Points
- Cardano （ADA） experiences significant price movements.
- Avalanche （AVAX） shows potential for upward trend.
- Shiba Inu （SHIB） struggles with market traction.
The cryptocurrency market is currently facing turbulence, with notable price movements observed in Cardano （ADA）, Avalanche （AVAX）, and Shiba Inu （SHIB）. This article examines the recent performance and future prospects of these cryptocurrencies.
Cardano （ADA）
Investors who entered the market during recent dips found lucrative opportunities, as many altcoins faced declines of over 50% in 180 days. Cardano （ADA） has reached the resistance of a descending channel. The simple moving average （SMA20） is flattening at $0.39, and the Relative Strength Index （RSI） indicates balance. Although the reduction in selling pressure is promising, sustained closures above $0.41 are needed to aim for $0.5. Conversely, a fall back would see ADA moving towards the channel’s support line.
Avalanche （AVAX）
With closures above the SMA20, the AVAX price could rise to $30.39. New attempts at $34 and $37.2 could follow. Currently, the price is hovering just above the $24 support level. In case of a drop, the July 5 low of $21.8 could be retested, potentially continuing down to $19. Bitcoin’s performance will be decisive for the entire market, including AVAX, and a return to closures above $60,000 could lead to bigger reactions in altcoins.
Shiba Inu （SHIB）
Despite the overall market decline, Shiba Inu （SHIB） has struggled to gain traction from initiatives like Shiba Metaverse, Shiba DeFi, and Shibarium. Investors in meme coins prioritize speculative movements over visionary projects. For SHIB to reverse its fortunes, it needs to secure closures above $0.000017. Failure could lead to a drop towards $0.000012 and $0.00001, with $0.00002 being the critical breakout level for potential recovery.
解説
- Market Analysis: The cryptocurrency market remains volatile with multiple factors influencing prices.
- Support and Resistance Levels: Monitoring critical support and resistance levels is essential for navigating market turbulence.
- Investment Opportunities: Investors should stay vigilant and watch for potential entry points during market fluctuations.