The year 2024 has been extremely positive for cryptocurrencies, with BTC and altcoins achieving significant gains. However, constant rises are not possible, and interim corrections are necessary even in an overall upward trend. We are now approaching days when volatility is expected to increase with the halving event. So, what are the current predictions for SHIB, ADA, and AVAX?
Shiba Coin (SHIB)
Fluctuations in Bitcoin‘s price also lead to negative outcomes for Shiba Coin. Bulls are trying to break free from the downtrend line, but losses in BTC have hindered their success. However, looking at the brighter side, the price’s struggle to stay above the $0.000023 support level is quite positive.
The 20-day flat EMA ($0.000028) and the neutral RSI are both indicating an impending breakout. If we can see closures above the downtrend line, a new recovery towards $0.000033 and $0.000039 could begin.
However, if the support area is lost, a retreat to as low as $0.000017 would not be surprising.
Cardano (ADA)
ADA Coin’s price was at $0.588 at the time of writing. Bulls faced selling at the 20-day EMA ($0.61) on April 9, confirming that optimism is waning. The selling pressure during rallies reflects a lack of appetite among buyers. The key short-term level to watch for the price is $0.57, and closures below this could lead to a decline to $0.46.
As Bitcoin continues to close below $71,700 for now, ADA Coin’s price does not seem to be supported by the general market sentiment. However, a surprise surge could test the $0.68 level.
Avalanche (AVAX)
The $50 breakout area has been lost, and closures below it continue. The general outlook for altcoins is the same, with investor appetite remaining weak. This concern is likely to increase following the recent inflation data and comments from Fed members. Avalanche turned down from the downtrend line on April 9 and is now finding buyers at $46.8.
If the downtrend line is breached, the bulls’ target will again be $60 and above. However, if the main support at $42 is lost, a fallback to $35 and $31.5 seems likely.
