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The price of Bitcoin experienced rapid ups and downs in the first two days of the week, but most altcoins did not follow the upward trend. Every rise has been seen as an opportunity for sellers to make a profit for a long time. This situation has led to significant strengthening of resistances and stable declines. When combined with the negativity in the macro sphere, the cryptocurrency markets still seem to be in a transitional period.
Avalanche (AVAX) Review
The price of AVAX dropped below $9 again on September 18 after a long hiatus. After the price dropped to $8.83, buyers entered the market, resulting in a long tail in the 4-hour candle. The price is now lingering around the $9 range. Unless the price surpasses $9.42 in the short term, losses may continue as the price has been steadily falling since the local peak on July 14.
So why is AVAX weak when SOL Coin and others can quickly recover from the bottom? The reason is the 40% AVAX token inflation. We mentioned that this year would be an inflationary period by the end of 2022. As the circulating supply increases, the AVAX price has diverged negatively as it cannot attract additional demand at the same pace.
LUNA Coin Price Prediction
A project whose managers have been imprisoned, ecosystem has been plundered, and ultimately failed. The price, which speculators tried to inflate with various claims in the hope of quick gains, continues to melt. As we mentioned that new ATL levels may come, the price has made even deeper lows. At this stage, it does not seem very likely for any significant positive news to come for LUNA. Even promising projects are losing value while LUNA Coin struggles to attract demand.
There is a region around $0.378 that has been tested many times, and the price is not far from it. Closures below this level can lead to even deeper lows. A daily close above $0.4 is needed for a possible recovery.
Chiliz Coin Reviews
CHZ Coin is an altcoin that attracts the attention of spot fanatics, and the rally was easy when partnerships were announced consecutively in 2021. However, most teams have completed their agreements and CHZ Coin team needs another price catalyst. The mainnet launched with the hope of being the blockchain for fan tokens did not generate as much buzz as expected.
The price spent a few days below the channel we highlighted on the weekly chart before returning to the channel. Now, it can target $0.061 as it continues to hold above $0.058. The overall market sentiment will be decisive at this point.