Recently, many analysts have announced their predictions about popular altcoin projects such as Cardano (ADA), Shiba Inu (SHIB), DOGE. In this article, you can see the combined version of some predictions. Here are the details…
Cardano risks reversing its trend
According to analyst Arman Shirinyan, Cardano (ADA) has recently attracted the attention of crypto enthusiasts with its potential for a trend reversal. Currently trading at around $0.2504, ADA’s technical indicators point to an uptrend ahead. The notable breakout of an upward descending triangle pattern has sparked optimism among traders. This formation generally indicates a transition towards upward momentum. The fact that ADA has gained momentum following this breakthrough further supports the idea of an impending uptrend.
Traders are speculating about the possibility of the trend reversing over a longer period of time. If ADA can maintain its current momentum, this could signal a fundamental shift from a downtrend or sideways trend to an uptrend. However, investors should be cautious as technical indicators are not infallible and other market factors may affect Cardano’s trajectory.
Popular altcoin DOGE is at key resistance level
Dogecoin (DOGE) is currently facing a pivotal moment where technical indicators are suggesting a potential challenge to a key resistance level, according to analyst Steven Walgenbach. Despite a slight price drop of 0.22% in the last 24 hours, DOGE is hovering around $0.06187. Meme coin held its value amid a 0.55% decline in the total value of the meme coin market at $14.4 billion. DOGE price action has been relatively stagnant in recent weeks, ranging between $0.05835 and $0.06450. However, it looks like it is trying to break out above this consolidation channel.
A daily candle close above $0.06450, which coincides with the 50-day EMA line, could indicate a bullish scenario and potentially lead to a rise to $0.07195. However, a failure to close above the 20-day EMA at $0.06187 could invalidate the bullish thesis and potentially send DOGE back to test the support at $0.05835.
Solana challenges altcoin Ethereum dominance
Solana is making waves with signs of a potential breakout against Ethereum (ETH). The performance of SOL, which is traded at approximately 0.01281 ETH, against ETH is remarkable. This breakout means increased volatility for Solana and potential dominance over Ethereum in certain aspects of blockchain technology. Solana’s high transaction volume and low transaction costs have positioned it as a rival to Ethereum. A breakout in the SOL/ETH trading pair indicates that Solana’s potential is becoming more widely accepted in the market. However, volatility in the crypto market means investors need to be careful and do thorough research.
SOL/ETH 1W pic.twitter.com/bFu38qXC2u
— Will Clemente (@WClementeIII) September 30, 2023
SHIB and Bitcoin correlation attracted attention
Finally, according to IntoTheBlock data, Shiba Inu (SHIB) exhibits a negative correlation with Bitcoin. Because the 30-day correlation coefficient is -0.24. This means SHIB and Bitcoin are moving in opposite directions. While SHIB maintains a positive correlation with the likes of Ethereum and Dogecoin, it stands apart from Bitcoin. SHIB’s move beyond meme coin status to utility provides this unique correlation. Both Bitcoin and SHIB remain relatively stable lately. Historical precedents for significant gains during this month are also critical. Considering these, October looks promising for SHIB.
However, it is worth noting that the crypto market is extremely volatile. So it’s important to remember that past performance does not guarantee future results. Investors should approach SHIB from a balanced perspective. In summary, the cryptocurrency market is in a state of flux with assets, with trend reversals, breakouts, and unique correlations. Investors should be careful while navigating this dynamic environment. He/she should also conduct extensive research and be knowledgeable about market developments.
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