Three leading altcoins are falling as the crypto market evaporates 770 million USD.

Three altcoins Bittensor (TAO), Mantle (MNT), and Aster (ASTER) are among the biggest fallers in the last 24 hours, as the entire crypto market has shed over 770 million USD in market capitalization. This plummet is pushing TAO, MNT, and ASTER close to significant support levels, amidst a prevailing bearish sentiment and widespread pessimism across the market.

The crypto market takes another hit from the bears

The wave of position liquidation, primarily coming from the buying side (Long), is occurring intensely, reflecting an increasing level of volatility and indicating that the downtrend is dominating the entire market. Data from CoinGlass shows that in the past 24 hours, a total of 772 million USD in open contracts have been wiped out, of which as much as 462.62 million USD in long positions have been forcibly closed — significantly higher than the 309.54 million USD in short positions.

Notably, positions related to Bitcoin (BTC) and Ethereum (ETH) accounted for the majority, with approximately 330 million USD and 202 million USD being liquidated, respectively. As of the time of writing, Bitcoin is trading below the 109,000 USD mark, while Ethereum has also fallen below the 3,900 USD threshold.

Bittensor (TAO) plummet below 400 USD, risk of falling deeper

On Wednesday afternoon, TAO was fluctuating around the 361 USD mark, coinciding with the 200-day (EMA) exponential moving average, after losing the psychological level of 400 USD with a 5% drop in Tuesday's session. Profit-taking pressure has increased from the 50% Fibonacci retracement zone, measured from the peak of 748 USD on ( January 6, 19283746565774839201 to the bottom of 167 USD on ) February 7, 4(, at the 458 USD area – which is considered the triggering point for the current correction.

The 361 USD zone currently acts as a key support level, where the 50, 100, and 200-day EMAs converge. If this level is breached, TAO could extend its downward trend to the 304 USD zone, corresponding to the 23.6% Fibonacci retracement level.

![])https://img-cdn.gateio.im/webp-social/moments-9a1af738ca8f7584f17575bf4e134890.webp(Daily TAO/USDT chart | Source: TradingViewOn the daily chart, technical signals are leaning towards a downward trend: MACD is heading down and may cross below the signal line, while RSI is at 52, oscillating just above the midpoint – indicating that the upward momentum is weakening.

However, if TAO rises from the 200-day EMA at 361 USD, this coin may soon face two important resistance levels at 400 USD and 458 USD.

Mantle )MNT( is under pressure at the key support area

MNT continues to fall an additional 1% in Wednesday's trading session, marking a three-day plummet streak with a total decline of nearly 13% this week. The current adjustment is testing the support area of 1.59 USD — a zone that has helped the price reverse many times in early months, but is now at risk of being breached.

If MNT closes below this level, the selling momentum could cause the price to free fall to the 1.24 USD area — corresponding to the S1 Pivot Point, located just above the 200-day EMA.

![])https://img-cdn.gateio.im/webp-social/moments-024b842438c284afac64b653cb4466a4.webp(Daily MNT/USDT chart | Source: TradingViewThe bearish pressure is being reinforced as the MACD line slips below the 0 level, while the red histogram bars continue to widen, reflecting increasing selling pressure. The RSI indicator is currently at 44, having fallen below the midline, confirming that the downtrend is prevailing.

On the contrary, if MNT successfully recovers from the 1.59 USD area, the next important resistance zone will be the R1 Pivot Point at 2.11 USD.

Aster )ASTER( faces the risk of falling below 1 USD

Aster is still maintaining its position above the psychological threshold of 1 USD at the time of writing this article on Wednesday, despite having experienced two consecutive falls. If the token of the decentralized exchange )DEX( loses the 1 USD mark, the next support area will be at the S1 Pivot Point around 0.94 USD.

![])https://img-cdn.gateio.im/webp-social/moments-acc35ea43fd2194eca4975ac9f8f7708.webp(Daily chart of ASTER/USDT | Source: TradingViewTechnical signals are reinforcing the negative trend: the MACD line has just crossed below the signal line – a sign that the downward momentum is prevailing, while the RSI is at 34, approaching the oversold region, reflecting increasing profit-taking and sell-off pressure.

However, if ASTER successfully bounces back from the 1 USD threshold, buying pressure may return, opening up the opportunity for recovery towards the central resistance area at Pivot Point 1.27 USD.

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