Shiba Inu (SHIB) price regressed and cannot make significant rises. Crypto analyst Filip L sees a possible bearish risk by the end of the week as investors withdraw preemptively. According to the analyst, Dogecoin (DOGE) will likely trade sideways-low due to investor apathy. Analyst Aaryamann Shrivastava says Chainlink (LINK) is preparing for a price drop. We have prepared analysts’ analysis of SHIB, DOGE and LINK for our readers.
“SHIB sees some ‘take profit’”
Shiba Inu price action is going nowhere this morning. Nasdaq futures point to gains of over 1.75% for the US opening bell. Major cryptocurrencies like Bitcoin are gaining over 2% for the trading day. The fact that Monday’s rally saw some losses bears a great resemblance to the Tour de France, where several riders fell behind as they climbed the Alpes D’Heuz. Similarly, the SHIB price needs to fall from the peloton. There is a risk that it will turn negative as other majors progress.
SHIB is likely laying the groundwork for some divergence as investors and traders are only in price action in the very short term and are starting to take profits from Monday’s rally. Expect price action around $0.00001150 on max trade. Also, look for the low at $0.00001078. If this last level gives way to Sunday’s low, the drop will expand and turn into a sell-off. Therefore, a drop towards $0.00001000 is possible.
If stocks break out of the bear market zone and bounce back to significantly higher levels, this would create a huge tailwind for the cryptocurrency market as a whole. In such a scenario, it is possible for SHIB price to approach $0.00001209 due to investor inflow. A break above is likely to reach $0.00001350 near the monthly R1 which printed roughly 20% of the gains in the process.
“DOGE will be on the selling list for this unique rally”
Dogecoin price is making small gains compared to few other characters in the same asset class. This points to an important element to understand in this relief rally. Traders and investors are choosing very liquid and more traded assets over alternative currencies. That means DOGE missed the boat. Because the participants know very well that the rally will be short.
DOGE price at risk. Accordingly, it sees the price action decline to lower lows from 2022. Do not expect to see the $0.0484 level right away. Instead, challenge the monthly S1 and September lows at $0.0550 first. Another catalyst is needed to trigger a drop to $0.0484, which will come with a loss of 20.
Alternatively, it is possible for DOGE to catch up, rise and see more entry from traders and investors as there could be a reversal in the market. In this case, expect to see a DOGE price near $0.0650. The subsequent 55-day Simple Moving Average (SMA) will likely be too much of an upper bound. But it prevents the bulls from taking more profits and reaching higher peaks.
“LINK is waving a red flag”
As the market enters the fourth quarter this week, Chainlink has announced its growth in the third quarter. With more than 1,500 projects in its ecosystem, Chainlink has integrated with 15 L1 and L2 Blockchains such as Polygon, Fantom, and Solana. cryptocoin.comLast quarter, Chainlink also introduced a new metric called Activated Transaction Value (TVE). According to the network, TVE measures the total monetary value of transactions facilitated by a protocol over a given period of time.
Currently, Chainlink tracks eight out of 15 integrated blockchains, processing over $6.18 trillion through 2022. However, outside of the crypto space, Chainlink has found preference this week as it has partnered with the Worldwide Association for Interbank Financial Telecommunication (SWIFT). The interbank messaging system will work with Chainlink on a cross-chain interoperability protocol. This protocol will help SWIFT accelerate the adoption of Blockchain and DLT technology. It will also improve cross-border payments.
However, the situation on the charts may not look good for Chainlink traders. LINK is trading at $7.72. Also, it is gradually rising within the uptrend lines. However, coupled with the March to May slump, the lineup looks similar to the early Bear Flag pattern. The horizontal movement over the past four months has created a Bear Flag pattern that acts as a flagpole. Thus, LINK is approaching its critical resistance at $8.06.
This previously tested level will likely be the jump LINK needs to assemble. However, it is possible that the upper trendline is not broken, resulting in a price drop for LINK.
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