Altcoin investors experienced a terrifying November 2022, with some predicting prices would hit zero. However, historical data showed markets rebounded satisfactorily from the bottom. Although investors were hopeful for 2024, the last six months have seen a downturn.
Dogecoin (DOGE)
A year ago, investors wouldn’t have predicted DOGE’s price to be below $0.1 by late August 2024. However, unlike the nightmare of bear markets, cryptocurrencies are experiencing tedious declines. Prolonged negativity and strong profit-taking at high levels have solidified selling walls. As of writing, DOGE’s price is $0.0984. In our previous assessment, we mentioned that if the current weakness continues, the price could drop to $0.093. Below that, there’s support at $0.088. If DOGE starts to recover, investors will likely be convinced once the $0.13 and $0.18 thresholds are crossed. Of course, BTC also needs to turn $70,000 into support for altcoins to rise.
PEPE Coin Comments
Today, we discussed the interest of two major whales, and PEPE Coin is relatively better positioned than other meme coins. Closing above $0.00000697 suggests a foundation for upward attempts. However, if support is lost and the price falls below $0.00000473, hopes for this year may diminish. For a rise, PEPE Coin bulls will try to turn $0.00001074 into support again. Levels in many altcoins are clear, and not much has changed. Investors are justifiably concerned about whether worse conditions will arise.
LUNA Coin Future and Chart
In the long term, LUNA Coin doesn’t hold much significance. Its management team is on trial, Do Kwon is counting days in Montenegro, and he’s not much different from SBF. During its bankruptcy, we discussed why it was guilty and malicious in many ways. With competition intensifying, there’s little chance for it in the long run. The possible target for LUNA Coin is the $0.25 ATL level and a new low below it. As long as $0.314 is maintained, it may avoid an ATL attempt. For a comeback, the key regions of $0.44 and $0.55 need to be turned into support. Given the weak risk appetite in altcoins, there’s no speculative rise expected in the short term.
Trend analysis shows that the altcoin market remains volatile. Positive signals and the overcoming of key support levels are needed for confident growth. Investors continue to closely monitor developments and adapt their strategies based on new data.
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