The long lower wick on the weekly chart indicates how much the bulls have struggled in the recent downturn. BTC is above $41,500. Following the ETF approval, a wallet profitability rate of up to 95% prepared the ground for a sharp correction in the BTC price. Now, the market has balanced out more, and GBTC outflows are weakening. But what’s the latest situation with altcoins?
XRP Coin Chart Analysis
Continuing to close below the parallel channel, XRP Coin briefly lost the $0.5 support level. At the time of writing, it found buyers at $0.52, so it does not yet appear safe. Moreover, the XRP ETF story ended before it began. Speculations on social media were extinguished with an official statement from BlackRock. Furthermore, XRP Coin investors will continue to be on edge for a while due to the upcoming collective appeal process.
For the price to recover strongly, it needs to close above $0.58. If successful, it could climb to $0.647 and $0.74. The medium-term ultimate goal is $0.94.
DOGE Chart Analysis
The $0.07760 support level is crucial for the largest meme coin by market value. Although tested nearly ten times, the bears’ attempts throughout January ended in failure. However, DOGE price has not been able to stay strong above $0.088. DOGE is quickly affected by the general market sentiment and has been feeling the absence of Elon Musk for a long time.
For meme coins, the primary price support comes from social media hype. Elon Musk was feeding this well, and if he hadn’t said he no longer cared about crypto, DOGE could have performed much better on the eve of the launch of X payment services. X (Twitter), which even ended NFT support, is now more distant from crypto-integrated products.
If DOGE can reclaim the support turned resistance of the parallel channel, it could target $0.0954 again.
AVAX Price Prediction
The long tail on the weekly chart indicates that the BTC price has gained strength from today’s recovery. We generally see such long lower wicks in altcoins because investors have positive expectations for 2024 and 2025. There are only months left until the BTC halving, and the first interest rate cut is expected by the middle of this year.
AVAX could target $38 and $45.5 if it can maintain its current price region.
