All members of the altcoin market are turning the crisis into an opportunity after being stuck in a tight range for the past few months. With Bitcoin (BTC) approaching $30,000 with bank failures, we can witness new highs of the year in these 4 high-volume altcoins listed by Binance.
Leading altcoin marks first rally of 2023
Ethereum price formed an inverted head and shoulders pattern between September 2022 and March 2023. This technical formation consists of three different low swings where the central one is deeper than the other two.
The pattern predicts a 37% increase determined by adding the distance between the top of the right shoulder and the lowest point of the head and adding the breakout point of $1,636. ETH surpassed this resistance on March 13 and turned it into support. Technical analysis now suggests it could rise to $2,370.
On the other hand, if Ethereum price shows weakness and big profits, it could jeopardize recent gains. Also, the bullish thesis will be invalidated if $1,636 falls and turns this level into resistance. In such a case, it could revisit the $1,500 psychological level where buyers can try the uptrend once again.
Is Dogecoin price preparing for a 25% rally?
Dogecoin has been stuck between $0.0946-$0.0705 for the past four months. In early March, DOGE dropped below the lower limit, but recovered above that level the following week, indicating that buyers are active.
Bitcoin’s continued rally could fuel the rally in Dogecoin price. It could trigger a retest of $0.0946. This move will yield 23% gains for DOGE investors. In an extreme bullish situation, Dogecoin price could head towards the $0.106 resistance. With this move, he can increase his total winnings to 40%.
Also, the number of new addresses joining the Dogecoin network doubled from 15,000 to 30,000 between March 1 and March 8. This increase gives confidence to the ascension thesis. But those addresses have since dropped to 16,000.
Cardano price may see 10% profit per week until Sunday
Cardano (ADA) still has enough fuel to reach higher levels. Still, the bulls currently have huge resistance to reach $0.37 with the 55-day and 200-day SMAs just a few millimeters apart. The double top has already triggered a rejection earlier this week.
While sentiment is still very fragile, we may see a 10% increase according to technical analysis, but it may be unrealistic to expect more.
The downside risk could come as ADA expands further losses with a breach below $0.316. The risk here will be that the bears will do everything to push the price action towards $0.30 and double bottom with last week’s candle. The rejection earlier this week might make sense as it is a perfect entry point for the bears to bottom the price action at a 12% loss between now and $0.30.
Weakening downtrend signs give SHIB traders hope
Shiba Inu price surged 3.61% from weekly lows to counter the drop recorded 48 hours ago, reaching $0.00001090. Parabolic Stop and Reverse (SAR) highlights an active downtrend last month. The presence of the blue dots on the candlestick of the indicator was also proof of this. Looking forward, however, this downtrend may be ending and the indicator may change its position to indicate an active uptrend.
This is due to the weakening of bearish clues that can be seen in the Average Directional Index (ADX). A shift below the 25.0 threshold indicates that the active trend is losing strength. Therefore, if the SHIB is in an uptrend, there may be a price increase on the cards when the indicator rises above the threshold again.
Shiba Inu price will need to turn the critical $0.00001189 resistance to the support base to create a sustained rise. This move allows SHIB to surge towards $0.00001395, pointing to a 27% rally. Breaking this level could also open up the opportunity to form new year-to-date highs around 0.00001477.
In case the altcoin market reverses
On the red side, if SHIB price breaks below this level at $0.00000966, it will invalidate the bullish argument. It will also become vulnerable to a drop to the December 2022 lows of $0.00000769. On the fundamental analysis side, cryptocoin.comFUD news surrounding Shibarium suppressed all tokens in the Shiba Inu ecosystem.
