Analysis: Is Altcoin Season Over? HYPE, ONDO and QNT at Risk of Further Declines
Summary
- Ali Martinez said "altcoin season is over," adding that the risk of further declines in the altcoin market is rising.
- He said losses could accelerate if HYPE, ONDO and QNT fail to hold key support at $75, $0.35 and $190, respectively.
- Martinez added that all three tokens are testing key support levels, and a breakdown could lead to further declines in the altcoin market.
Forecast Trend Report by Period
The altcoin market faces a growing risk of further losses, according to an analysis published on November 9.
Cryptocurrency analyst Ali Martinez wrote on X, formerly Twitter, that "altcoin season is over" and said key support levels for HYPE, ONDO and QNT are under threat.
Hyperliquid's HYPE appears to be slipping below the trading range it held for the past two months. Martinez identified $75 as the key level, saying the token could fall to $64 if it fails to reclaim that mark. If the decline deepens, it could drop as far as $53.
ONDO is also showing signs of falling below the lower end of the upward channel it has maintained since the start of the year. If weakness persists below $0.35, that would confirm a support breakdown and open the way for further declines to $0.26 or $0.19.
QNT has not yet broken below major support, but the price is converging within a symmetrical triangle. A four-hour candle close below $190 could confirm a bearish breakout, with the next downside target at $160, Martinez said.
He added that all three tokens are testing key support levels and that failure to hold them could lead to further declines across the altcoin market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.