Meme coins and layer1 altcoins had notable gains in the recent surge. However, this did not last long. Bitcoin (BTC) lost its price level of $64,000 again, causing altcoins to turn red. While a few altcoins were exceptions, AVAX and SHIB saw a decline of about 4%.
Avalanche (AVAX) Price Prediction
Despite major news this year, Avalanche, one of the largest smart contract platforms, experienced weak gains. Compared to Solana, AVAX has not recovered as expected. At the time of writing, the AVAX price is at $36.88. Avalanche has not been able to overcome resistance between its 20-day EMA ($40) and $42.
The drop in BTC price indicates strong bearish momentum for AVAX. On the other hand, concerns about a consolidation period for BTC that could last weeks or even months are dampening risk appetite. Indeed, the leading cryptocurrency has been trapped below $69,000 since April.
If the weakness in AVAX price continues and BTC does not make a sharp turnaround, prices could drop to support levels between $32 and $27. Closures below this range might signal a deeper dip towards $20. Conversely, closures above $42 could reclaim the $50 breakout level and increase appetite for a triple-digit price target.
Shiba Coin (SHIB) Price Prediction
Shiba Inu broke above the downtrend line on April 21 but failed to break the often-discussed $0.000028 resistance. Bulls will continue to be stuck in a narrow range unless they can surpass the 50-day SMA ($0.000028). The reversal of the short-term downtrend depends on crossing this critical region.
If resistance is broken, a rally towards the $0.000033 and $0.000039 resistance levels could extend. However, considering the risks brought by losses in BTC price, support levels might be tested. In that case, $0.000020 could be the first stop. Of course, cryptocurrencies are full of surprises, and charts do not definitively predict the future.
