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COINTURK NEWS > Technical Analysis > Market Trends Impact Bitcoin and Altcoins
Technical Analysis

Market Trends Impact Bitcoin and Altcoins

In Brief

  • Bitcoin's price struggles impact altcoins like SOL, AVAX, and CHZ Coin.

  • Solana remains steady while Avalanche faces challenges in performance.

  • CHZ Coin shows significant decline, testing lower support levels.

Fatih Uçar
Fatih Uçar 7 months ago
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Bitcoin (BTC) $107,533 attempted to reach a new all-time high, but the recent elections hindered this effort. Reports of retaliatory actions from Iran prior to the elections have reversed the situation. However, BTC’s ongoing struggle to maintain the $68,500 mark remains positive. What are the predictions for AVAX, SOL, and CHZ Coin?

Contents
Solana (SOL)Avalanche (AVAX)CHZ Coin Comments

Solana (SOL)

On November 4, 2024, BTC lingered below its all-time high. As election results approached, excitement created caution among crypto investors. This is not surprising, as SOL Coin continues to hover around $162.

For 238 days, the significance of the $162 level has been emphasized. Other critical points include the $138 level and the $188 resistance. SOL Coin has largely fluctuated within a 30% range. While short-term traders have profited from buying low and selling high, a breakout has yet to occur.

Avalanche (AVAX)

AVAX dropped to $23.2 and continues to show weak performance. Fluctuations in Bitcoin’s price could influence its movement, but its weak performance throughout 2024 suggests this trend may persist. Both annual inflation and a strong competitive environment pose challenges for AVAX.

If the $22.6 level is breached, testing $20.5 and $17.7 is possible. For a convincing recovery, AVAX must reclaim $42. Otherwise, movements between $20.5 and $40 can be expected, with recent lower highs indicating a concerning trend.

CHZ Coin Comments

CHZ Coin has fallen 67% from its peak in May over 159 days. We mentioned that losing the mid-range could lead to testing channel support, which has occurred with recent price declines. If selling continues, a test of $0.0486 may happen, while a reversal could push the price back to $0.07, with further targets at $0.083 and $0.096.

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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Fatih Uçar 4 November, 2024 - 8:36 pm 4 November, 2024 - 8:36 pm
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