The surge in the cryptocurrency market, spearheaded by Bitcoin, continues to uplift investor spirits. While altcoins trail behind Bitcoin in this rally, certain projects like Toncoin (TON), Dogecoin (DOGE), and Shiba Inu (SHIB) are witnessing notable gains. This report provides a detailed chart analysis along with crucial support and resistance levels for these cryptocurrencies.
How is Toncoin Performing?
On May 13, buyers attempted to push Toncoin past the $7.67 resistance, but the candlestick’s long wick shows selling at higher levels. Yet, the bulls haven’t given much ground, hinting at a potential second attempt at breaking the resistance. If the price stays above $7.67, the upward trend might continue, targeting $9. Conversely, a fall below the moving averages could nullify this optimistic outlook in the short term.
What’s Next for Dogecoin?
Dogecoin bulls are striving to keep the price from dropping below the neckline, which would complete a bearish head-and-shoulders pattern. The flat 20-day EMA at $0.15 and RSI near the midpoint suggest a short-term range-bound action. If the price rises above the 20-day EMA, the DOGE/USDT pair could reach the 50-day SMA at $0.17, a critical level for bears to defend. A break above this could lead to $0.21, while a drop below the neckline might drive the price down to $0.08.
Will Shiba Inu Break Out?
On May 13, Shiba Inu’s bulls successfully defended the support line of its symmetrical triangle pattern. The flattening 20-day EMA and RSI near the midpoint indicate no clear advantage for either bulls or bears. Predicting the breakout direction remains challenging, so it may be wise to wait until the price moves decisively above or below the triangle before making significant investments. A breakout could push SHIB/USDT to $0.000030 or $0.000033, while a breakdown might lead to $0.000017.
Key Takeaways for Investors
Concrete Insights:
- If Toncoin maintains above $7.67, the next target is $9.
- Dogecoin reaching the 50-day SMA at $0.17 could signal further gains to $0.21.
- Shiba Inu’s price movement outside the triangle pattern will guide the next investment move.
Investors should monitor these levels closely to make informed decisions in the volatile cryptocurrency market.