One of the biggest discussions on the minds of many investors and analysts in the cryptocurrency market is undoubtedly the altcoin season. According to many analyses, the altcoin season has started, and during this period, many investors have made significant gains. Meme coins and artificial intelligence projects continue to be in the spotlight and please their investors. So, what’s happening lately with Dogecoin, Shiba Inu, and Avax? Let’s take a look.
Dogecoin Technical Analysis
Bulls have failed to push and maintain Dogecoin above the $0.18 resistance in the past few days, but their persistence is a positive sign.
The rising 20-day EMA average of $0.15 and the RSI in the positive zone suggest that the path of least resistance is upwards. If buyers keep the price above $0.18, the DOGE/USDT pair could rise to $0.21. This level may again serve as resistance, but if surpassed, the pair could start its journey towards $0.24 and then $0.30.
For bears to come back into play, they need to pull the price below $0.14. The pair could then drop to $0.12 and later to the 50-day SMA average of $0.10.
Shiba Inu Technical Analysis
Shiba Inu is consolidating in an uptrend as the price is trapped between $0.000029 and $0.000039. The consolidation after a sharp rally is a positive sign, indicating that bulls are not in a hurry to take profits. Bulls will try to push the price to the overall resistance of $0.000039. If this level is breached, the SHIB/USDT pair could reach $0.000046. This level could again pose a solid challenge for the bulls.
If the price falls and goes below $0.000029, the advantage will turn in favor of the bears. The pair could then slide to the 20-day EMA average of $0.000026 and later to the 61.8% Fibonacci retracement level of $0.000023.
Avalanche Technical Analysis
Avalanche showed bulls regaining their dominance by breaking above the general resistance of $45.15 on March 11th. The buying continued on March 12th, pushing the AVAX/USDT pair above the $50 resistance. Typically, after a significant resistance breakout, the price returns to test the breakout level. Therefore, a drop to $50 is possible.
If bulls turn the $50 level into support, the likelihood of the uptrend continuing will increase. The pair could then rise to $67. Conversely, if the price breaks and stays below $50, it would indicate aggressive selling at higher levels. The pair could then fall to the 20-day EMA average of $44.
