increasingly bearish. Despite a bullish divergence in the 1-hour MFI, RSI remains in a downtrend, indicating a bearish outlook.

The broader market sell-off has contributed to ENA's price decline. Nevertheless, its market capitalization remains above $1.33 billion, securing its place among the top 100 valuable digital assets.

Bearish Sentiments Dominate

The overall market sell-off has created a bearish sentiment, with altcoins experiencing significant losses. As traders anxiously await the upcoming US job data, the cryptocurrency market remains in a state of uncertainty, with volatility expected to continue.