On the first day of February, the BTC price fell to $41,884 as Asian markets opened but later recovered. At the time of writing, BTC has reclaimed the $43,000 level, helping to stir movements in altcoins. It is now time to focus on the upcoming US employment data, which is expected to increase volatility in altcoins with the arrival of macro data.
AVAX Coin Commentary
Avalanche, one of the largest smart contract platforms by market value, did not benefit from the meme coin enthusiasm as expected. We had seen how even a single application like The Arena could support the price if there had been a meme coin hype period similar to Solana. Perhaps to keep the ecosystem alive, it is necessary for the protocols on the network to launch successful airdrops?
As for the price, it continues to linger around the $33.7 region. The price briefly lost the $31.6 support but returned to the parallel channel and now needs to aim for the $47-50 region with closures above $37.8. In a bearish scenario, sales could come down to $26.25 below the parallel channel support.
Chiliz (CHZ)
As we have previously mentioned, CHZ Coin is performing better than the market average. For now, it is creating a green candle that overcomes the downtrend by reacting from $0.0978. If it can stay above $0.106, it could reach $0.113 and $0.131 again. It would not be surprising if CHZ Coin suddenly reached $0.131, and it could experience a rapid recovery as league champions are about to be determined.
RNDR Coin Commentary
At the time of writing, it was one of the altcoins with the highest gains on the Binance exchange. While the BTC price experiences ups and downs, the near-double-digit gains are promising. Coinbase recently added RNDR Coin to its listing roadmap, and if the listing happens soon, it will be announced by the coming Wednesday.
At the beginning of 2023, the team indicated efforts to increase the token price and achieved massive gains. Now, the price is at the peak reached during the rise from December 9-15. The key region is $4.83, and if it closes above this level, an influx of investors waiting for RNDR Coin could begin. In the bullish scenario, the target will be $6.65 and $8 after the last barrier at $5.31. However, investors would be wise to be cautious and consider the long upper wicks.
