Investors’ favorite altcoins are recovering today alongside the rise in BTC price. After a rapid decline, Bitcoin has reclaimed the $52,000 mark and the subsequent recovery is promising for a new peak. Moreover, the BTC price, consolidating at higher levels, is awaiting an increase in risk appetite for altcoins.
Dogecoin (DOGE) Commentary
Miner sales have led to historically low levels in reserves, which supports the hope that the long-standing negative outlook for DOGE could now reverse. On the other hand, Elon Musk’s apparent lack of concern for the meme coin king is a significant downside.
Previously, we mentioned that $0.088 could be an important turning point for DOGE. For the price increase to accelerate, this key area needs to be reclaimed. At the time of writing, Dogecoin was very close to this resistance. If it can close above it, $0.094 and $0.106 could be retested.
Solana (SOL) Commentary
Reclaiming $111 is good news for Solana (SOL) bulls, with the next target being the $120 peak. For the rapid rise that started in December to continue, the long-standing pause must be followed by reclaiming the rising support line. The total locked value of the Solana network nearing the $2 billion mark is positive.
In the continuation of the rally, the $126 and $142 regions will be targeted. The price has been below the $142 peak for exactly 686 days, and reclaiming it could increase the risk appetite of those targeting the ATH region.
Avalanche (AVAX) Commentary
The price has been lingering around the middle line of the parallel channel for a while. If AVAX’s rise accelerates, the $50 key resistance could be surpassed for a stronger rally. However, the unlocking of $380 million this week could lead to short-term negativity. A potential drop would target the $34.3 and $31 levels.
In the medium term, the main target is $68 and $74 with closures above $50.
Chiliz (CHZ) Commentary
Although the positive outlook continues, the upward breakout is delayed. If CHZ Coin bulls can turn $0.12 into support, an accelerated rally could be observed. When Ether surpasses $3,000, its rally will likely speed up, indicating an increase in risk appetite for altcoins. In this scenario, the CHZ Coin price could reach $0.14 and $0.179.
In the event of a surprise drop, $0.105 and $0.096 are important support levels.
