On June 29, Bitcoin opened at $60,400, showing a gradual recovery from the $60,000 mark. Despite a notable rise in some altcoins during June, the overall market sentiment remained negative due to heavy Bitcoin sales over the past ten days. This has made July a potentially risky month for cryptocurrency investments, raising questions about future trends for various altcoins.
AVAX Performance Analyzed
Avalanche (AVAX) showed resilience by recovering from $23.5 on June 24, avoiding a further drop to $18.5. By June 28, AVAX reached a significant breakout point at $29, despite negative impacts from Bitcoin’s price fluctuations. The 20-day EMA stands at $28.63, and the Relative Strength Index (RSI) is near neutral, indicating reduced selling pressure and a possible positive divergence. If AVAX maintains its current trajectory through the weekend, an upward move past the $29 resistance and towards the 50-day Simple Moving Average (SMA) is possible. A close above $33 could restore previous levels discussed for a long time.
In a downside scenario, the target could be $23.5.
SHIB Price Predictions
SHIB is currently trading within a narrow range between $0.000016 and $0.000018, suggesting a balance in market sentiment. With the 20-day EMA sloping downward and RSI near the selling zone, there is a risk of a bearish breakout. Should SHIB break below $0.000016, it could drop to $0.000014 or even $0.000010. Conversely, an upward breakout could propel SHIB towards $0.000020, with a target of $0.000022 if resistance levels are surpassed, potentially signaling a new annual peak.
WIF Coin Forecast
WIF Coin rose from $1.469 but encountered selling pressure at $2.16. Currently attempting to hold $2 as a support level, success could lead to an attempt above $2.16. If WIF Coin sustains above this level, the next target is $2.6, with the major resistance at $3.47.
Investor Takeaways
- Monitor AVAX for a potential upward move past $29, with eyes on the $33 mark for further gains.
- Watch SHIB for a breakout from its narrow trading range, either towards $0.000014 or an upward push to $0.000020.
- Keep an eye on WIF Coin’s ability to maintain $2 support, looking for moves towards $2.6 and beyond if successful.
In conclusion, June has been a turbulent month for cryptocurrencies, with Bitcoin’s gradual recovery setting the stage for potentially significant movements in altcoins like AVAX, SHIB, and WIF Coin. Investors should stay vigilant, monitoring key resistance and support levels as market dynamics unfold.