Bitcoin, which fell to the lowest level of the last 10 weeks on May 5, dragged almost the entire altcoin market with it. 3 expert cryptocurrency analysts are evaluating the technical outlook to determine the next levels of SHIB, DOGE and AXS.
Dogecoin (DOGE) price may reach the final low point before a shocking counter trend rally
As we have mentioned in the analysis of Cryptokoin.com , Dogecoin ( DOGE) fails to break the $0.12224 level, but it is wiping out all liquidity reaching the level. Market makers may be pointing to an ongoing price increase as the sell-off is ritually under low volume. The macro Dogecoin thesis argued that the popular meme coin is spiraling into a triangle formation. The potential DOGE triangle may need one higher to end a complex wave C.
Dogecoin price also finds ideal support in the RSI index. The bears repeatedly push the price down, but the overall pattern of the decline is in the sloping parallel channel. If the technical information is correct, analyst Tony M. thinks a break above $0.13 could trigger Dogecoin price.
Invalidation of the Ascension thesis, starting at $0.1224. If this breach occurs, the 0.11 Dogecoin price will come back to the table, resulting in a 10% drop from the current DOGE price.
Axie Infinity may hit the bottom of 2022
Axie Infinity price action is one of the most bearish in gaming cryptocurrencies. The triple issue weighed on further evaluation of AXS price:
- Player numbers were dwindling before the end of 2021.
- Ronin Network Breach in March 2022 frightened existing and potential customers/users.
- The cost of entry to AXS remains prohibitively high for many.
Axie Infinity price was the last big game cryptocurrency to complete the 50% logarithmic Fibonacci retracement for a long time. This retreat has just been completed on April 30, 2022. However, despite the move, buyers are still vacant.
AXS price is likely to drop further, breaking current 2022 lows to test the psychological $20 value area, according to seasoned financial analyst Jonathan Morgan. $20 also includes the 61.8% Fibonacci retracement and a previously high volume zone in the 2021 Volume Profile. For under $20 though, things get tricky. There is almost no history of Axie Infinity price volume trading between $20 in the Volume Profile and the next high volume node at $8. With all the bearish fundamentals, a worldwide sense of risk aversion and an increasingly competitive space, AXS has a near impossible path to recovery.
Shiba Inu price ready to explode
Shiba Inu price action has set three low highs and two almost equal lows since Jan 22, trendlines this swing Connecting them to the points reveals the formation of a descending triangle. This technical pattern predicts a 37% rise determined by adding the distance between the initial high swing and low swing point to the breakout point. Assuming
Shiba Inu price breaks the upper trendline at $0.0000227, the metering rule estimates the target at $0.0000313. However, there is a chance that this uptrend may face temporary hurdles near $0.0000272. In some cases, an extension of the uptrend to $0.0000325 is also possible, bringing the overall gain to 43%.
On the other hand, a daily candlestick near the lower trendline of the descending triangle at $0.0000203 will invalidate the pattern and also invalidate the bullish thesis for Shiba Inu price. Investors need some leeway as SHIB consolidates, although there is a real break below the triangle. However, a decisive move below this resistance could trigger a 50% drop to $0.0000094 due to the fair value gap, i.e. price inefficiency ranging from $0.0000170 to $0.000009.
