The cryptocurrency market is currently facing a downtrend, with trading volume dropping below $96 billion in the past 24 hours. This decrease in volume is often associated with greater fluctuations in price movements, pointing towards a potential downward direction influenced by latest economic data and exchange-traded fund (ETF) entries. Investors are keenly watching the cryptocurrencies AVAX, TON, and SHIB to predict their future price actions.
AVAX Price Takes a Downward Turn
Avalanche (AVAX) has experienced a significant price drop after failing to maintain its position above the $50 benchmark. The cryptocurrency has seen a weekly decline greater than 15%, with its market value retracting to $17.13 billion. AVAX’s losses in the past day alone quantify to approximately 2.3%. The currency’s dip below the crucial 50-day Simple Moving Average (SMA) signals that bearish momentum might be taking a firmer grip on the market.
In the face of the current negative sentiment, AVAX prices could potentially fall to the $42 level. However, if the currency manages to regain lost ground, it could aim for higher targets of $60 and $65. Conversely, a continued bearish trend could drive the price as low as $31.
TON Coin’s Potential for Recovery
TON Coin remains in a tug-of-war, with bulls pushing to elevate its price beyond $4.73. Success in this endeavor could signal a reversal of the recent dip and set the stage for a rise towards the $5.69 resistance level. Further gains in Bitcoin could bolster TON Coin’s prospects, potentially allowing it to reach a target of $7.09.
Shiba Inu’s Price Struggles
The Shiba Inu coin is currently struggling to surpass the 20-day Exponential Moving Average (EMA), valued at $0.000028. Failure to hold above the 50-day SMA, which stands at $0.000024, could precipitate a fall to the support base of $0.000017. On a more positive note, if the 20-day EMA transforms into a support level, resistance points at $0.000033 and $0.000039 could be tested.
Implications for the Reader
- AVAX may further decline to $42, but recovery targets rest at $60 and $65 – monitor closely.
- For TON, a breakthrough above $4.73 might propel it towards $5.69, with a stronger Bitcoin price providing additional tailwind.
- SHIB needs to secure its position over the 20-day EMA to avoid a drop to $0.000017 and aim for higher resistances at $0.000033 and $0.000039.
Investors and traders should watch these resistance and support levels closely to inform their trading strategies amidst the current volatility in the cryptocurrency market.