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COINTURK NEWS > Technical Analysis > Market Trends Impact Bitcoin and Altcoins
Technical Analysis

Market Trends Impact Bitcoin and Altcoins

In Brief

  • Bitcoin's price struggles impact altcoins like SOL, AVAX, and CHZ Coin.

  • Solana remains steady while Avalanche faces challenges in performance.

  • CHZ Coin shows significant decline, testing lower support levels.

Fatih Uçar
Fatih Uçar 1 year ago
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Bitcoin (BTC) $91,967 attempted to reach a new all-time high, but the recent elections hindered this effort. Reports of retaliatory actions from Iran prior to the elections have reversed the situation. However, BTC’s ongoing struggle to maintain the $68,500 mark remains positive. What are the predictions for AVAX, SOL, and CHZ Coin?

Solana (SOL)

On November 4, 2024, BTC lingered below its all-time high. As election results approached, excitement created caution among crypto investors. This is not surprising, as SOL Coin continues to hover around $162.

Contents
Solana (SOL)Avalanche (AVAX)CHZ Coin Comments

For 238 days, the significance of the $162 level has been emphasized. Other critical points include the $138 level and the $188 resistance. SOL Coin has largely fluctuated within a 30% range. While short-term traders have profited from buying low and selling high, a breakout has yet to occur.

Avalanche (AVAX)

AVAX dropped to $23.2 and continues to show weak performance. Fluctuations in Bitcoin’s price could influence its movement, but its weak performance throughout 2024 suggests this trend may persist. Both annual inflation and a strong competitive environment pose challenges for AVAX.

If the $22.6 level is breached, testing $20.5 and $17.7 is possible. For a convincing recovery, AVAX must reclaim $42. Otherwise, movements between $20.5 and $40 can be expected, with recent lower highs indicating a concerning trend.

CHZ Coin Comments

CHZ Coin has fallen 67% from its peak in May over 159 days. We mentioned that losing the mid-range could lead to testing channel support, which has occurred with recent price declines. If selling continues, a test of $0.0486 may happen, while a reversal could push the price back to $0.07, with further targets at $0.083 and $0.096.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 4 November, 2024 - 8:36 pm 4 November, 2024 - 8:36 pm
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