Market Trends Reveal Challenging Times for Cryptocurrencies

You can also read this news on COINTURK NEWS: Market Trends Reveal Challenging Times for Cryptocurrencies

As of the article’s publication, Bitcoin is priced at $94,400, while many cryptocurrencies continue to trend downward. This persistent negativity in altcoins has been exacerbated by today’s drop in BTC. Notably, Trump announced progress in resolving the Ukraine conflict, and Macron has been persuaded to support this. Furthermore, the EU is prepared to take on over $100 billion in payments from the U.S. Despite these positive developments, altcoins remain in the red.

Chiliz (CHZ)

Chiliz (CHZ) has seen its price fall to as low as $0.05, completely reversing election gains. The first key recovery point for CHZ will be at $0.0598. Many altcoins are testing their lows, as illustrated in the chart below. Cryptocurrencies affected by the negativity in the U.S. markets need to recover from severe sell-offs starting this week.

In a potential recovery, targets will include resistances at $0.072 and subsequently $0.0843 within a parallel channel.

Floki and CEEK Coin Insights

Floki Coin is trending towards a low of $0.00007225, influenced by increasing negativity in the meme coin sector. If this decline continues, sales may reach as low as $0.00003756, the level where the previous year’s rise initiated. Additionally, despite a 147% gain in November, prices have dropped by 70% from recent peaks, indicating substantial losses for nearly all investors who bought during the election excitement.

Should the market sentiment improve, the resistance for FLOKI Coin investors will shift to $0.00011708. If this level reinforces support, the target could rise to $0.0002042.

Currently, BTC is focusing on the liquidity area of $93,400. This could trigger a feared test towards $89,000. If the support at $91,500 fails to hold, deeper lows could emerge, potentially impacting FLOKI Coin adversely.

For CEEK Coin, the long-term objective remains a new all-time low. Currently priced at $0.0206, if recovery occurs, the price may bounce back to $0.0256 and possibly reach speculative attempts at $0.0447. However, current conditions, including the decline of the metaverse sector, disinterest in NFTs, and community distrust due to previous project failures, pose significant risks.

The post Market Trends Reveal Challenging Times for Cryptocurrencies appeared first on COINTURK NEWS.