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Most altcoins registered notable declines last week, dipping alongside Bitcoin in the wake of US Securities and Exchange Commission (SEC)’s delay of all the spot ETFs.

While the price outlook for some coins and tokens hint at further rot, analysts opine that a buy-the-dip opportunity could be here. What does it mean for Chancer’s price? Here’s a look at what market experts are saying and why this could be the next crypto gem.

The price of most top 50 altcoins is negative on the weekly time frame, even as several signal potential recovery in the short term. Although the rebounds might not see buyers reclaim local tops seen in August, on-chain data suggests prices are hovering within a region dubbed “the opportunity zone.”

According to Santiment, the overall market outlook suggests most cryptocurrencies are largely underbought as per the MVRV Opportunity & Danger Zone Divergence ratio.

With altcoins mostly undervalued after recent sell-offs, traders are seeing an opportunity in tokens such as DODO, GALA, MAGIC and MASK. It’s an outlook also being witnessed in the presale market where Chancer is attracting fresh capital after a lull triggered by the sharp declines that sent BTC to under $26k and Ethereum below $1.6k.

🫣 #Altcoins have shown some mild signs of life thus far this week, but certainly not enough to make up for big trader losses that have accumulated since June. With that said, many are seeing historic opportunities to rise, such as $DODO, $GALA, $MAGIC, $MASK, and $SRM. pic.twitter.com/pXw43vCRmt

Chancer’s appeal to investors is down to the project’s potential to disrupt the entire online betting industry, itself an $80 billion market poised for major growth. Utilizing blockchain technology means Chancer has the advantage of providing a decentralised and transparent predictions marketplace.

Unlike legacy betting platforms, the new blockchain-based platform will boast a peer-to-peer (P2P) model that puts control over bets and payouts in the hands of users – not the central bookmaker.

On Chancer, anyone can create a bet, invite friends to grow the payout and earn from it. It really doesn’t matter the event is – if it has an outcome that people can bet on, then its game on – from top sports events like the Premier League, US Open and World Cup to local ones like school games, local elections and so forth.

The native $CHANCER token allows for other benefits such as staking rewards, adding to the allure of buying the tokens during the presale. Chancer will launch its P2P betting platform in 2024, with plans to transition into a DAO part of the roadmap. Amid the projections for growth in the global betting and gambling market, investors looking to position themselves early have purchased more than $1.7 million worth of $CHANCER.

Investors will know that market conditions and other prevailing factors could dictate sentiment and thus how $CHANCER performs in the future. A negative market could hinder prices as has been seen over the past several months.

But what could be some of the positive drivers of Chancer price?

Listing on major crypto exchanges and widespread adoption of the P2P betting model across the globe are key. For the former, the trajectory looks to be in place already after crypto exchange BitMart announced support for the token.  Short-term price predictions for $CHANCER would therefore include a potential spike to $0.5 and $1 in the next bull cycle.

Upside drivers here could be the aforementioned mainnet launch highlighted on the roadmap for Q1, 2024 and the expected bull market fueled by crypto adoption sparked by the possible approval of highly anticipated spot ETFs.

Currently, the price of Chancer’s token is set to increase throughout the presale. That includes from the current $0.011 to $0.012 when $CHANCER sale moves to stage three, and throughout in later stages until the last presale phase when the price will be at $0.021.

Given investors are seeing an opportunity across a largely undervalued market, this same picture applied to Chancer’s revolutionary approach to betting means it’s a token many investors would consider for their portfolios.

For anyone interested in Chancer, a good place to start would be the project’s official presale page.

The post Crypto market outlook: Is Chancer an opportunity? appeared first on Invezz.

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