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The rise in the cryptocurrency market led by Bitcoin continues to bring joy to many investors. Although the altcoin market lags behind Bitcoin in this process, some altcoin projects continue to experience significant rises. So, what is happening with TON, DOGE, and SHIB? We analyze detailed chart analysis and important support and resistance levels.
TON Chart Analysis
Buyers tried to push Toncoin (TON) above the $7.67 resistance on May 13, but the long wick on the candlestick indicates selling at higher levels. A small advantage in favor of the bulls is that they have not left much room for the bears. This suggests that the bulls might make another attempt at the overall resistance.
If buyers keep the price above $7.67, it could signal the resumption of the uptrend, and the TON/USDT pair could rise to $9. If the price declines from the current level and falls below the moving averages, this positive view could become invalid in the short term.
DOGE Chart Analysis
Bulls are trying to prevent Dogecoin from slipping below the neckline and completing a bearish head-and-shoulders pattern. The 20-day flat EMA at $0.15 and the RSI near the midpoint indicate range-bound action in the near term. If the price rises above the 20-day EMA, the DOGE/USDT pair could reach the 50-day SMA at $0.17.
This is an important level for the bears to defend because a break above it could pave the way for a rise to $0.21. If the bears push the price below the neckline of the H&S pattern, they could take control and initiate a drop to $0.08.
SHIB Chart Analysis
Bulls successfully defended the support line of the symmetrical triangle pattern in Shiba Inu on May 13. The flattening 20-day EMA and the RSI near the midpoint do not provide a clear advantage to either the bulls or the bears. It is difficult to predict the direction of the breakout, so it might be better to wait for the price to move above or below the triangle before making large investments.
A breakout above the triangle would indicate that the correction phase might be over. The SHIB/USDT pair could rise to $0.000030 and then to $0.000033. Conversely, a breakdown below the triangle could open the doors for a drop to the 78.6% Fibonacci retracement level at $0.000017.
