Crypto investors are optimistic about November following a successful October. However, the beginning of the month has been turbulent. Similar to the previous month, we are experiencing volatility in BTC that we haven’t seen in a month. For now, the current situation continues to be promising. Despite the resistance test and subsequent pullbacks that have affected altcoins, investors are accustomed to higher levels. So, what are the expectations for LUNA and CEEK Coin?
The fluctuations in BTC price have been erasing the gains of LUNA Coin for the past two days. The price has tested the $0.437 level for the third time. We previously mentioned concerns about long-term performance regarding LUNA. Indeed, we haven’t seen speculative movements in the short term for a while. If volumes continue to decline, exchanges may have to make critical decisions for LUNA Coin, which has also been detached from speculative price movements.
In bear markets and especially in regulations, exchanges’ primary motivation was volume. However, it can be seen that with the support of the new bull season, bankrupt tokens have been cleared by 2024.
Regarding the price, daily closes below $0.437 can trigger a drop towards $0.387 after $0.412 and $0.405. This would mean that LUNA Coin has passed the new ATL levels. However, if the price tries to turn $0.5 into support again, hope may arise for a temporary recovery process.
On the daily chart, the price has returned to the parallel channel. The support line of this channel is currently being preserved. Although the price made closes in the channel after October 27th, the $0.05 middle area could not be permanently crossed. Now, the support line at $0.044 is being attempted to be preserved. A breakout here will determine the direction of the price. There is not much excitement about the project, and CEEK Coin investors have suffered significant losses in bear markets.
If we see daily closes above $0.05, we can expect the testing of the $0.055 and $0.062 targets, followed by $0.08. However, if the support line of the channel is lost again, the ultimate target in the gradual decline scenario seems to be $0.033 and below. If we see an abnormal downward movement of BTC price towards $25,000, new ATH zones can be sought below this level.