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In the midst of Bitcoin price fluctuations, altcoins are starting to move. However, with the rising Bitcoin Dominance Index (BTCD), pressure is mounting on the prices across the altcoin market. Yet, Bitcoin’s relatively horizontal movement above $30,000 provides a potential opportunity for a sharp rise in altcoins. So, what do the current data tell us about CEEK and LUNA Coin?
CEEK Coin Chart
CEEK Coin is one of the major altcoins invested in by Turkish cryptocurrency investors, particularly under the influence of social media. However, due to factors like decreasing interest in the metaverse narrative and diminishing market liquidity, the price of CEEK also suffered. The price has been falling continuously since the peak on April 6, 2022. On July 6, this popular altcoin tried but failed to reverse the downward trend.
For the price to even reach last year’s peak, it would have to increase tenfold. Closings below $0.062 in the short term suggest that the historical $0.052 bottom may be tested again. For a real rise, watch for closes above $0.068. Considering the potential for Bitcoin to test its support in the coming hours, the trend appears to be downward.
LUNA Coin Chart
The founders of LUNA Coin are under investigation, with Do Kwon in prison facing various charges ranging from fraud to forgery. Despite this, LUNA Coin continues to be the focus of speculative investors. If volumes don’t increase, major exchanges like Binance might issue chain delisting announcements, citing these legal cases. Investors should prepare for the worst. The fundamental side looks terrible, but what does the chart tell us?
The price reached its all-time low on June 10 following a market crash. LUNA Coin fell to $0.47, and extreme selling could bring a deeper bottom in the next wave. We can monitor closures above $0.73 for a short-term reversal of the decline. From this point on, even for speculative traders, LUNA Coin may lose its appeal if there is no significant rally in altcoins. Today, LUNA is still close to the all-time low, and most investors are waiting at a loss, except those who bought on June 10. LUNA Coin’s risk increases in the long term.
