Bitcoin‘s (BTC) current price stands at $93,988, reflecting a downturn as trading commenced in U.S. markets. Despite this dip, traders remain optimistic due to a robust support level at $93,200. This report delves into anticipated price movements for Spell, Cardano (ADA), AVAX, and BONK Coin in the coming days.
What’s Next for Spell Coin and ADA?
The recent decline in Bitcoin’s price signals that challenging times for altcoin traders might soon ease. While an overall upward movement has yet to be confirmed, strong BTC performance in the upcoming weeks could indicate a market shift.
Spell Coin reached a peak of $0.0020878 earlier this year but has since fallen by approximately 78% over 71 days. Fortunately, it has maintained support at $0.00044, which has halted further drops. Currently, efforts are being made to reclaim the significant level of $0.000647, although recent activities have shown short-term profit-taking reflected in the formation of upper wicks.
Should the support at $0.000560 hold, further attempts to push higher are anticipated, potentially leading to a reclaiming of the $0.000713 level, which might set the stage for movement above $0.001164.
Could AVAX and BONK Coin Rally Soon?
ADA Coin surpassed the anticipated threshold of $0.7, but failed to maintain its momentum. A pullback toward the $0.67-0.65 range is plausible, with potential peaks of $0.750 to $0.827 likely if BTC performs well.
BONK, a meme coin on the Solana network, is currently struggling to breach the $0.0000225 mark. Today’s price adjustments hint at profit-taking and expectations of declines. Many altcoins display similar volatility as they react to BTC price fluctuations.
If Bitcoin’s price continues to drop, the target for BONK Coin would be $0.0000159, while a positive sentiment could drive prices up to $0.0000293.
AVAX is currently underperforming, facing challenges due to high inflation rates and sluggish total value locked (TVL) growth relative to competitors. Trading around $19.7, AVAX needs to overcome resistance to aim for short-term peaks of $27.25.
- Bitcoin’s price support remains strong at $93,200.
- Spell Coin may encounter resistance around $0.000647.
- ADA could see a rebound if BTC performs favorably.
- BONK’s price is sensitive to BTC dynamics, with targets set between $0.0000159 and $0.0000293.
- AVAX struggles amidst macroeconomic pressures and a competitive landscape.
The cryptocurrency market remains dynamic as investors respond to Bitcoin’s fluctuations, with altcoins like Spell, ADA, AVAX, and BONK in the spotlight for potential price movements. Continued observation of Bitcoin’s trend will be crucial for understanding the broader altcoin landscape.
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/bitcoins-decline-shifts-focus-to-altcoin-prospects