Altcoins are beginning to see green again, though they have not fully recovered from recent losses. Bitcoin‘s (BTC) price fluctuations often trigger rapid sell-offs among altcoin investors. However, as BTC recovers, altcoins do not bounce back as quickly due to the lack of a similarly swift buying interest that matches the panic during a downturn.
Avalanche (AVAX) has reclaimed a critical threshold of $31.5 and is currently up by 14%. Many cryptocurrencies are now trading around 10% higher than their lowest levels from the previous day. The key level for AVAX was $31.5, which has been a support in the parallel channel since the December 9 rise.
AVAX price has returned to this parallel channel, avoiding a potential fall to $20 after bouncing from a low of $27.4. If it can close above $32.75 in the coming hours, the movement could continue towards $36.3 and then $41.7. The ultimate goal is to close above the mid-area of $41.7 and target the channel’s resistance at $50.
The general optimism for 2024 is leading to a perception of altcoin dips as buying opportunities. While bottoms are hard to pinpoint, patient investors who can wait until the end of the year may find attractive entry points.
Terraform Labs has filed for Chapter 11 bankruptcy with liabilities between $100-500 million, and its executives face serious charges while founder Do Kwon awaits extradition to the US from Montenegro. Despite the Terra collapse, some still believe in LUNA Coin’s recovery. LUNA Coin price has rebounded from a support of $0.55, aiming for $0.8 if it can reclaim the $0.67 level, with the risk of new all-time lows if support breaks.
