Bitcoin has reached its target of $38,500, signaling a time of increased volatility. A potential rally from this point could lead to swift recoveries in altcoins, while a negative scenario might see the cumulative value of cryptocurrencies drop to $1.4 trillion.
SNM Coin, a popular altcoin, saw a 50% increase by the end of November before retreating from its peak. It attempted to surpass $0.003991 three times, failing on December 4 and falling back to a support level of $0.002604, where it has been testing support and resistance within a parallel channel for 40 days.
For SNM Coin to revisit its late November peak, it must break through the resistance at $0.002995 and maintain above it. Otherwise, it could fall to $0.002301.
AVAX Coin experienced a decline after losing the crucial $31.5 support, dropping to the $27.3 area. To reverse this trend, it needs to reclaim the $30.4-$31.5 region. Failure to do so could see prices fall to $26.2 and potentially $21.
Terra’s CEO announced a Chapter 11 bankruptcy filing, suggesting continued price weakness due to impending legal challenges and the potential extradition of Do Kwon to the US. LUNA investors have been shouldering abnormal risks for nearly 1.5 years, confirmed by massive losses. A break below the $0.55 support could lead to new lows.
LUNC Coin, another speculative asset, struggles to recover post-ecosystem collapse. Long-term prospects seem bleak, with further declines potentially leading to new lows if the current downtrend persists.