As the cryptocurrency market witnesses a correction phase, concerns are growing among investors regarding the formation of a new, lower peak after Bitcoin‘s recent high. This has led to increased profit-taking in various altcoins, prompting a closer look at the current trends and projections for popular cryptocurrencies such as Avalanche (AVAX), Shiba Coin (SHIB), and TON Coin.
Recent Declines in Avalanche (AVAX) Price
Avalanche’s AVAX has recently given up its position above the $50 mark, with its value descending to the vicinity of $45. Previously hovering over a critical region, the coin’s price trajectory adhered to predictions, falling towards the anticipated $43 area. AVAX is struggling to climb back above the 50-day Simple Moving Average (SMA) of $47. A continuation of this selling pressure could lead to steep declines, potentially hitting lows between $38 and $31.5.
Shiba Coin (SHIB) Faces Downward Pressure
Mirroring AVAX’s price behavior, Shiba Coin also encountered a downturn just as it was bracing for an upward breakout. The SHIB price slipped below the 20-day Exponential Moving Average (EMA) of $0.000028 and is currently trading at $0.000026. If the downtrend persists, the coin could see further drops to the 50-day SMA of $0.000023. Conversely, reclaiming the $0.000028 level could set the stage for an uptrend with prospects of reaching $0.000033 and $0.000039.
TON Coin Market Outlook
TON Coin, associated with the widely-used messaging platform Telegram, has retreated to the 20-day EMA at $4.63. The market could see an upswing to $5.69 if it recovers from current levels. However, further sell-offs could push the price down to $4.22. Market sentiment remains cautious due to lackluster ETF volumes and looming economic data on employment and wages that may affect risk assets.
Points to Take into Account
- AVAX must reclaim $47 to avoid further losses, with critical support at $38 and $31.5.
- SHIB requires a push above $0.000028 to continue its uptrend, with potential declines to $0.000017.
- TON Coin’s immediate future hinges on its ability to stay above the $4.63 level, with $5.69 as a possible high and $4.22 as a support in case of decline.
This market correction period highlights the importance of vigilance among cryptocurrency investors and traders. The current technical indicators suggest crucial support and resistance levels that can influence future price movements. Observing these can be essential for making informed decisions in the volatile crypto market.
