The total value of cryptocurrencies has once again exceeded the $1.4 trillion mark, with a total volume of approximately $50 billion. Due to Thanksgiving, volumes may remain low until Monday and markets may experience a sideways trend unless there is a surprising buying frenzy. So, what are the expectations for AVAX, LUNA, and CEEK Coin?
The JP Morgan news was exciting, but investors are expecting a significant fluctuation in the markets. This rise could be either the last drop before a rally or the beginning of a real parabolic rally. Investors are faced with two options: taking risks or staying on the sidelines and observing. The weakness in volumes indicates that they tend to reduce risk, especially in altcoins.
Currently, AVAX is considered a buy at $20.8, and the decrease in risk appetite this week led to a drop to $23.3. If the price fails to reclaim this range, it may drop to $19.7 and $15.5.
LUNA Coin has retraced from $0.55, and speculative investors are targeting new highs with closes above $0.66. If the price experiences a V-shaped recovery after the recent high, or if investors buy into this expectation, a move to $0.78 could be seen. Although LUNA Coin will remain an undervalued token in the long term, the ongoing interest is not surprising considering many undervalued tokens find buyers today.
CEEK Coin broke the support of the parallel channel on November 21st and is now trying to close above it again. We previously mentioned that the rise within the channel could be blocked. Although the price has surpassed the upper trendline, it failed to close above it. This reflects the dominance of profit-taking by short-term investors. If the price continues to close below $0.0445, selling pressure could continue towards $0.041 and $0.035. Given the decreasing hype in the metaverse space and the inability of SAND Coin to generate sufficient demand, the likelihood of tokens like CEEK Coin shining is less.