Numerous altcoins saw double-digit gains in the past day. However, XRP faces challenges in sustaining its peak due to legal issues and supply pressures. Meanwhile, LUNA and FLOKI exhibit speculative movements, raising the possibility of significant downward swings.
In the past day, many altcoins have surged by double digits, with some even approaching their all-time highs. While we’ve discussed BNB and SOL Coin recently, let’s take a look at the current status of XRP, LUNA, and FLOKI Coin.
BTC Drop Could Stall Altcoin Surge: Focus on XRP Coin
As Asian investors kick off their day, Bitcoin (BTC) has dipped to $72,600. If this trend persists, the upward momentum in altcoins might pause. Let’s delve into the latest developments surrounding XRP Coin.
XRP Coin is currently hovering around $0.68, unable to sustain its peak at $0.74. Legal disputes and a rapidly expanding circulating supply are dampening risk appetite for this popular altcoin. Without unexpected positive news, the $0.93 resistance level may persist for an extended period.
The current support level for XRP Coin stands at $0.58. To witness increased price volatility, investors oscillating between the $0.74 resistance and support levels eagerly await the anticipated breakout.
LUNA Coin Faces Uncertainty Amidst Gradual Decline
Known for its volatile price swings and narrowly avoiding collapse in 2022, LUNA Coin continues its downward trajectory. Currently priced at $1.06, there are concerns that if the last support area is breached, a swift drop to $0.8 could ensue. However, the resilience of the $1 region is being bolstered by optimism surrounding Bitcoin (BTC).
Short wicks in the price chart indicate that short-term traders are capitalizing on buying opportunities during dips. While such movements are common in futures trading, there’s no easy profit to be had. However, the potential overselling of BTC could exacerbate the frustration of LUNA Coin’s decline.
FLOKI Coin’s Struggle After Peak
Until its March 12 peak, FLOKI Coin experienced an astonishing surge of nearly 800%. However, after reaching a new all-time high, the popular meme coin is finding it challenging to maintain support at $0.0002625. While it has been successful in the short term, uncertainties loom.
Should a rapid decline occur, possibly triggered by a BTC drop, FLOKI Coin may face tests at $0.000220 and $0.000177. If closures fall below these levels, it could prompt swift sales, particularly from investors who have seen profits of about 94%. With a high proportion of short-term investors, this scenario could lead to dips below $0.000120.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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