Bitcoin price spends time above $37,000 with falling volume. The altcoin market continues to recover with an average of 5% 24-hour gains from January 29. In this article, let’s examine the technical levels for DOGE, SHIB, and AXS. Veteran crypto analyst Jonathan Morgan sets the critical levels for the coming days.
DOGE, SHIB and AXS price analysis
Let’s start with Dogecoin (DOGE). Meme coin continues its downtrend, falling below the support level of the descending wedge formation. The descending wedge is an important factor for Dogecoin price. Dogecoin bulls need to keep the price at least 20% to 25% above the trendline near the $0.19 zone to prevent another drop. On the downside, the $0.16 band is at risk of a quick sell-off at any time. Also, volume is extremely weak at $0.16 to $0.09, thus requiring tight stance at current levels. The summit of the wedge will take place on February 2.
On the Shiba Inu (SHIB) side, the meme token held the $0.000020 support level. According to the weekly Ichimoku chart, the nearest level of support is $0.000007. However, a big bounce could occur at any time and the oscillators are supporting a possible bullish breakout. At the same time, the RSI is just above the initial oversold level in a bear market at 30. As a result, the analyst states that a close above $0.000027 in SHIB price will create a support base for an upside to test $0.000034. The meme token is trading at $0.00002175 at the time of writing.
Axie Infinity (AXS), the market’s largest play-to-win ecosystem and NFT platform, reached a target region previously set earlier in the week. The bears are pushing the selling pressure beyond the $45 support zone. Failure to hold the support at $45 could trigger a flash collapse towards $31. However, the inability of the bears to pull the price down will make the decline more difficult. An average reversal scenario will become stronger once AXS hits higher prices.
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