Cryptocurrency Prices Face Pressure, Forecasts Hint at Further Losses

NEW YORK, Feb. 17, 2025 — Cryptocurrency prices are experiencing downward pressure across various markets, with several assets declining amid short-term trends and negative technical indicators. Analysts project potential losses for certain currencies as they hover below key support levels.

Bonk‘s currency (BONK) saw a drop in intraday trading, influenced by negative momentum from trading below the 50-day simple moving average (SMA). RSI (Relative Strength Index) readings indicated overbought conditions, adding to the likelihood of further losses. Analysts suggest the price may target the critical support level at $0.0001506. ‘The prevailing downward trend combined with recent RSI signals suggests we could see more challenges for Bonk’s price,’ an analyst stated.

Similarly, Hedera Hashgraph‘s currency (HBAR) also declined, settling below the significant resistance level of $0.23178. This price point represents the neckline of a previously observed Double Top formation, a bearish reversal pattern. Ongoing negative pressure remains strong as trading continues below the 50-day SMA. Current forecasts indicate a potential decline targeting the support level at $0.12578, provided HBAR fails to recover above the resistance. ‘If it doesn’t break past the resistance, further drops can be anticipated,’ a technical analyst noted.

In contrast, Sui‘s currency (SUIUSD) inched lower but exhibited a different medium-term outlook. Despite trading below the 50-day SMA, analysts are optimistic about a potential rally targeting resistance at $3.7402, contingent on filling the support at $2.8647. ‘While short-term indicators signal a drop, the medium-term trend remains favorable for recovery,’ one analyst explained.

Crowdstrike Holdings (CRWD) stock price experienced a slight decline driven by profit-taking. Despite recent overbought levels in the RSI, it still trades above the 50-day SMA, suggesting underlying bullish momentum could return. The stock’s forecast indicates a potential rebound targeting resistance at $520.00, provided the support remains intact at $398.33. ‘The current pullback may serve as an opportunity for investors looking for entry points,’ explicated a financial advisor.

Conversely, Algorand’s currency (ALGO) mirrored the bearish sentiment. The asset edged lower, influenced by a downward correctional trend and potential support levels at $0.2171. Experts suggest if it holds beneath the resistance of $0.3103, bearish movements will likely persist. A market analyst remarked, ‘The present slide is expected to continue unless there is a clear reversal.’

These movements highlight the volatility in the cryptocurrency market this week. Traders and investors should remain cautious as short-term trends evolve and technical indicators point to various potential outcomes.