These 4 Altcoins Crashed Hard on Black Friday — Here’s What Happened

Jakarta, Pintu News – Crypto coins affected by the market crash during Black Friday on October 10 experienced their sharpest declines so far this year. Prices on various exchanges plummeted within minutes as billions of dollars worth of leveraged positions were liquidated, triggering forced selling and sudden price crashes.

Most cryptocurrencies fell between 10% and 60%, but some tokens suffered much more severe losses – even touching near-zero values before stabilizing.

These extreme fluctuations show how fragile liquidity can be when panic strikes, and how quickly market sentiment can change once the dust settles. Here are four tokens that experienced these conditions.

Cosmos (ATOM)

Cosmos was one of the coins most affected by the Black Friday market crash. On the Binance platform, ATOM’s price was recorded at $0.001 – a 99.9% drop – which is believed to be a “false print” due to a tick-size glitch that triggered widespread panic.

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Binance explains:

“Historical limit orders (some even dating back to 2019, such as on IOTX and ATOM) still remain active on the platform. When there was massive selling and a lack of buy orders, sell orders continued to be executed against these old limit orders, which caused the token price to briefly plummet.”

Meanwhile, based on data from Coinbase – a centralized exchange (CEX) that was not affected by the disruption – the price of ATOM dropped from $4.19 to $2.99, reflecting an apparent drop of 32% in a day.

Technically, ATOM’s price structure remains bearish on the daily chart. ATOM is trading below the downtrend line and faces resistance at key Fibonacci levels. Currently, the bottom of the trend line is around $3.35, an important level that ATOM needs to defend.

A daily close above $3.64 would signal an early recovery. If it manages to break the next resistances at $4.11 and $4.45, the trend could turn bullish and open up further upside potential towards $5.32.

However, if ATOM loses support at $3.35, the price risks dropping back down to around $2.87, which is the last base level before a deeper correction – potentially erasing the entire rebound that has taken place.

Although the technical structure is still weak, there are positive indications of bullish divergence. Between September 27 and October 11, ATOM’s price printed a lower low, but the Money Flow Index (MFI) – an indicator that measures the inflow and outflow of funds based on volume – printed a higher low. This is a classic bullish signal indicating that there are new capital flows coming in even though the price is still depressed.

This could be interpreted as a sign of quiet accumulation, most likely by retail and spot market investors, who are betting on a gradual recovery after the Black Friday crash.

IoTeX (IOTX)

IoTeX was one of the tokens that briefly displayed a zero price – a 100% drop – during the October 10 market crash on Binance. This was one of the many cases of “zero” prices appearing amidst the chaos of massive liquidations.

Binance explains that:

“Some trading pairs (such as IOTX/USDT) have recently reduced the number of decimals allowed for minimum price movement, which causes the price displayed on the user interface to appear as zero. This is a display issue, not because the price is actually at zero.”

However, the real trading data from the IOTX/USD chart in Gemini gives a clearer and more reliable picture of what actually happened on that volatile day.

Based on data from Gemini, the price of IOTX fell from $0.024 to $0.018, recording an intraday decline of 25% before stabilizing towards the close. This sharp decline reflects the widespread pressure on small- to mid-cap tokens as liquidity disappears across multiple exchanges.

Currently, IOTX is in a descending triangle pattern, with the support and resistance levels acting as the lower and upper boundaries. If the price breaks the support, it will be considered a breakdown signal. The base of the pattern is currently at $0.018, which IOTX must defend against in order not to lose its momentum.

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The price of IOTX is now around $0.020, with the nearest resistance at $0.024 (which was previously support) and a stronger barrier around $0.027.

If the price is able to close above $0.027 in the daily candle, it could be a confirmation of the breakout and open the way to higher levels. Conversely, a drop below $0.018 would likely nullify any chance of recovery.

The Chaikin Money Flow (CMF) indicator – which measures the flow of funds in and out of an asset – is giving the most optimistic signal so far. Since October 7, the CMF value has risen sharply despite the decline in the IOTX price. This is a positive divergence, which often indicates buying from large investors or whales accumulating amid price weakness.

Enjin (ENJ)

Enjin was one of the tokens that briefly displayed a price of $0.00001 on Binance during the crash on October 10 – making it one of the most extreme cases of “zero price” that day.

However, based on the ENJ/USDT chart on OKX, the real drop was from $0.063 to $0.021, which translates to a drop of almost 67% – making it one of the steepest drops among major game-based tokens.

After the crash, ENJ managed to rebound quite strongly, rising from $0.021 to around $0.048 in just a few days – almost doubling from its lowest point. Even so, this recovery process still faces significant challenges.

The first major resistance is at the $0.054 level, followed by a dense supply zone between $0.060-$0.074, an area where several previous rallies had failed to break through. Breaking this zone would be a confirmation of continued bullish momentum.

Conversely, if ENJ drops back below $0.048, there is a potential for a further drop to $0.041 or even $0.034, indicating that buyers still have to defend the current price level before the recovery is considered valid.

One important indicator to watch is the Bull-Bear Power (BBP) – which measures the balance between buying and selling power. Currently, the BBP is starting to rise after previously hitting the lowest point of the year, signaling that bearish pressure is starting to ease.

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However, the indicator is still in the negative zone, which means the sellers are still partially in control.

Avalanche (AVAX)

Unlike the other tokens, Avalanche did not experience any system disruptions on Binance – the 70% drop that occurred was real. The price of AVAX plummeted from pre-crash levels to a low of $8.53, before surging sharply in the following days.

Since then, AVAX has recovered to the $22 range, driven by consistent accumulation from large investors (whales).

The Chaikin Money Flow (CMF) indicator has broken above the zero level and continues to rise, signaling a steady and strong buying pressure. To continue this post-Black Friday recovery, AVAX price needs to hold above $22 and break the $25 level. If successful, the $30-$36 zone will be the next major resistance to face.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. 3 Coins Worst Hit by Black Friday Crypto Crash. Accessed on October 15, 2025