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Analysis of Altcoin Prices: AVAX, Chiliz, and CEEK Coin Reviews

source-logo  en.coin-turk.com 31 August 2023 15:46, UTC

The fluctuation in BTC price continues, and the $27,000 level is under the control of the bulls. There may be movement in altcoins. We will discuss AVAX, Chiliz, and CEEK Coin, which are critical levels for investors. How much can these 3 altcoins target in the event of a BTC rise or fall? What are the current outlook and predictions?

Avalanche (AVAX) Coin

We mentioned that this year would be inflationary days before 2023. The massive unlocking of altcoins such as AVAX caused significant losses for cryptocurrencies. Avalanche (AVAX), with an annual inflation rate of 35%, unlocked approximately $100 million worth of tokens this month. The unlocking, which has been done for 8 months, naturally caused the price to drop due to weak demand in the bear market.

After the double top pattern on the daily chart, the price returned to the levels at the beginning of 2023. It even briefly lost the $10 support and dropped to the $9.83 region. This situation also shows that the increasing circulating supply negatively affects future price performance. As the price runs towards the all-time low levels, long-term targets are also lowered. In the short term, in order to see prices around $20 again, it is necessary to surpass $11.4. If we can see closures above this level, the price can target the $14.86 and $21.32 regions.

Chiliz (CHZ) Coin Review

CHZ Coin is finding buyers at $0.063. Since June 10, the price has been trading in a narrow range near the base level. If the BTC rally does not continue, this indicates that the price could drop back to $0.0567. However, in a possible general market recovery, $0.084 can be tested.

If the upper line is surpassed, CHZ Coin investors can strive to reclaim the psychological support level of $0.1.

CEEK Coin Reviews

The metaverse hype is over, and CEEK Coin has largely remained in the shadow. Metaverse altcoins like SAND and MANA have also experienced a similar fate. However, the reason why CEEK Coin is more negatively affected in the process is clear. It does not have as high an adoption rate as other popular metaverse altcoins. This makes it more vulnerable in a general market downturn.

The price broke downward from the previously mentioned narrow range. This allows it to create new all-time low levels on the GATE exchange. The last strong support for the price is found at $0.041. If $0.0449 can be reclaimed, it can target the $0.054 levels again. Otherwise, it will want to set new all-time low levels.