New analyzes for 3 altcoins, which are closely followed by investors in Turkey, draw attention. Here are the expectations for the altcoins Shiba Inu (SHIB), Hedera (HBAR) and Avalanche (AVAX), which are likely to sell (selloff), according to some…
The analyst pointed to this level for the popular altcoin SHIB: It could crash
According to analyst Aaryamann Shrivastava, the Shiba Inu price recorded a consistent downtrend throughout the month of February, which did not end a week before March. The cryptocurrency is looking at a few more trading sessions that could close in the red, but if the broader market tips turn positive, the SHIB may not fall to the extreme lows. The Shiba Inu price is trading at $0.00001102 at the time of this writing, after falling almost 12 percent last week.
According to the analyst, the altcoin has turned the support level to the critical resistance at $0.00001189 and is now close to losing the support of $0.00001000. The Relative Strength Index (RSI) has lost the support of the neutral line at 50.0 and is rapidly falling, sitting in the bearish zone. A similar bearish pattern can be seen in the Moving Average Convergence Divergence (MACD) indicator, which has not been bullish for about a month. As a result, if the Shiba Inu price sticks to these conditions, it could decline further and test the critical support at $0.00000966.
Losing this support would cause us to see the December 2022 low of $0.00000791, resulting in a 26 percent decline. However, as observed in the RSI, the extreme bearish will cause higher selling to push the indicator into the oversold territory below the 30.0 mark. The bulls would have the opportunity to pull the SHIB around this time. According to the analyst, the altcoin will not only need to turn the critical resistance at $0.00001189 to support, but also tag the resistance at $0.00001395 to initiate a sustainable recovery.
Avalanche (AVAX) bulls suffer from bears
According to analyst Filip L., Avalanche (AVAX) price is experiencing some technical difficulties as it is under pressure from a large moving average on the charts. Looking back at the beginning of the year, the 200-day Simple Moving Average (SMA) was a clear guide as to whether the uptrend is still supported. Avalanche price is in a tough spot as price action slides from the 200-day SMA towards $16.50. With lower highs and lower lows, a clear short-term downtrend continues its pace.
As the 200-day SMA only gains strength with every candle AVAX opens and closes below, the analyst expects AVAX to drop further. With no real support offered nearby, AVAX is forming a clear bearish pattern with lower highs and lower lows. The analyst points to the $14.50 and $15.50 levels on the downside. Upside moves may come when the bulls break above the 200-day SMA. This means that once $16.50 is broken, the bulls will want to break in and start rising. “Short-term traders can lock in $19 as a profit target on the monthly pivot,” the analyst says.
Will HBAR delete its gains?
Finally, analyst Filip L. provides his analysis for Hedera (HBAR). cryptocoin.com As we reported, Hedera Hashgraph (HBAR) was in the eyes of investors and bulls as a clear pattern was detected at the beginning of February. Every time an ascending trendline supported the price action before a breakout trade, HBAR moved higher and formed an ascending trendline again. As the two trendlines have already been broken, testing of the last and first trendline seems inevitable soon.
Hedera Hashgraph price is already down 35 percent from the peak of price action last Monday. Along the way, two purple uptrend lines were broken and saw extensive bearish action as sellers used this break to flood the market with sell offers. As the rally loosens even more, there is only one ascending trendline left to test. HBAR needs traders to prepare for a drop of at least 27 percent to be able to side with the two middlemen trying to slow this decline.
First, the 200-day SMA around $0.06 could be supportive. Second, the $0.055 monthly S1 support adds to the strength. When the decline stalls, it points to $0.045 as the important area. If the bulls can extend the price action above the purple ascending trendline at $0.07, a reversal may be on the way. The RSI supports such a reversal as it is quite close to the oversold zone. As an upside target, the analyst points to $0.07 and $0.075.
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