The start of the year brought optimism for investors, spurred by the rise at the end of 2023. However, the second quarter delivered unexpected losses. Historical data had indicated a possible upward trend following June’s decline, but factors such as the 10-year MTGOX FUD and German sales disrupted expectations. In light of these events, what are the current forecasts for Cardano (ADA), Avalanche (AVAX), and Shiba Coin (SHIB)?
What is the Outlook for Cardano (ADA)?
On July 5, ADA Coin’s price, which bounced off the support line of its descending channel, aims to retake the resistance line. Should Bitcoin support and ADA bulls display confidence, a new attempt at the $0.5 mark could be seen. Additionally, the positive divergence in the RSI offers hope for a potential rebound.
Conversely, failing this test might lead to another sharp drop in ADA Coin’s price, remaining within the descending channel. Bitcoin’s price stood at $57,300 at the time of writing.
How Will Avalanche (AVAX) Perform?
Trading at $25.7, AVAX has yet to close above the EMA20. The moving average at $27.14 illustrates sales by bulls during short-term rises. Some investors suspect that MTGOX or adverse inflation data could instill further fear, causing a deeper dip in the crypto market.
Surpassing the EMA20 could drive AVAX to the SMA50 level at $30.96, though sales might push the price back to the $27.14 support. Continued weakness could lead to accelerated sales and target the price range of $19 to $18.5.
Prospects for Shiba Coin (SHIB)
Despite holding at the EMA20 level of $0.000017 for a while, SHIB’s price fell as bulls couldn’t sustain it, partly due to Bitcoin’s failed attempt near $60,000. If bulls maintain this key level, further increases may surface, leading to a test of the breakout region at $0.00002.
A decline might target $0.000012, and breaking this could push down to $0.00001. Surpassing the SMA50 at $0.00002 may prompt a test of $0.000026.
Key Takeaways for Investors
- Watch for ADA Coin’s attempt to break the resistance line; success could lead to $0.5.
- Observe AVAX’s performance relative to EMA20; breakthroughs could signal potential rises.
- Monitor SHIB’s ability to maintain critical levels for indications of future price movements.
Investors should remain vigilant and informed, considering how market trends and external factors, such as historical data and macroeconomic conditions, can influence cryptocurrency performance.