Bitcoin (BTC) has once again experienced a downturn, now searching for a new low below $60,000. The rapid recovery from $49,000 failed to generate the anticipated demand at higher levels. Although the price surged quickly, investors took the opportunity to sell when BTC crossed the $60,000 mark. This situation begs the question: what’s happening with altcoins?
How is XRP Coin Performing?
XRP Coin’s legal battle is leaning in its favor, but BTC’s declining price keeps XRP hovering around $0.56. Despite this being a relatively high level, the court success has had a positive impact. Should XRP maintain the $0.54 support and reclaim the parallel channel at $0.579, its price could fluctuate between $0.73 and $0.94, depending on BTC’s performance.
Will CEEK Coin Recover?
CEEK Coin recently hit a new all-time low at $0.025, attributed to the overall market downturn. Currently, it struggles to hold $0.029 as a support level. The general lack of interest in Metaverse altcoins and CEEK’s prolonged underperformance further complicate its recovery. For a noticeable rise, CEEK must turn $0.034 into support. However, if BTC doesn’t regain strength, further declines are likely.
Chiliz (CHZ) Coin’s Potential
CHZ Coin dipped to $0.043, a level unseen even during harsh bear markets, which drew buyers and formed a long lower wick. With sports leagues starting, fan tokens may see increased activity. If BTC remains stable, CHZ could climb to around $0.07 by reclaiming the $0.0591 support. A further rally could be initiated if it closes above $0.0953, making the $0.3 target conceivable.
AVAX Price Outlook
AVAX has the potential to dip to $18.5 if it falls below $19.4, and has already shown signs of further decline. Although it has reclaimed $20 for now, high inflation and weak market sentiment challenge the bulls. To sustain its rise, AVAX needs to close above $24.8, potentially targeting $33 and $42. Conversely, deeper sales could push it to $13.2.
Key Takeaways
– XRP’s price hinges on legal outcomes and BTC’s stability.
– CEEK needs to secure $0.034 support for potential growth.
– CHZ could benefit from sports league activities and fan token interest.
– AVAX requires strong market sentiment to break above $24.8 and aim higher targets.
