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You can also read this news on COINTURK NEWS: Bitcoin and Other Cryptocurrencies Face Market Challenges
Bitcoin ‘s price has significantly dropped in the last 24 hours, falling back below $59,000, although it has recovered to $59,700. The surprising decline can be attributed to a series of negative news events; however, investors who were optimistic for the last quarter continue to face disappointment.
SHIB and DOGE Analysis
Following a test of the parallel channel support at $0.0000208, SHIB‘s price has begun to decline. Despite a new attempt at $0.00001878, as indicated by the long upper wicks, investors have not been very optimistic about short-term market expectations, treating these attempts as selling opportunities. Consequently, they have been proven correct. If we start to see closing prices below $0.00001599, a drop to around $0.00001427 may be possible.
Dogecoin (DOGE) is attempting to reclaim the critical $0.105 level. In the ongoing environment of Bitcoin’s (BTC) decline, new spikes may be observed around $0.0985, $0.093, and $0.089. Investors will seek closing prices above $0.11 during a potential rapid rise, targeting the peak at $0.132.
Bitcoin and Solana (SOL) Overview
BTC has failed to maintain critical levels at $63,000 and $61,700. Following the previous test at $65,000, a $10,000 drop similar to that after a test at $67,000 has been triggered and continues. Investors are understandably concerned about the risk of a new test at $53,000. The key level to watch currently is $58,909. Lower levels may experience spikes down to $52,500 after $57,500 and $55,800.
SOL Coin is preparing to move toward the base at $125. Depending on BTC’s price performance, a movement between $125 and $145 may occur, as previously discussed.
Current near targets are $134 and $125. However, during a potential recovery, $148 and $162 may be retested. While targets are clear, the direction will be determined by the likely breakout of BTC’s price soon. Many cryptocurrencies, including SOL Coin, have been under pressure due to a stagnation in BTC’s price for 216 days. The direction of markets is expected to be defined by the upcoming elections in November or FTX repayments.
The post Bitcoin and Other Cryptocurrencies Face Market Challenges appeared first on COINTURK NEWS.