Crypto analyst Kelvin Munene thinks rallying INJ has profit potential. According to analyst Christian Encila, there is bullish sentiment in the market for AVAX. Analyst Jake Simmons says the Shiba Inu is on the verge of a major breakout. According to analyst Valdrin Tahiri, this altcoin could be in the first part of a bigger rise that will take it to new year highs. Analyst John Kumi assesses the bullish potential for Chainlink.
rallying in INJ It has profit potential!
Despite their optimism at the start of the day, Injective (INJ) bulls capitulated to bearish rule, which effectively drove the price to its intraday low of $8.48. Despite this pessimism, the bulls quickly recovered, sending INJ’s price to a 52-week high of $9,6138 within hours. This positive trend continued and INJ reached $9.21, up 3.37% from its previous close.
If the positive trend in INJ continues and rises above the $9,6138 resistance level, the next possible price target could be near $10.50. However, if it fails to break the resistance level, a reversal towards the $8.50 support level is possible. During bull bear swings in INJ market control stock, market cap and 24-hour trading volume increased 3.27% and 19.77%, respectively, to $738,415,139 and $207,716,242. This move shows that investors are actively trading and profiting from market changes. It also reveals the high volatility and profit potential in the INJ market.
Investors are actively trading INJ as it rises to new heights and offers potential profit opportunities. However, caution is advised as overbought indicators may indicate a possible correction.
Market sentiment for this altcoin: Bullish
cryptocoin.comBlockchain platform Avalanche (AVAX), known for its high efficiency and fast transactions, saw a healthy movement with a rally of 18.2%. Recent price analysis highlights AVAX’s upward momentum. With its innovative technology and growing community, Avalanche is catching the attention of both investors and crypto enthusiasts. The latest market data from Coinecko shows that AVAX has continued its upward trajectory with an impressive 8.5% gain over the past 24 hours.
The current price of AVAX stands at $20.82, reflecting an 18.2% increase in value over the past seven days. This steady growth in AVAX’s value is a testament to the strong foundations of the Avalanche network. The current market sentiment for AVAX is bullish, indicating a positive outlook for the altcoin. The recent crossing of the Moving Average curve indicates an upward trend in the asset’s price action. This shows that buyers are more dominant than sellers in the market.
Investors who are bullish on AVAX may consider investing in crypto as the market seems to be moving in their favour. However, it is important to remember that crypto markets are known for their volatility and investors should be careful when investing in such assets. On the other hand, with the current market sentiment favoring AVAX, investors may consider adding the asset to their portfolio to take advantage of its growth potential.
Shiba Inu price is on the verge of a major breakout
Shiba Inu (SHIB) is giving heavy signs that the price is on the verge of a major breakout from a consolidation phase that has been going on since early February. Last week, SHIB formed an ascending triangle on the 1-day chart since March 10. The ascending triangle is one of the continuation patterns and signals the continuation of the previous trend direction after a consolidation. The uptrend is the Shiba Inu’s price rally, which started at $0.00000808 on January 1 and pushed the price up to $0.00001589 (+97%) on February 4th.
After SHIB hit this local top, the meme coin price dropped as low as $0.00000958 on March 10. However, the altcoin price has been printing higher highs since then. At the same time, SHIB price showed a flat resistance level at the upper end, as is characteristic for an ascending triangle formation.
This price level stands at $0.00001151 for the SHIB. The bulls have been unable to overcome this heavy resistance in eight attempts since the beginning of March. However, at the time of writing, SHIB made a fresh attempt and was trading just above the resistance line at $0.00001161 after yesterday’s daily close. If SHIB can close above the $0.00001151 resistance today and turn it into support, it could mean that the early February local high is the next possible price target. Thus, there could be a price increase of at least 38% (up to $0.00001591).
In other words, the Shiba Inu can continue the uptrend that started in early January. After two months of consolidation, the bulls may aim for the medium term at $0.00001787, the 14th August 2022 high. This will provide a price gain of over 55% compared to the current price. However, it is important to note that a breakout from the ascending triangle requires a high trading volume. If the breakout occurs under low volume, it could be a false signal as some of the recent attempts have shown. This needs attention for now.
This altcoin price may break resistance
Rejection for DOGE confirmed the 0.382 Fib and $0.100 resistance, which is a horizontal resistance area. Fibonacci retracement levels work as a series of horizontal lines derived from the Fibonacci sequence that show areas where support and resistance may be encountered. If DOGE price breaks, the next resistance will be the 0.618 Fib retracement resistance level at $0.122. However, if another rejection occurs from the $0.100 area, the altcoin price could drop back to the descending resistance line at $0.080.
The Daily Relative Strength Index (RSI) is above 50 and rising. As a result, a break is more likely to occur. (RSI) is a tool that helps traders understand whether a crypto is overvalued or undervalued by measuring how quickly its price changes. It looks at how fast and how big the price has moved recently to see if it’s time to buy or sell crypto.
Technical analysis from the short-term two-hour chart supports the continuation of the uptrend. There are three main reasons for this. First, the price broke out of a descending resistance line. This supports the breakout from the daily timeframe. Next, DOGE price climbed above the minor $0.090 resistance area. The region is now expected to provide support. Finally, the move since April 8 looks like a completed five-wave upside move (black). Therefore, all these signs support the continuation of the increase.
The only bearish development is the two-hour RSI confirming that it has been bearish in the last 24 hours (green line). This may lead to a short-term correction before the uptrend continues. A close below $0.090 will invalidate this bullish prediction. In this case, the meme coin could drop to $0.080.
As a result, the most likely DOGE price prediction is a continuation of the rise towards the $0.010 resistance area and a final breakout. If this happens, the altcoin price could rally to $0.122. However, if the area causes another rejection, a drop towards $0.080 could follow.
Chainlink will conquer and revolutionize the billion dollar market
Chainlink (LINK) exists as a decentralized oracle network that has generated billions of dollars for live applications in Blockchain and other use cases. In a recent article, the team outlined how it revolutionized the tech industry with real-world use cases.
In traditional finance, there was a lack of universal accessibility to certain financial products. Chainlink Oracle eliminates this by creating advanced smart contracts to represent financial products and monetary instruments. It also plays a critical role in the blockchain-based money market, where users can increase the utility of their crypto assets. In this industry, a price feed is required to track the valuation of assets used on platforms, and Chainlink does just that. Aave is an on-chain money market protocol that uses price feeds to obtain data of different on-chain cryptos such as Compound and Liquidity.
The opinions and estimates in the article belong to the analysts and are definitely not investment advice.
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