Cryptocurrency Market Faces Intense Activity

Points

• Cardano （ADA） shows potential for upward movement.
• Avalanche （AVAX） could rally with support above SMA20.
• Shiba Inu （SHIB） faces challenges in gaining traction.

The cryptocurrency market is experiencing intense activity, with notable price movements 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 managed to enter the market during recent dips found entry opportunities at low levels. Many altcoins, including ADA, experienced significant declines over the past 180 days. ADA has reached the resistance of a descending channel, with the simple moving average （SMA20） flattening at $0.39 and the Relative Strength Index （RSI） indicating balance. For upward momentum, closures above $0.41 are needed to aim for $0.5. If ADA falls back, it could move towards the channel’s support line.

Avalanche （AVAX）

With closures above the SMA20, AVAX could rise to $30.39, followed by attempts at $34 and $37.2. Currently, AVAX is hovering just above the $24 support level. A drop could retest the July 5 low of $21.8, 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 significant reactions in altcoins.

Shiba Inu （SHIB）

Shiba Inu （SHIB） has struggled to gain traction despite initiatives like Shiba Metaverse, Shiba DeFi, and Shibarium. Investors in meme coins prioritize speculative movements over visionary projects. For SHIB to reverse its fortunes, closures above $0.000017 are needed. Failure to achieve this 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.