Bitcoin (BTC) started the week on a weak note, impacting altcoin performance across the market. The high volatility seen could create new opportunities for investors focused on altcoins. To capitalize on this decline, analyzing current key levels and considering expert insights on ongoing fluctuations is crucial.
Will Solana (SOL) Hold Above Support Levels?
Solana (SOL) is under pressure as declines in Bitcoin’s price push it back toward previous levels. The $120 level previously provided a favorable entry point for short-term investors, with opportunities to sell at $138. Currently hovering around $130, continued losses may lead to testing the support level at $111.
Can CHZ Coin Break Through Resistance?
CHZ Coin remains challenged by low levels, unable to overcome the $0.054 resistance barrier. The persistent weakness in the general market might soon drive it to test the $0.048 level. If Bitcoin attempts to reach $53,000, altcoins could find local support, with the safe zone for CHZ identified at the parallel channel support of $0.059.
Meanwhile, CEEK Coin has reached new all-time lows, a situation anticipated for months. Diminished interest in the metaverse and reduced prioritization by major companies contribute to its decline. Additionally, the CEEK community’s opposition to using stablecoins instead of native tokens for metaverse land sales has affected its performance. Consequently, CEEK Coin may see prices drop to $0.0283 and below $0.0253 on platforms like OKX.
Key Takeaways for Investors
– SOL may test support at $111 if downward momentum continues.
– CHZ struggles to surpass $0.054; support at $0.048 may be challenged.
– CEEK Coin hits new lows due to declining interest in the metaverse sector.
– Investors show caution after significant liquidations, affecting market liquidity.
– Upcoming events like Token2049 and FOMC meetings may increase market volatility.
Despite these challenges, analysts from QCP Capital maintain optimism for the final quarter. As the first Federal Reserve rate cut of this cycle approaches, market tension heightens, amplifying the impact of unexpected macroeconomic data. The probability of a 50 basis point cut rose from 30% to 59% last Monday, which is reflected in increased volatility; implied volatility for BTC rose by 8, and ETH by 20 on Friday.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
