While Bitcoin‘s price is at the $41,900 level, many altcoins are experiencing slight losses. Due to the negative developments in BTC‘s price, altcoins that experienced parabolic rises have turned their direction downwards. So, what does the current outlook for LUNC, BONK, and INJ Coin indicate, and what is the latest situation for these rapidly rising cryptocurrencies?
LUNC, which attracts investors with speculative rises during periods of increased risk appetite, continues to be risky in the long term. LUNC found support at the $0.00016 level after a two-week drop of 42.6%. However, the probability of an increase is weakening day by day as BTC fails to close above $43,000.
The Solana-based meme token BONK defied overall market uncertainty and became one of the best-performing cryptocurrencies in December. BONK’s price showed an impressive rise in as short as two months, but it is currently undergoing a correction phase and has fallen back to $0.0000216 with a 38% decrease.
INJ Coin, on the other hand, showed a gradual increase throughout the year according to the weekly chart. The acceleration of the uptrend towards the end of October led to the convincing breach of the $25.4 resistance on December 13th. This altcoin, currently trading at $29.7, could seek support in the resistance zone due to signs of weakness in BTC’s price.
The total volume of cryptocurrencies is below $50 billion, and the global market value has lost the support of $1.6 trillion. If the PCE data expected on Friday exceeds expectations, it could trigger larger sell-offs. As we approach the last business day of the week, the anxiety in the market could lead to weakness in altcoins.