Market Turmoil Drives Down Cryptocurrency Values: CHZ, CEEK, MINA, and ETHBTC Insights

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The volatility in cryptocurrency markets has surged, particularly due to the negativity surrounding technology stocks. Growing concerns about a potential recession have triggered panic selling, leading to the largest wave of sales since 2022. Bitcoin (BTC) fell to $77,459, while altcoins faced even larger losses. What is the current situation for CHZ, CEEK, MINA Coin, and ETHBTC charts?

Analysis of Chiliz (CHZ) and CEEK Coin

With the loss of the $0.0597 support level, CHZ Coin has begun to move toward the anticipated bottom. Despite a generally positive first half of the year for Chiliz, overall market weakness has significantly impacted its performance. This also indicates that any potential recovery in the latter part of the year may face limited growth due to a lack of seasonal upward momentum.

If key support is regained, targets could be set at $0.07 and $0.084, leading to potential highs of $0.094 and $0.115. However, if the decline continues, a target of $0.0265 could be on the horizon.

Following a decline below the $0.0452 level, we discussed how CEEK Coin could accelerate its journey to a new all-time low (ATL). The negative divergence, compounded by the overall market collapse, has led to the formation of the aforementioned chart. Potential delisting news could trigger even deeper sell-offs.

Insights into MINA Coin and ETHBTC

The ETHBTC pair continues its steady decline at an unprecedented rate. We have not witnessed such a prolonged downturn, with the price weakening against BTC for 931 days now, reflecting a nearly 72% drop over 133 weeks. Currently, it stands at levels last seen in December 2020.

If the ETHBTC pair continues its downward trajectory, it may test the 0.0162 BTC low observed only once during the 2019 crash. We may be approaching a point where we question where the true bottom lies.

Investors who acquired MINA Coin during its presale did not expect to see it drop to $0.24 from the initial $0.25 price. In just 93 days, it has plummeted by 76%. Those who invested $100 three months ago now find their holdings worth less than $25.

As prices fall below the issuance levels, a reversal in this excessive sell-off is needed. If this prolonged downturn continues with all investors in the red, a reversal from the bottom seems likely. If the support at $0.3834 is regained, targets could shift toward $1 and beyond.

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