Cryptocurrency Market Faces Decline as Altcoins Continue in Red

Cryptocurrency Market Declines as Altcoins Remain in the Red

The dominant cryptocurrency has endured a challenging 24 hours, with altcoins also continuing to trade in the red zone today. Trading activity has picked up pace once again. MATIC Coin has experienced an 11% decline following the waning impact of recent POL Token news. ETH currently sits at $2,500. Amidst this market volatility, what are the current price projections for Dogecoin, PEPE, and LUNA Coin? What does the near future hold for investors?

Dogecoin (DOGE)

At the time of writing, DOGE's price hovered below the $0.1 mark. Failure to regain this crucial threshold could lead to a further drop to $0.093 in the coming hours. Earlier this month, the price briefly spiked to $0.081, but fell short of surpassing $0.115. This weakness reflects a significant lack of investor appetite.

The recent testing of $58,000 by Bitcoin is a contributing factor to the current state of the DOGE chart. For a meaningful recovery, BTC would need to close above $70,000 and establish $0.152 as a support level. However, there are no current signals to suggest this is likely in the near term.

PEPE Coin Chart

BTC's downward trajectory has also exerted downward pressure on the price of PEPE Coin, which had risen to $0.00000979. PEPE Coin is currently hovering just above the $0.00000693 support level and finding some buyers at $0.00000761. Should BTC continue its decline and test below $55,000, we could witness a fresh wave of panic selling in altcoins. The $0.00000469 level would serve as an initial point of concern, with further declines potentially extending to $0.00000261.

Investors anticipating an upswing will require increased appetite above $0.00000904. The wariness of investors who do not fully trust BTC's current trajectory poses a challenge to the sustainability of such a rise. The failed attempt on August 24 corroborates this view.

LUNA Coin Predictions

Those who have been holding LUNA Coin for an extended period have been anticipating a move similar to the fluctuations observed on March 5 and 25. Throughout the year, we have emphasized the significance of the $0.55 support level, which was ultimately breached in June. Subsequently, much lower lows were recorded. At present, LUNA Coin is finding some buyers at $0.354.

In the event of a further decline in BTC, the $0.25 ATL level remains a potential target.