Altcoins Gain Momentum as Bitcoin Recovers

Altcoins have experienced renewed activity as Bitcoin $81,875‘s recovery triggers significant surges in some cryptocurrencies. Recent data alleviated recession concerns, contributing to a positive sentiment in the risk markets. This article will analyze current charts for CHZ, LUNA, AVAX, and XRP Coin while examining key price levels.

Chiliz (CHZ)

Binance issued a risk warning on CHZ Coin due to changes in its tokenomics. As the leading fan token in the market, CHZ Coin has monopolized its category following agreements with various teams. However, the price has not reflected this strength for a long time. Currently, CHZ Coin maintains a support level at $0.0588; should BTC prices continue to rise, it may attempt to reach $0.071.

If a decline occurs in the coming days, closing below the channel support will target a base of $0.0516.

LUNA Coin Analysis

Fluctuation continues, and long-term hopes for LUNA Coin are dwindling. Terraform Labs appears to be nearing the end of its road. Following the company’s bankruptcy, it lacks sufficient assets to pay its clients and the SEC. LUNA Coin, which has attracted speculative investors, attempted to reach $0.5075 at the end of September but formed one of the anticipated upper wicks.

If BTC shows weakness in the coming days, a decline to $0.3050 would not be surprising.

Avalanche (AVAX) and Ripple (XRP)

Two altcoins that experienced rapid losses were AVAX and XRP. AVAX has rebounded, gaining 8% today, and may see further increases for a $28 test. If it can close above the key level, we might witness movements returning between $33 and $50. In a bearish scenario, the base at $20.57 may be tested.

The SEC has appealed the court ruling, escalating the situation. Just before this negative news, Bitwise applied for an XRP ETF. Following positive news that pushed the price to $0.66, it has since retreated to around $0.52 while maintaining support.

A test at $0.577 may occur depending on overall market sentiment, but the price is likely to consolidate below $0.577 for some time. The SEC’s appeal arguments and Ripple $2‘s potential new defenses may lead to notable market developments.