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Cryptocurrency investors are in high spirits because the Bitcoin price rose to $71,700. Altcoins turned green again. SHIB, ADA, and AVAX Coin investors are targeting specific levels amid the latest fluctuations. Let’s discuss the potential impacts of the current rise on these altcoins. Here are the details.
Shiba Inu (SHIB)
On June 4, the SHIBA Coin price fell below the support line but was met with resistance from the bulls, as seen from the long tail on the candle. Due to buying at lower levels and the increase in BTC price, the price rose by 6% in the last 24 hours. Bulls are lingering around the $0.000026 region to push the price above the $0.000030 resistance.
The ascending triangle formation is something we see in many altcoins these days. If the resistance can be surpassed, we could see a strong breakout here as well. As a result, the peak target of $0.000039 will be aimed for. A weak resistance level is expected at $0.000033.
In the opposite scenario, closing below support could trigger a drop to $0.000018.
Cardano (ADA) Coin Price
Similar to Shiba Coin, the ADA Coin price also tested support. The support of the symmetrical triangle was defended due to the bulls’ struggle and the fluctuations in BTC price. If the price rises and stays above the moving averages, we could see a gradual recovery towards the resistance region. The formation target is $0.62, and the current price is around $0.462.
A close below the triangle could target the $0.35 level.
Avalanche (AVAX)
SOL Coin has shown a similar weak performance to AVAX after a long time. While BNB Coin broke its all-time record, SOL Coin remained below the $205 resistance. AVAX is balancing the demand with a regular supply increase worth hundreds of millions of dollars. At the time of writing, the price just above $36 increased by 2.4%.
The RSI confirms the balance between supply and demand. The bearish scenario suggests that closing below $34 could continue selling down to $29. If buyers dominate, the targeted level will be $42. Bitcoin, at the time of writing, continues to stay above $71,000.
