Bitcoin Price Drops After Surpassing $70,800
Release: 2024/05/28 09:04 Reading: 754
Bitcoin Price Drops After Surpassing $70,800
Bitcoin's price has retreated to $69,700 after briefly surpassing $70,800. This development has not significantly impacted altcoins. Let's examine the current market outlook for DOGE, CHZ, and CEEK Coin.
Dogecoin (DOGE)
DOGE's price currently hovers around $0.168, with Bitcoin averting a further decline for now. The Commodity Futures Trading Commission (CFTC) may officially classify Dogecoin as a commodity if the Senate and President Biden approve the Financial Innovation Act of 2021 (FIT21). While the SEC has acknowledged that proof-of-work-based cryptocurrencies are not securities, official approval could create a positive sentiment.
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Elon Musk remains uncharacteristically quiet on Dogecoin, his last support coming after a long hiatus following the passing of Kabosu. If DOGE closes above $0.153, it could continue testing $0.174. Breaking above this level could open the door to testing $0.188 and $0.203.
CHZ Coin Price Prediction
With major sports leagues concluding their seasons, CHZ Coin has not performed as expected. Bitcoin's prolonged consolidation period has been poorly timed for Chiliz. However, the long-term potential of blockchain services in sports could still attract buyers. If the team can create tangible products like blockchain-based NFT jerseys for the upcoming season, it could enhance the credibility and value of CHZ.
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The $0.14 level is a key support level for CHZ. If it holds, the $0.163 and $0.17 range could be targeted again. Conversely, closing below $0.131 could lead to a decline towards $0.115 and $0.104.
CEEK Coin Commentary
The Metaverse concept seems to have faded from the spotlight. Even altcoins like SAND and MANA are not receiving much attention. The current state of 2021's most talked-about trend highlights how quickly excitement can dissipate in the crypto market. This has presented a challenge for CEEK Coin, with investors expressing their concerns on social media.
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CEEK Coin, which has a significant following among Turkish investors, continues to trade above $0.052. If $0.059 becomes a support level, further attempts to rally could be expected. Will the unpredictable nature of cryptocurrencies present profitable selling opportunities for CEEK Coin and other altcoins? It's difficult to predict with certainty, but time will tell.
The original article was first published on COINTURK NEWS.
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