Investor sentiments are high as the month of March concludes, with anticipation building for the Bitcoin block reward halving slated for April 20th. Contrary to expectations of a market decline, prior trends show the potential for a significant price surge, as seen in the period leading up to previous halvings. Analysts are closely monitoring the movement of cryptocurrencies such as Dogecoin (DOGE), Avalanche (AVAX), Shiba Inu (SHIB), and Toncoin (TON), looking for signs of market reactions.
Dogecoin’s Potential Upswing
Dogecoin is currently exhibiting bullish behavior, breaking through key resistance levels at $0.19 and $0.21, which may signal an impending rally towards the $0.23 price point. Technical indicators such as moving averages and the Relative Strength Index (RSI) support this optimism. Furthermore, the upcoming CFTC commodity classification could catalyze further gains, with possible targets at $0.3 and $0.35, although the market might also see profit-taking around these events.
AVAX Set for Potential Gains
Avalanche shows a bullish stance, with a price exceeding $52 and a favorable RSI. If AVAX can secure a close above the flag pattern’s resistance, it might set the stage for an ascent to $76. Nonetheless, a breakdown below the pivotal $50 support could trigger a decline to the 50-day Simple Moving Average (SMA) at $45.
SHIB’s Resistance Test Ahead
SHIB faces a critical resistance at the $0.000035 level, which if overcome, can propel the cryptocurrency towards $0.000039. Despite the current price being under this threshold, the market appears ready to test this barrier.
Toncoin’s Bullish Momentum
Toncoin remains a cryptocurrency to watch, buoyed by a strong bull market and the backing of Telegram. It currently finds support at $4.78, with potential pullbacks to the 20-day EMA at $4.22 if this level is breached. On the upside, maintaining support could see Toncoin targeting prices from $5.69 to $7.15.