ADA Coin could fall below the $0.31 level in the current market conditions, in which case the price is likely to drop to $0.24. For Avalanche (AVAX), the key support point is determined at $19.5. Shiba Coin, on the other hand, has found strong support at $0.000012, and as long as it holds that level, it may have the potential to rise again.
Bitcoin (BTC) price is trying to stay above $56,500 at the time of writing. Altcoins are performing poorly, so BTC needs to consolidate at higher levels and capital inflows should strengthen. How are current market forecasts for ADA, AVAX, and Shiba Coin shaping up? What levels await investors?
Weekends are usually low in volume and can leave cryptocurrencies vulnerable to sudden drops. However, in some cases, this can lead to big swings. For example, similar moves to previous false highs can be seen followed by higher lows to trick range-bound traders. No such scenario is currently occurring.
ADA Coin (ADA) Analysis$ADA
ADA Coin is trading below the EMA20 at $0.35. This suggests that upward attempts are still leading to short-term profit taking. The advantage for the bulls is that the $0.31 level can be maintained as support. If this support remains strong, the key short-term support level of $0.35 can be retaken. However, if the support is lost, a serious drop to $0.24 is possible with closes below $0.31. This shows how much pressure altcoins are under despite the uptrend, even in the difficult environment of bear markets.
Avalanche (AVAX) Analysis$AVAX
Falling within a descending channel formation, AVAX Coin is currently struggling to defend the $19.5 support. EMA20 is pointing to $22.46 here, and closing above this level could increase the potential for highs of $29 and above. However, closing below the key support at $19.5 poses the risk of new lows to the channelâs support line and even below.
Shiba Coin (SHIB) Analysis$SHIB
Shiba Coin traders are patient for more gains, but the struggles of recent months have complicated matters. The $0.000012 level is the key support here, and if closes continue at this level, the price is likely to rally to $0.00002. However, closes below the support could see Shiba Coin drop to $0.000010 and deeper lows.
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I EXPLAIN IN DETAILED.
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