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Low volatility is being felt across the cryptocurrency markets, with most altcoins trading sideways. The expected rise in Litecoin following the halving did not materialize. Meanwhile, excitement for XRP and DOGE has dampened. All of this is happening as the cryptocurrency markets prepare for inflation week. In the coming days, volatility could increase for GALA, SHIB, MATIC, INJ, and ADA Coin.
Injective Protocol (INJ)
It is no coincidence that Injective Protocol is among the top 5 altcoins to watch this week, as INJ has seen gains beyond Bitcoin (BTC), rising from $1.50 to $9.90 by 2023. The popular altcoin failed to break the $10 resistance level and fell back to the $6 support zone.
In the coming days, the $7.90 zone will be of critical importance. This support zone corresponds to the 50-day EMA. If the INJ/USDT price closes below $7.90, it could retreat to the $6 zone again. At the time of writing, the price is above the critical support level, but the MACD is giving bearish signals.
Cardano (ADA)
While ADA coin investors celebrated the summary judgment on Ripple, they were shaken by the judge’s opinion on Terra. The price failed to break the $0.35 resistance level and has now lost the $0.30 support level. ADA’s price continues to trend downward on the daily chart as it trades below the daily 50-day EMA. If the price fails to reclaim $0.35, we could see it drop to $0.25.
Shiba Inu (SHIB)
It has been one of the best-performing altcoins in the past few days. The SHIB/USDT price bounced off the $0.000006 support level, forming a rising triangle pattern. The Shibarium launch is boosting motivation, and breaking the $0.00001 resistance level today has fueled expectations for further gains. If there are no significant sell-offs in the short term, a test of $0.000012 is possible.
Polygon (MATIC)
MATIC/USDT continues its downtrend following the rejection from the $1.50 region. Continued selling pressure in the short term could bring the $0.60 support into play. Reclaiming the psychological support level of $1 is necessary for an upward move. The first target to overcome is at $0.88.
GALA Coin
GALA continues its positive momentum with the support of game tokens like Yield Guild Games (YGG), which have gained over 70%. At the time of writing, the price has increased to $0.0244, a 10% rise. If the resistance area of $0.027 is surpassed in the coming days, the price is likely to reach new highs between $0.044 and $0.066.
In the event of a potential decline, the main support is at $0.02.
