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COINTURK NEWS > Technical Analysis > Altcoins Show Volatility Despite Favorable Economic Data
Technical Analysis

Altcoins Show Volatility Despite Favorable Economic Data

In Brief

  • Altcoins show volatility despite favorable economic data.

  • CHZ, CEEK, XRP, and AVAX face various challenges and selling pressures.

Ömer Ergin
Ömer Ergin 8 months ago
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During the preparation of this article, inflation data was released, and we observed Bitcoin (BTC) $107,840 price retreating to $56,500. Even though the data turned out positive, Bitcoin’s price fell despite a 100 basis points interest rate cut expected annually. What are the current altcoin price predictions for CHZ, CEEK, XRP, and AVAX coins?

Contents
Chiliz (CHZ)CEEK CoinXRP CoinAVAX Coin

Chiliz (CHZ)

The price of CHZ Coin, which had climbed to $0.053, weakened under the influence of Bitcoin’s price decline following Trump’s debate failure. At the time of writing, the price stands at $0.0518, and if the selling pressure continues, a retest of the $0.0472 support level could occur. The noticeable lack of enthusiasm in altcoins aligns with the historical performance of September, reflecting concerns about deeper dips.

CEEK Coin

During its last attempt to rise, CEEK Coin’s price spiked to $0.03040, reflecting ongoing seller appetite at higher levels. Investors evaluating short-term dips see these upward movements of up to 10% as selling opportunities. An analysis of its chart reveals that this has happened multiple times for CEEK Coin.

The steadily declining price after dips can continue such sellable movements. Without a genuine comeback from BTC, the outlook for other cryptocurrencies remains like this in the short term.

XRP Coin

Attempts at $0.64 in September ended in failure for XRP Coin. Like other altcoins, every upward attempt has been turned into a selling opportunity. The ongoing struggle with the SEC is nearing its end, and other good news is being overshadowed by the general negative market sentiment.

A new attempt could come at the $0.5 level, with a potential test at $0.48 below that. In the event of a significant correction in BTC’s price, the strongest support for XRP Coin appears to be at $0.4. To reignite excitement, XRP Coin needs convincing closures above the $0.54 support, aiming for $0.58.

AVAX Coin

Despite two major news events last month raising hopes, AVAX Coin failed to sustain its momentum. It continues to form lower highs. After the peaks at $41 and $33, the altcoin recently peaked at $28 and now might move towards a deeper dip from its latest peak at $24.6.

In the event of a further decline, targets at $20.7 and $17.35 will come into focus. If BTC tests $53,000 anew, it could trigger panic sales among AVAX investors.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
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.

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Ömer Ergin 11 September, 2024 - 8:34 pm 11 September, 2024 - 8:34 pm
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