Bitcoin is trading near $62,000, reflecting the entire cryptocurrency market. Altcoin investors have faced continued difficulties over the past two quarters. While many short-term traders have adapted to profit from selling opportunities, those holding onto their assets are not content with the current market conditions. What is the prediction for SHIB, AVAX, and SOL tokens?
SHIB
Shiba Coin investors have encountered significant selling pressure after failing to regain support at the $0.00002084 parallel channel. The recent pullback in BTC prices, which resulted in a 26% drop in six days on the second attempt, has exacerbated the decline. Despite a rally from the $0.00001550 support level, the current selling above $0.00001810 has inhibited further gains.
Following the peak reached in late September, Shiba Coin has retreated to support levels. The upcoming release of the Federal Reserve minutes is expected to increase volatility in the cryptocurrency market, which could test the previously mentioned resistance levels under unfavorable conditions.
AVAX Price Prediction
Despite setting new highs on August 24 and September 28, AVAX has once again lost momentum. Currently, the price needs to recapture the channel support at $31.63, which is above the current $26 level. After a 55% rally from the August low, the stock is expected to undergo a new support test as the pace of setting new highs has slowed.
For AVAX, a convincing close above $50 would mean a safe zone from the overall market recovery. This could lead to the price eyeing triple-digit targets.
Solana (SOL)
As a major competitor to Ethereum, SOL Coin has high expectations for price gains, unlike many other cryptocurrencies. Bulls have avoided a long-term close below $125, but are currently encountering resistance around $162. Investors who traded between these levels have made significant gains over the past 178 days, although those holding SOL Coins have often returned to their original positions.
At some point, a strong upside breakout would need to occur to surprise traders trading in a tight range. However, with Bitcoin settling below $68,000, this scenario seems unlikely in the near term.
