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The 2 best alternatives to Bitcoin in cryptocurrency trading this week
Bitcoin has resumed its uptrend after suffering a sharp decline on Monday and Tuesday before US CPI data. The drop to $66,000 sent jitters throughout the market as some investors panicked, selling irrationally. However, the market is rising again, supported by BTC’s rise above $69,000. With prices generally rising, investors may want to consider the selection Alternatives to Bitcoin during this week’s cryptocurrency trading, including Terra Classic (LUNC) AND GameStop (GME).
The price of GME meme coins settled around $0.0191 during European business hours on Wednesday, up 12% in 24 hours and further up 107% in 7 days, as per CoinGecko data.
GameStop price chart
Gamestop price has been trending above the 50-day and 200-day simple moving averages, but dangerously close. After the initial price surge that saw the meme coin hit an all-time high of $0.032, GME price plummeted to $0.014, a drop of more than 50% in less than 24 hours.
However, the asset began to make higher lows and lower highs, typical of a symmetrical triangle formation. GME price action is heading towards the end of the triangle and it will soon be decision time. These types of market structures have a 50/50 chance of breaking on the upside or downside. However, combined with other factors, the odds may be in favor of one party over the other.
One factor is that GME price is still in an uptrend despite the recent heavy drop as the price action has not dipped below the previous low. An upside break could see the meme coin break the previous all-time high and reach $0.034. There is key resistance around $0.023. On the other hand, GME price could find support around the $0.015 area.
2. Terra Classic (LUNC)
Terra Luna Classic Price Prediction Chart | Tradingview
Terra Classic bulls face an uphill battle to defend the most critical support at $0.0001. So far, the price has bounced from this level on the daily chart, but with the Relative Strength Index (CSR) going down to 38, the lowered leg may extend further.
The RSI shows an expanding bearish divergence which is likely to make things difficult for the bulls. A continued drop below 30 into the oversold level would reveal two things: a stronger bearish hold and a weakening of the downtrend.
Therefore, traders would do well to pay attention to the price behavior around $0.0001 as evidenced by the lower ascending trendline. An immediate rebound will support Price Terra Classic an incoming uptrend closing the day below the same level could create nervousness among investors, paving the way for a price drop to $0.00009, the next support level.
A potential bounce from the lower trend line would mark a trend reversal. However, LUNCH it may remain under the influence of the bears until it breaks above the broken upper trend line and, more importantly, the red resistance at $0.00012. From here, the move to $0.0002 could happen quickly, supported by FOMO and a generally bullish market.
Conclusion
Cryptocurrency trading requires patience and also the ability to adapt to an ever-changing landscape. THE Bitcoin price The drop to $66,000 on Tuesday was immediately followed by a rally above $69,000, implying that trends are changing rapidly. If the uptrend continues, investors may find it practical to purchase key alternatives to Bitcoin such as LUNC and GME to reduce risk and maximize returns.
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