HNT, NOT, and WIF Tumble the Most as Crypto Market Correction Deepens, Analyst Warns of a “Final Scare”

Helium (HNT), Notcoin (NOT) and Dowgwifhat (WIF) are the biggest losers during the recent 3% crypto market correction as the top 10 all tumble and an analyst warns of a “final scare.”

Helium (HNT), Notcoin (NOT) and Dowgwifhat (WIF) suffered the biggest losses during the recent 3% crypto market correction, as the top 10 all fell and an analyst warned of a “final scare.”

HNT plunged more than 10% to trade at $6.53 as of 7:45 a.m. EST. NOT also saw a more than 10% drop in price throughout the past trading session, while Solana meme coin WIF shed over 8% of its value during the same period.

All Of The Top 10 Undergo A Pullback In Latest Crypto Market Correction

Market leaders Bitcoin (BTC) and Ethereum (ETH) both suffered 24-hour price drops of more than 3%. BTC remained below the $60K mark at $58,501.13. ETH, on the other hand, maintained a position above the $2.5K support, trading at $2,627.56.

Top to cryptos by market cap (Source: CoinMarketCap)

Binance Coin (BNB), which is the fourth largest crypto by market cap, remittance token XRP and Ethereum competitor Cardano (ADA) each only suffered a 1% 24-hour loss. While BNB and ADA remained in the green on the weekly time frame, the same could not be said for XRP. CoinMarketCap data showed XRP plummeted more than 8% in the past 7 days.

Solana (SOL) dropped over 3%. Meanwhile, Dogecoin (DOGE) and Toncoin (TON) fell over 2% and 7%, respectively.

Analyst Warns Of A “Final Scare”

An analyst named Miles Deutscher observed that BTC is following a trend very similar to summer 2023. As such, he anticipates that there will be “a few more weeks of apathy,” followed by “a final scare” before a “massive expansion to the upside.”

The current $BTC price action is ridiculously similar to summer 2023 (basically the exact same fractal).

If it's any indicator of what's next, expect a few more weeks of apathy, a final scare, and then massive expansion to the upside in Q4/Q1. pic.twitter.com/MAUDz4L7JN

— Miles Deutscher (@milesdeutscher) August 13, 2024

Pseudonymous trader Elja shared a short-term outlook in an Aug. 15 X post, and said that BTC is currently breaking down. His post included a picture of a bearish rising wedge pattern that formed on BTC’s 1-hour chart. He subsequently warned that that $56.5K-$57K level failing to hold could lead to the crypto king dumping to $54K.

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