News and Analytics

0

Analysis of Recent Bitcoin Price Drop and Altcoins' Performance

Jun 13, 2024

Bitcoin's value has plummeted below $67,000 once again, negatively impacting investors in alternative cryptocurrencies. Despite encouraging inflation statistics for unstable markets, the Federal Reserve's overly cautious approach is causing concern. Consequently, both BTC and altcoins have encountered significant depreciations in the past 24 hours. This raises questions about the future of CHZ, CEEK, and FLOKI Coin.

Chiliz (CHZ)

Amidst the prevailing weakness, CHZ Coin emerges as one of the steadfast fan tokens. The development in the Socios ecosystem and the Chiliz network provides a positive outlook for the coin’s long-term value. Despite a waning interest after the league fever fades, CHZ has managed to retain its strength, defying initial fears of a decline.

On the price front, maintaining the $0.110 support level is a bullish sign. However, approaching the weekend amidst concerns over BTC's price and volume reductions, potential sales might trigger further downward trends. A potential BTC recovery could facilitate a seamless rebound if long-term investors monitor the $0.103 and $0.097 price levels.

CEEK Coin Price Prediction

As of the current analysis, the support level at $0.045 teeters on the brink of collapse. The CEEK Coin price, which has consistently fallen until October 21, has hit an all-time low on the OKX exchange. Failure to uphold the support could lead to a decline towards $0.041 and $0.038, potentially even touching $0.033, hinting at deeper bearish trends.

At present, prospects for this altcoin appear bleak as it dives below its early 2024 recovery phase.

FLOKI Coin Commentary

Had the popular meme coin sustained the $0.000216 level, the prospects for imminent attempts at new all-time highs would have been considerably brighter. However, it is now on the verge of closing below this point. If selling pressure persists, the FLOKI Coin price may gravitate towards the $0.000190 and $0.000165 support thresholds.

In the unfortunate event of a close below $0.000117, a wave of panic selling from investors anticipating lucrative profits might ensue. This could motivate bargain-hunting investors to consider the dip around $0.000095 if market risk sentiment improves. In the event that BTC retraces to $56,000 or lower, an ascent towards $0.0000367 won't be unexpected.

Comments

Latest analytics

Non-Custodial Wallets:...

Non-Custodial Wallets: Overview and Benefits

Shib The Metaverse:...

Shib The Metaverse: A New Chapter for Shiba Inu

Show more

Latest Dapp Articles

Show more

You may also like