In the latest cryptocurrency market news, a selection of alternative digital currencies (altcoins) have witnessed significant appreciation, with some even approaching their historical highs. A previous discussion highlighted the market behaviors of BNB and SOL coins, and the current focus now shifts to the performance of Ripple‘s XRP, Terra’s LUNA, and the meme-based FLOKI coin.
XRP Seeks Stability Through Legal Challenges
XRP, currently hovering around the $0.68 mark, has experienced a setback after failing to sustain its peak at $0.74. The coin’s attractiveness to investors has been dampened by ongoing legal proceedings and a surge in the coin’s circulating supply. Without a shift towards favorable developments, XRP’s resistance at $0.93 could persist. The coin’s critical support lies at $0.58, and traders are eagerly awaiting a breakout beyond the current resistance level to spark greater price volatility.
LUNA’s Speculative Dance Continues
LUNA, known for its volatile trading, remains on a downward trajectory, with its price now at $1.06. If it fails to hold this key support zone, the coin may rapidly decline to $0.8. The resilience of this support owes partly to the positive sentiment surrounding Bitcoin. Traders are snapping up LUNA on dips, evidenced by the short wicks on price charts, but looming BTC sell-offs could exacerbate LUNA’s downward pressure.
FLOKI’s Fight to Sustain New Highs
FLOKI coin, after soaring by nearly 800% and reaching a new peak on March 12, is battling to maintain the $0.0002625 support level. Despite short-term success, any significant drop in BTC value could see FLOKI testing lower supports at $0.000220 and $0.000177. Breaches below these levels may lead to rapid sell-offs by investors currently holding significant profits, potentially causing dips below $0.000120.