In the ever-volatile world of cryptocurrencies, where market trends can change in the blink of an eye, many altcoins draw attention. In this article, we will look at some of the cryptocurrencies that various analysts are expecting to drop. Here are the details…
What’s next for Cardano?
Cardano emerged as a beacon of endurance. Cardano is challenging broader market trends with a significant increase in on-chain transaction volume, despite a drop in market value compared to its April highs, Santiment reported. On the other hand, Avalanche (AVAX) is facing a tough time as it broke below long-term support levels, signaling a potential decline. Cardano, often referred to as ADA in trading circles, has a market cap of just over $9 billion and a 24-hour trading volume of around $97 million. These numbers may not be as high as some of their cryptocurrency counterparts, but Cardano’s unique approach to Blockchain technology and its steadfast commitment to utility have proven to be its strengths.
There is a hard road for AVAX
In contrast, Avalanche (AVAX) encountered a different trajectory. The price of AVAX broke below the long-term horizontal support area, signaling a potential resumption of the downtrend. Initially promising with a double bottom formation and bullish divergence on the weekly chart, AVAX faced rejection at the $15.7 resistance level. This rejection, coupled with a decline below the $10.7 support, paints a bearish picture for AVAX. The weekly RSI indicator is also showing a bearish bias, supporting the continuation of the downtrend. As a result, AVAX is likely to continue its decline and potentially reach the next key support area at $4.7. However, there is a glimmer of hope for AVAX in the short term. The daily chart points to a possible recovery in the coming days thanks to the positive developments in the RSI indicator. Should the buying pressure increase, AVAX could recover to the $11 resistance zone.
Next up for altcoin projects MKR and SHIB
Amidst the stories of Cardano and Avalanche, Maker (MKR) and Shiba Inu (SHIB) also play their roles in the crypto narrative. Based on Santiment’s data, Maker witnessed massive transfers of whales. The surge in whale activity, coupled with increased supply on exchanges, has put selling pressure on the Ethereum-based token, causing the price of the altcoin MKR to plummet. Controversy over MakerDAO and Ethereum creator Vitalik Buterin’s divestment of a significant portion of MKR assets also contributed to the bearish trend.
On the other hand, the Shiba Inu (SHIB) was in a downtrend, but the ShibaFest event injected new life into the meme coin. SHIB could be on the verge of a correction and bullish momentum with support at $0.00000784. Momentum indicators point to a potential rise with resistance levels at $0.00000840, $0.00000853 and $0.00000914. In an extreme bullish scenario, SHIB could reach $0.00001067. Although the ShibaFest celebration has re-awakened interest in SHIB, it is important to note that bearish market conditions still apply. The Awesome Oscillator is pointing to a bearish bias and SHIB could decline below the $0.00000718 support level.
