Crypto analyst David says that Convex Finance price will increase after Ethereum’s Shanghai update. According to analyst Albert Brown, this altcoin is ready to explode. Analyst Tomiwabold Olajide thinks BONE is preparing for a big move. According to analyst Alli Martinez, a strong support zone has formed for MATIC. And finally, the data show increased social activity and sensitivity to AVAX.
Altcoin could confirm formation of double bottom formation
Convex Finance (CVX) price has been trading below the 20-week MA line since May 2022. During this time, the price reached its yearly low of $3 in June of the same year and started to recover. The recovery turned into a dead cat bounce as the altcoin price was rejected at the $8.5 resistance level and once again dropped to the $3 support level in January 2023. Combined with the May 2022 low, we see a double bottom pattern formed with a bullish divergence on the weekly RSI indicator. This is usually a bullish pattern that causes the trend to revert to an uptrend.
Indeed, CVX’s price has since risen sharply and moved above the 20-week MA line with a large bullish candle. After the initial rejection, it managed to convert this MA line into support (blue arrow) last week. Therefore, it is likely to reach the long-term resistance level of $8.5 in the near future. Breaking above this zone will confirm the formation of a double bottom pattern with a target of $24.2, which marks an increase of over 350% from the current price level. This target is calculated by connecting the height of the pattern to the breakout point. During the upward move, there is a key resistance zone near the $15 level. The price needs to break above this zone to reach the target of the formation.
Both fundamental and technical principles support the continuation of CVX’s uptrend. The closest target is $8.5, while the next targets are $15 and $24.22.
SHIB’s OI moves with its price
The OI chart reveals a correlation between SHIB’s Open Interest and price action. Because the price of the asset usually goes up when the OI increases. OI rose to 3.2 trillion tokens ($47.3 million) on Feb. This increase was accompanied by the price of SHIB rising to $0.00001527 that day. This was SHIB’s highest value this year.
However, SHIB’s OI started to drop after February 5th and the price of the asset started to record decreases as well. Open Rate is witnessing its value increase again after falling to its lowest level on 13 March. Investors expect the price of the asset to move in the same way. The renewed demand for SHIB was also noticed in the trading volume on Binance. Shiba Inu’s volume on Binance has steadily increased every day for the past four days since dropping to 1.58 trillion SHIB on April 8. Today’s volume currently stands at 2.44 trillion tokens.
Despite its current underperformance, SHIB is trying to break out above the ascending triangle where it is stuck in the middle of the long consolidation period. The altcoin is currently trading at $0.000011, down 0.97% in the last 24 hours, but up 0.8% in the last 1 hour. A break above the triangle could open the door to SHIB’s February high at $0.000015.
Recent trends suggest that the asset has become a favorite among market participants and an increase in demand could support its targets. CoinMarketCap’s Q1 2023 report revealed that SHIB is among the top 3 most viewed assets across all continents.
This altcoin is preparing for a big move
cryptocoin.comAs you’ve followed on , Shiba Inu’s BONE has been underperforming for weeks. However, he may be preparing for a big move now. BONE hit $2.10 on February 21, beyond Shibarium’s expectations. Now, BONE is down almost 100% from this high as it is trading close to the $1 level. Shortly after reaching these highs, BONE slumped to the lows of $1 on March 28.
BONE price has since consolidated around $1. At the time of this writing, BONE is down 3.74% in the last 24 hours to $1.04. Technically, the daily RSI is heading towards the oversold level of 30. Once the oversold conditions are confirmed, BONE could launch a relief rally or at least a dead cat bounce.
On the upside, BONE needs to smash the daily MA 50 barrier at $1.15 to trend higher. The $1.36 barrier, which coincides with the daily MA 200, may also attempt to block an upside move. If these are successfully surpassed, BONE could approach the February high of $2.10. Also, the fact that BONE has been consolidating in a range for weeks may strengthen the situation for the next move. On the other hand, support seems to have been built near the $1 mark. Based on the fundamentals, Shibarium can contribute positively to BONE as it serves as the gas of the Layer 2 protocol.
A strong support zone has formed for this altcoin
Prominent crypto trader and analyst Ali Martinez shared some new information about Polygon (MATIC) on Twitter. According to the analyst’s tweet, about 52,410 addresses bought 4.81 billion MATIC in the $0.9 to $1 range. This resulted in the formation of strong support that could prevent the price of MATIC from reaching new lows in the near future.
The analyst added that for MATIC to break out, the altcoin will need to surpass the next resistance level between $1.14 and $1.30. The data in Ali’s tweet showed that about 48,760 addresses hold 1.66 billion MATIC around this resistance.
According to press time, MATIC is one of the top 10 cryptocurrencies traded in the red. CoinMarketCap shows that MATIC is currently trading at $1.09 after a price increase of 3.29% in the last 24 hours. During this time, MATIC managed to hit as high as $1.13, but at press time, the altcoin is trading at a 24-hour low of $1.09.
What does the data show for AVAX?
Blockchain analytics firm Santiment notes that during the current decline in AVAX’s price, there has been a notable increase in both Avalanche’s (AVAX) social volume and positively-weighted sentiment. The tweet highlights the contrast between the current high levels of social activity and sentiment and the lows witnessed in February of this year when the price of AVAX reached $21.
Santiment’s tweet includes a snapshot of AVAX’s current social activity and sentiment. This shows that the discussion rate and sentiment towards Avalanche has increased in the last 4 weeks. At the time the tweet was published, data showed that the weekly AVAX discussion rate had increased by more than 292%.
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