The worst days for cryptocurrencies are behind, and the market has rebounded since the November 2022 crash. Despite the upward trend, the market experiences periodic declines, contrasting with temporary rises. Investors are keenly observing key levels for CHZ, AVAX, and LINK coins at this juncture.
Is Chiliz (CHZ) Coin at the Bottom?
CHZ Coin’s price is approaching the lower end of its trading channel, holding onto the middle support area. The $0.065 interim support remains intact, but the significant bottom level is at $0.059. Should the price continue to drop, it may rebound from this point. Bitcoin’s recent performance has moderated the decline, but losing channel support could lead to a fall towards $0.053. A potential reversal could target the middle area at $0.071.
How Is Avalanche (AVAX) Performing?
Recently, AVAX struggled to keep the $29 support level amid significant declines. Due to its double-digit annual inflation and less cohesive community compared to Solana, it has not seen as robust growth. These factors, combined with Bitcoin’s drop, pushed its price below $25. All markets typically rise when the dollar weakens, but the crypto market can sometimes diverge negatively, affecting AVAX’s performance. The coin lost its parallel channel support at $31.6 but hasn’t erased all its gains from last December. A new test at $22.3 is possible, with $24.5 currently providing support.
Chainlink (LINK) Coin Commentary
Recovering from $12.6 support, LINK Coin is now hovering around the $13 mark. Despite downturn periods, LINK remains a promising cryptocurrency due to its initiatives in the RWA sector, attracting dedicated investors. The next possible test point lies at the parallel channel support of $12. If it dips below this support, $10.7 will serve as the main support level, potentially forming a long lower wick during the decline.
Key Insights for Investors
- CHZ could rebound from the $0.059 level if it continues to fall.
- AVAX’s performance is heavily influenced by its inflation rate and community strength.
- LINK’s initiatives in the RWA field attract long-term investors despite current challenges.
In conclusion, while the cryptocurrency market has shown resilience and recovery since the significant crash in November 2022, investors must remain vigilant of periodic declines and key support levels for major coins such as CHZ, AVAX, and LINK.