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Reading: Market Trends Influence Cryptocurrency Performance This November
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COINTURK NEWS > Technical Analysis > Market Trends Influence Cryptocurrency Performance This November
Technical Analysis

Market Trends Influence Cryptocurrency Performance This November

In Brief

  • Bitcoin struggles to initiate November as expected, causing trader caution.

  • Shiba Coin and PEPE Coin show mixed performance and potential rebounds.

  • Chiliz maintains support but risks a decline if Bitcoin falters.

Fatih Uçar
Fatih Uçar 8 months ago
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Bitcoin (BTC) $105,245 could not kick off the new month as anticipated, raising questions about the last quarter’s hopes. In the face of election discussions and Fed interest rate decisions, market participants opted for caution. The recent attempt above $73,000 failed due to rumors of Iran initiating retaliatory attacks, leaving traders wary. What are the predictions for Shiba Coin, PEPE, Solana $145, and Chiliz?

Contents
Shiba Coin (SHIB)PEPE and SOL Coin InsightsChiliz (CHZ)

Shiba Coin (SHIB)

Shiba Coin made attempts to close above $0.00001908 during the recent Bitcoin surge but fell short. Currently, maintaining the level of $0.00001709 is positive. If BTC experiences a rapid decline due to election results or other factors, the support levels of $0.00001610 and $0.0000142 could be tested again.

The journey towards BTC’s all-time high is associated with increased market dominance. This suggests that impressive gains for altcoins could occur while BTC reaches its real peak. A significant rise for SHIB may be possible if the support at $0.00002090 is reclaimed and the resistance at $0.0000295 is surpassed.

PEPE and SOL Coin Insights

Despite lingering above $0.0000084, PEPE Coin did not perform as expected in the recent rally. In an environment where confidence in upward trends is strengthening, it could exhibit impressive performance if it first reclaims $0.0000109 as support. Subsequently, it could aim for new all-time highs at $0.00001406 and $0.0000172.

The recent SOL Coin ETF application was positive, yet the price could not withstand BTC sell-offs. Consequently, while targeting new peaks above $188, Solana (SOL) has retreated from its highs. Testing the range between $162 and $148 remains a possibility, with many traders profiting by buying near the bottom of this range.

Chiliz (CHZ)

As this article was prepared, CHZ Coin was at the exact support point of the parallel channel discussed for months. The fluctuations in BTC’s price have not significantly impacted it. However, if it loses this support, it may create a new low around $0.051. Conversely, if Bitcoin rises and risk appetite for altcoins gradually increases, the channel’s midpoint at $0.07 could become a target.

Recently, we noted that the price at the channel midpoint of $0.07 could retreat to current channel support. Targeting above $0.07 would then be $0.084 and $0.094.

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 2 November, 2024 - 2:35 am 2 November, 2024 - 2:35 am
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