The cryptocurrency market has witnessed a resurgence in activity as Bitcoin (BTC) surpassed the $71,500 benchmark, invigorating the altcoin sector. Notable movements were seen in SOL Coin, approaching the $200 level, and Dogecoin (DOGE), maintaining its position around $0.18. The market’s current dynamics raise questions about the potential price trajectories for Shiba Inu (SHIB), Decentraland (MANA), and Luna Coin (LUNC).
Shiba Inu Faces Volatility After Rapid Surge
SHIB experienced a substantial rise of 358% within a fortnight, only to see a sharp 33% decline from its 2024 high this week, as Bitcoin’s price movements had an unexpected impact on SHIB traders. Despite this, SHIBA Coin is trading at $0.0000317, mirroring its early 2022 valuation. If Bitcoin maintains its current price level, there could be an influx of capital from major altcoins to SHIB, potentially allowing it to retest previous highs of $0.00004545 and $0.0000545. The uptrend could persist, as indicated by the present price trend.
MANA Coin’s Metaverse Momentum Wanes
In late 2021, metaverse-related altcoins like MANA garnered significant attention, with large corporations’ endeavors in the space fueling a price surge. However, hindsight reveals that these moves were predominantly driven by marketing efforts. The ongoing advancements in virtual and augmented reality, along with artificial intelligence, keep the metaverse’s aspirations viable. Despite this, the initial investor enthusiasm has dampened, with meme coins and AI-related tokens now in the spotlight.
MANA Coin, which had neared $6 by the end of 2021, is trading at a much lower price of $0.73, diverging from its earlier range of $2.8. The coin is poised to explore lower support levels at $0.69 and could further decline to $0.58 and $0.47 if it breaches these benchmarks.
LUNC Coin’s Downward Trajectory Continues
LUNC Coin is exhibiting a bearish pattern on the daily chart, with a potential drop to $0.000157 imminent. A close below this support level could trigger a further pullback to $0.000127. Investors optimistic about an upward trend are keeping an eye on closures above $0.000171, while speculative news could catalyze a swift reversal. Market watchers are also eyeing Bitcoin’s appetite for a $76,000 target, which could excite LUNC speculators. Bitcoin’s recent slip to the $70,600 zone suggests growing market volatility.