Bitcoin’s price surged past the $61,500 mark shortly after the US markets commenced operations, though it struggled to maintain that level. This anticipated surge is seen as a potential lifeline for altcoins, contingent on Bitcoin consolidating above $60,000. The article delves into the current price forecasts for three prominent cryptocurrencies.
What Is Happening with LUNA Coin?
Do Kwon successfully annulled numerous extradition orders, with Montenegro providing a safe haven amid volatile markets. Concurrently, the US trial culminated in billion-dollar fines and restitution demands for his company. Market competitiveness has compounded Terra’s challenges. Access NEWSLINKER to get the latest technology news.
As a result, Terra (LUNA) faces a bleak long-term outlook, mirrored in its price chart. The coin, previously hovering at $0.33, plummeted to a new low of $0.24 last week following a token economy update. Should the $0.32 support fail, LUNA could drop further to $0.2 or below. Conversely, closing above $0.46 could refocus attention on the $1 target by reclaiming the $0.545 support.
Can FLOKI Coin Break Resistance?
Despite recent volatility, FLOKI Coin has held its ground at $0.000110, hinting at continued upward momentum. Bulls need to push past $0.000155, which necessitates Bitcoin climbing back to $65,000 and dismissing concerns over the $49,000 level.
Surpassing the $0.000209 resistance could trigger new all-time high (ATH) attempts, reinforcing bullish sentiment that the peak of the bull market is still ahead.
Solana’s Price Outlook
At the time of writing, Solana (SOL) was priced at $146. Despite fears of a drop to $111, it avoided hitting the $98 target, providing hope for ATH expectations. SOL demonstrated relative strength during market downturns, where many other cryptocurrencies reached their all-time lows (ATL).
Reclaiming $155 could result in fluctuations between $168 and $193, with the ultimate objective to surpass the critical $210 resistance and initiate a new ATH movement.
Key Insights for Investors
The following are concrete insights based on the article’s analysis:
- Bitcoin’s ability to stabilize above $60,000 is crucial for altcoin recovery.
- LUNA faces significant risk unless it reclaims key support levels.
- FLOKI needs Bitcoin to rise to $65,000 for further upward movement.
- Solana’s relative strength suggests potential for new ATH, provided it breaks critical resistance levels.
Conclusion
In summary, the recent price movements in Bitcoin and various altcoins suggest a mixed outlook. While some cryptocurrencies showcase resilience and potential for gains, others face substantial risks. Investors need to closely monitor key support and resistance levels to navigate these volatile markets effectively.
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.
Source: https://en.bitcoinhaber.net/bitcoin-surpasses-61500-after-us-market-open