As of the time this article was prepared, the Bitcoin price is at $41,900, and a significant portion of altcoins are experiencing modest losses. Altcoins that have been experiencing parabolic increases have turned their direction downwards due to the negativity in the BTC price. So, what does the current outlook for LUNC, BONK, and INJ Coin indicate? What is the latest situation for these rapidly rising cryptocurrencies?
When risk appetite increases, LUNC, which manages to attract more investors with its speculative surges, continues to remain risky in the long term. Abnormal price movements are fueled by excessive demand and the rally is amplified by investors who assume that more speculative surges will occur. LUNC found support at $0.00016 after dropping by 42.6% over two weeks.
After a potential short-term bounce from the critical support level, peaks of $0.000203 and $0.00028 could be targeted. However, the probability of an increase weakens every day without BTC closing above $43,000.
The Solana-based meme token BONK, which defied the general market’s uncertainty, was one of the best-performing cryptocurrencies in December. It rose impressively in a short period of two months. BONK price is currently undergoing a correction phase and has fallen by 38% to $0.0000216. If the downward pressure continues, the support at $0.000018 could be tested.
A possible recovery from the support region has the potential to turn into a leap targeting $0.000035.
On the weekly chart, Injective (INJ) has gradually increased throughout the year. The acceleration of the uptrend towards the end of October led to a convincing break of the $25.4 resistance on December 13th. Such decisive breaks are extremely important as they indicate a trend reversal.
Currently trading at $29.7, this altcoin may seek support near the resistance area due to the signs of weakness in the BTC price. However, a close above the resistance will keep the $50 target valid, which means a potential rally of 68%.
The cumulative volume of cryptocurrencies is below $50 billion, and the global market value lost the $1.6 trillion support. If the upcoming PCE data on Friday exceeds expectations, it could trigger larger sell-offs. As the last business day of the week approaches, the anxiety in the market could lead to weakness in altcoins.
