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Bitcoin is experiencing a price correction similar to the one that followed the all-time high (ATH) level in mid-March. Investors are worried about the price forming a weaker peak after recovering from the recent low, which has triggered more profit selling in altcoins. So, what does the current situation in altcoins, specifically AVAX, SHIB, and TON Coin, indicate?
Avalanche (AVAX)
With the trend line not being breached, AVAX Coin’s price lost the $50 breakout area this week. We had previously written about the potential for the price to fall back to the $43 area while it was still above this key region. And that’s what happened. Even as this article is being prepared, the AVAX price is lingering around the $45 region.
On April 3rd, the price fell below the 50-day Simple Moving Average (SMA) of $47 and is now trying to reclaim it, but even the 50-day SMA has not been retaken yet. If the selling continues, we could see sharp drops to between $38 and $31.5.
Shiba Coin (SHIB)
BTC‘s timing of the downturn was very poor, and just like AVAX, the SHIB price also reversed while preparing for larger peaks above the breakout area. As we had warned before, on April 2nd, the region of the 20-day Exponential Moving Average (EMA) at $0.000028 was lost, and now the price is finding buyers at $0.000026.
If the decline continues, the price could deepen to the 50-day SMA at $0.000023. For the uptrend to continue, the price needs to reclaim $0.000028. In an optimistic scenario, targets of $0.000033 and $0.000039 could come into play. The area for a potential dip is around $0.000017.
TON Coin Predictions
TON Coin, backed by the popular messaging app Telegram, has retreated to the 20-day EMA at $4.63. If a bounce occurs from the current level, we could see an upper wick up to $5.69. However, if selling intensifies, a fall to $4.22 could be targeted. For now, ETF volumes are weak, so no positive surprises are expected in the general market sentiment. Additionally, the employment and wage growth data coming on Friday continue to exert pressure on risk markets.
