Analysts have issued a selloff alert for Shiba Inu (SHIB), ApeCoin (APE) and Polygon (MATIC). Accordingly, the 3 altcoins will soon witness massive sales and corresponding price drops. So what price levels should investors expect? Analysts replied.
“SHIB may fall to these levels”
Shiba Inu price used the $0.0000118 barrier as support between July 31 and September 15. As a result, the price of meme coin saw a 50% increase. However, sales after September 15 led to the breaking of this support level. The mentioned level is currently placed as a resistance barrier. With the sales, the SHIB price fell by 16%. However, the cryptocurrency is currently witnessing a trend reversal.
This increase in bullish momentum has brought SHIB price closer to retesting the $0.0000118 hurdle. Failure of these Buyers to overcome this resistance will trigger selling. However, retracing resistance will show that the uptrend can continue. Confirmation of the bearish outlook for SHIB price now lies at the October 2 low of $0.0000107. A bottom below this level will strengthen the bearish thesis. If this happens, traders should expect a 20% drop towards the Shiba Inu’s support at $0.0000092.
“ApeCoin price stuck”
ApeCoin is currently trading just below the mid-$5.00 zone. A bearish cross of the 8 and 21 simple moving averages has formed as APE price continues its bearish action. However, with ApeCoin price at $5.28, the Volume Profile Indicator is showing a contraction, signaling that the downtrend is weakening. Still, the Relative Strength Index fell into the extreme bearish zone at the recent lows of $0.00. Therefore, the analyst does not recommend early entry.
The crossing moving averages could catalyze the lowest event targeting the $4.00 liquidity level. Therefore, the bulls should remain cautious around the current APE price. Such a decrease would result in a 25% reduction from the current market value. If the $4.00 zone is breached in the coming days, lower levels will be confirmed. Meanwhile, the invalidation of the bearish thesis is a break above the $6.50 resistance level. If this level is tagged, APE is likely to rebound 42% to $7.50.
“MATIC is preparing to drop to these levels”
MATIC price broke above the low range at $0.721 on Sept. 22. Thus, it rose 18% in the following trading days. This rebound was a sign that buyers were returning. cryptocoin.com As we reported, the upward movement for Bitcoin price also supports this narrative. Bitcoin rise causes all altcoins to rise, including Polygon. Now MATIC has swelled by 18% and is waiting to form another trend at $0.836. However, the volume profile shows the highest volume from April 26 to October 5 at $0.888.
Therefore, any attempt to go higher will be blocked by this blockade. The decreasing momentum in Bitcoin price also supports this claim. Therefore, investors should expect a pullback in the short term. The appropriate level for a retest is the immediate support level at $0.785. However, if the sellers do not stop, MATIC price will retest the lower range at $0.721. If the support is defended successfully, buyers will step up once again and try to push the price higher.
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