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In recent days, while the price of Bitcoin has been trapped between $29,000 and $29,500, there seems to be a lack of volume in the altcoin market as well. Unfortunately, there has been a lack of volume in the altcoin market after positive developments in Ripple’s case and Dogecoin. Of course, one of the reasons for this situation was the 25 basis point interest rate hike by the FED. Today, we will examine the Ceek, Avax, and Chiliz charts in the altcoin market.
Ceek Chart Analysis
The first thing that catches our attention in the 4-hour chart is a wedge formation. Based on the support and resistance levels, the resistance level that needs to be surpassed for the wedge formation to break upwards appears to be the $0.052 level. After a 4-hour close above this level, our targets are $0.054, $0.058, and $0.064, respectively.
The first expected level for the formation to work in a bearish direction is a 4-hour close below $0.049. The support levels that need to work below this level are $0.048, $0.046, and $0.044, respectively.
Avax Chart Analysis
The first negative indicator that stands out in the chart is the breaking of the ascending channel’s support and its several rejections as resistance. Then, the chart found support at the $12.84 level, and the 4-hour EMA 200 has not been surpassed yet. According to this, the resistance levels that need to be surpassed for a positive pricing are $13.46, $13.75, and $14, respectively.
In a negative scenario, the support levels to be expected are $12.84, $12.30, and $11.90, respectively.
Chiliz Chart Analysis
In the 4-hour chart, despite a few bull traps since June, the support line seems to be working well. In these calm days of price movements, the resistance levels to be monitored for Chiliz in a positive scenario are $0.0837, $0.09, and $0.10, respectively.
In a possible scenario of a price drop, the support levels to be followed are $0.0770, $0.0718, and $0.065, respectively.
