Cryptocurrency Market Faces Decline as Altcoins Continue in Red
Release: 2024/08/29 03:05 Reading: 638
Cryptocurrency Market Experiences Downturn as Altcoins Continue to Struggle
The leading cryptocurrency, Bitcoin, has endured a challenging 24-hour period, with altcoins also continuing to decline in value. Sales have accelerated erneut, driven by the lingering impact of recent negative news regarding the POL Token.
MATIC Coin Down 11%
MATIC Coin has experienced an 11% decline following the market reaction to the POL Token news. Ethereum (ETH) currently trades at $2,500.
Predictions for Dogecoin (DOGE), PEPE Coin, and LUNA Coin
Dogecoin (DOGE)
At the time of writing, DOGE is trading below $0.1. If the critical support level of $0.1 cannot be regained, a further drop to $0.093 is possible in the near term. The recent price spike to $0.081 earlier this month failed to surpass the $0.115 resistance, reflecting weak investor sentiment.
PEPE Coin
PEPE Coin's recent gains to $0.00000979 have been reversed due to Bitcoin's decline. The coin is now trading just above the $0.00000693 support level, with buyers emerging at $0.00000761. A continued decline in Bitcoin, particularly below $55,000, could trigger a new wave of panic selling in altcoins. The initial target in such a scenario would be $0.00000469, with potential further losses extending to $0.00000261.
LUNA Coin
Investors seeking a potential rebound would require increased interest above $0.00000904. However, the cautious stance of investors who are wary of Bitcoin's current trajectory presents an obstacle to any sustained recovery. The failed attempt to rally on August 24 further supports this view.
LUNA Coin
Traders anticipating a recovery similar to those observed on March 5 and 25 have held LUNA Coin for an extended period. The crucial support level of $0.55 has been breached since June, resulting in significantly lower lows. At present, LUNA Coin is finding buyers at $0.354.
In the event of a further decline in Bitcoin, the $0.25 ATL level remains a potential target.
Original article source: COINTURK NEWS
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