In the second half of this month, an expected rise in cryptocurrency values was discussed. Bitcoin (BTC) tried to break through the $68,000 mark; however, it has not yet surpassed this critical level. BTC’s market dominance has reached a three-year peak, while altcoins continue to experience a decline of about 4% in daily performance. What predictions can be made for LUNA, DOGE, and Floki Coin?
Floki Coin Analysis
As BTC prices surged, Floki Coin gained 8% but dropped back to the $0.0001396 support level after starting at $0.0001546. The volatility in Bitcoin continues to put pressure on altcoins. If the sell-off continues, the next support level could drop to $0.0001326.
Faced with a major risk aversion over the past two quarters, investors have been selling their stocks rapidly as key levels are broken, fearing further declines. This strategy has emerged as a sensible response to a prolonged market slump.
If the 0.0001464 level holds as support, the targets may shift back to the recent peak and resistance at $0.0001586.
LUNA Coin Analysis
After rising from the $0.339 base, LUNA faced resistance at $0.387. We have previously discussed the long-term risks associated with LUNA, so there is no need to revisit these issues. If the coin closes below $0.349, the focus could shift back to the support level at $0.304, indicating the possibility of deeper declines in the long term.
Increased competition, the bankruptcy of Terraform Labs, and various challenges facing the ecosystem are undermining medium- and long-term growth prospects.
Dogecoin (DOGE) Analysis
This week, DOGE, the largest meme coin by market cap, gained significant momentum. However, the bulls failed to clear the previously mentioned resistance at $0.13 while attempting to close above $0.105. Once again, DOGE’s rally seems to have been derailed by the negative volatility in BTC price.
As long as the $0.113 level holds, DOGE may attempt to set new highs at $0.13. However, if the sell-off accelerates, a drop to $0.105 may occur. Conversely, if conditions improve, the $0.18-$0.23 range may come into play.
