Altcoin Investors Worried as Bitcoin Price Remains Below $30,000
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As Bitcoin struggles, cumulative volume drops below $20 billion, leading to a lack of interest in altcoins. Solana, Chiliz, and CEEK Coin have retraced to support levels, leaving investors concerned about their current situation.
SOL Coin Faces Challenges Amid Lack of Network Interest
Investors in SOL Coin are struggling to trigger a significant price recovery due to limited network interest. The emergence of new competitors like SUI and APTOS has reduced Solana’s market share. The ambitious SAGA project hasn’t generated enough attention for the Solana team.
Currently, SOL Coin is priced at $23, having dropped to $22.25 since July 26. To see a real rally, the price needs to close above $23.68. If it surpasses the $24 level, it may target the key resistance at $27. Closes above $27 could lead to a retest of $32.
CHZ Coin Faces Erosion, But Seasonal Rallies Offer Hope
CHZ Coin, a major player in the fan token world, has suffered significant erosion due to the break in seasons. However, seasonal rallies bring optimism for the medium term. To overcome market negativity, Chiliz needs to make bigger strides in its fan token blockchain project.
At present, Chiliz Coin is trading at $0.077. For an upward movement, a four-hour close above $0.0774 is required. If the bulls succeed, the price may revisit the levels of $0.0786 and $0.08. Nonetheless, the price of Bitcoin continues to influence CHZ Coin’s performance, creating some suppression for the fan token king.
Metaverse Projects Face User Shortage Amid Waning Interest
The once-popular metaverse narrative has lost its momentum, and metaverse projects are now struggling with a shortage of users. The trend that was significant at the end of 2021 has lost appeal, and the prolonged bear market has dampened investor enthusiasm.
Recently, the price rebounded from the $0.044 low, offering hope, but it seems to have reversed from its all-time low (ATL). To achieve a V-shaped recovery, the price needs to close above $0.0505. If successful, targets of $0.056 and $0.065 could be reached. However, the uncertain market conditions continue to impact metaverse projects.
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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