Bitcoin (BTC) has once again experienced a downturn, now searching for a new low below $60,000. Despite the rapid recovery from $49,000, the anticipated demand at higher levels failed to materialize. This raises questions about the state of altcoins.
Current Status of XRP Coin
XRP Coin’s legal battle is leaning in its favor, but BTC’s declining price keeps XRP hovering around $0.56. Despite this being a relatively high level, the court success has had a positive impact. Should XRP maintain the $0.54 support and reclaim the parallel channel at $0.579, its price could fluctuate between $0.73 and $0.94, depending on BTC’s performance.
CEEK Coin Recovery Prospects
CEEK Coin recently hit a new all-time low at $0.025, attributed to the overall market downturn. Currently, it struggles to hold $0.029 as a support level. The general lack of interest in Metaverse altcoins and CEEK’s prolonged underperformance further complicate its recovery. For a noticeable rise, CEEK must turn $0.034 into support. However, if BTC doesn’t regain strength, further declines are likely.
Potential of Chiliz (CHZ) Coin
CHZ Coin dipped to $0.043, a level unseen even during harsh bear markets, which drew buyers and formed a long lower wick. With sports leagues starting, fan tokens may see increased activity. If BTC remains stable, CHZ could climb to around $0.07 by reclaiming the $0.0591 support. A further rally could be initiated if it closes above $0.0953, making the $0.3 target conceivable.
Bitcoin continues to face new challenges, affecting the entire cryptocurrency market. XRP, CEEK, CHZ, and AVAX are under varying degrees of uncertainty, depending on market stability and internal factors.
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