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While the price of Bitcoin continues to hover around $34,500, altcoins are giving back some of their gains. If the king cryptocurrency fails to bounce back from its support level soon, altcoins could see further selling pressure. This is bad timing for altcoins that are testing resistance levels.
LUNA Coin Reviews
The decline in BTC is quickly erasing the gains of altcoins that have been rising due to overall market sentiment. The price of LUNA Coin has returned to where it started in today’s candle. The BTC rally that began in the last 10 days of October did not provide the expected support for LUNA Coin investors. While the price experienced an increase of about $0.1, many cryptocurrencies saw rallies of over 50%.
Now, the price of LUNA Coin is preparing to close below $0.45. If it does, it could drop to $0.426 and $0.41. Afterwards, the target will be $0.39. We have repeatedly mentioned that the long-term outlook for altcoins is negative as they will search for new lows below the critical $0.39 level.
With Do Kwon in jail, altcoins in the Terra ecosystem have been labeled as securities, and dozens of alternative smart contract platforms have turned into ghost towns, eliminating the need for Terra. Considering all of these, it seems that the days of speculative gains for investors are coming to an end.
AVAX Coin Reviews
While competitors like Solana are making massive gains, AVAX Coin’s rally was cut short by BTC. The king cryptocurrency, which has relaxed back to support again, seems to have ended the V-shaped recovery in the AVAX price for now. The stable but slow-rising price, which was aiming for $18 and $20 above $13.15, erased its gains in a single candle.
If we see closures below $12.11, sales could continue down to $10.9. Additionally, AVAX Coin has a key unlock this month, which could accelerate the price decline. Investors will need to focus on whether the daily chart loses or maintains the $12.07 level.
If the decline in Bitcoin deepens and we see a significant pullback to $31,800, AVAX Coin could establish a new annual low.
