After Bitcoin's decline, altcoin investors are facing losses but are gradually recovering. The year 2024 has been generally positive for altcoins, though there have not been substantial rallies similar to previous cycles. Forecasts for the upcoming days focus on specific altcoins like CHZ, LUNA, and FLOKI.
Current Market Overview
Bitcoin had risen to $99,000 but fell back to $98,500. For altcoins to regain risk appetite, BTC needs to maintain closing prices above this level. While many cryptocurrencies are testing resistance levels, BTC is likely to provide signals regarding annual closing.
Outlook for Chiliz (CHZ)
Chiliz (CHZ) is expected to perform better in the first half of the year. With increased investor interest in fan tokens due to league finals and cup competitions, growth for CHZ is anticipated. After testing the support level of $0.0853, the price now focuses on the range of $0.0985 to $0.1166. Depending on BTC’s price, CHZ could test the upper end of this range. If $0.131 is regained, the target of $0.1670 may come back into focus.
Predictions for LUNA and FLOKI
Terra (LUNA) has begun recovering from a low of $0.395, aiming for resistance at $0.469. If the uptrend continues, further movements could target resistances at $0.5483 and $0.693. However, long-term risks persist due to the conviction of its founder, Do Kwon. Despite fluctuations, FLOKI Coin has managed to maintain support at $0.00010016. Sustained closures above $0.0001653 indicate a growing appetite for further upward movement.
Chiliz, LUNA, and FLOKI remain in focus amid positive market developments. However, for sustained long-term growth, it is crucial for Bitcoin to maintain critical levels. The upcoming months could bring significant changes that will dictate future price movements.
