Time flies quickly, and the cryptocurrency market continues to remain highly active. The sales in Germany are over, but this does not mean the end of FUD. Risks and annoying bad news always come in crypto. Besides the sales of Genesis Trading and MTGOX, the US government has the potential to sell billions of dollars worth of assets whenever it wishes. Still, we can say that the pressure has weakened in the short term. BTC is above $57,500. So what about altcoins?
Cardano (ADA)
Those who managed to gather their courage during the last drop found entry opportunities at low levels. Many altcoins experienced losses of up to or exceeding 50% in 180 days, making entry points attractive. The only problem is that the consolidation process has not yet turned into an uptrend.
ADA Coin reached the resistance of the descending channel, and the bulls are gathering strength for a new upward attempt. The SMA20 is flattening at $0.39, while the RSI indicates balance. Although the decrease in selling pressure is positive, closures above $0.41 are needed. Thus, we could see a new attempt at $0.5.
In the opposite scenario, the ADA Coin price will move towards the support line of the channel.
Avalanche (AVAX)
With closures above the SMA20, the AVAX price could rise to $30.39. Subsequently, we will see new attempts at $34 and $37.2. However, for now, the price is hovering just above the $24 support level. In case of a drop, the July 5 low of $21.8 could be retested, and we might see sales continuing down to $19.
BTC price performance will be decisive for the entire market, including AVAX, and returning to closures above $60,000 could lead to bigger reactions in altcoins this time because they experienced significant overselling while BTC was searching for a bottom.
Shiba Inu (SHIB)
The general decline is certainly decisive, but it is an undeniable fact that stories like Shiba Metaverse, Shiba DeFi, and Shibarium have not attracted much interest despite the long time that has passed. Although the Shiba Coin team emerged with a strong vision, meme coin investors are not looking for anything beyond speculative price movements. The volumes seen by low market cap altcoins against DOGE and SHIB confirm this.
If the price turns around, closures above $0.000017 are needed. The RSI supports the bears, and closures below $0.000015 will open the door to a drop to $0.000012 and $0.00001. The breakout level is $0.00002, and the return could gain momentum with a breakout here.
