According to crypto analyst Filip L, there are two reasons why SHIB is up 15% this week. Analyst Akash Girimath says ATOM set the stage for 20% movement. Also, the analyst talks about a 35% rally probability for Chiliz. Crypto analyst Arman Shirinyan claims that the next price target of this altcoin project will be surprising.
SHIB price to rise further with confidence boost
Shiba Inu price sees trading conditions falling in its favour. Because two elements at work will see SHIB rise. Crypto podcaster David Gokhshtein said, “Looking at the data, people are replacing their SHIB positions with PEPE. I still like the SHIB in the long run,” he says. This comment comes after on-chain analyzes revealed a large amount of swaps to PEPE under FOMO.
Meanwhile, SHIB has seen the liquidation of more than 2 billion tokens in a burn operation that has drained some liquidity. More demand when liquidity is low is always a good recipe for bullish price action. Also, the altcoin price needs to be prepared for a big bang. After breaking $0.00000150 and the bulls regain the ground above the 200-day Simple Moving Average (SMA), there will be an easy avenue towards $0.00001150. Thus, a break above R1 monthly for a 15% gain will occur.
The downside risk comes with the current bearish that could pinch the bulls and push them further. The line in the sand is $0.00000966. This one caught the knife that fell in March. When this is broken, SHIB will drop further. Thus, it will move towards $0.00000850 with a loss of 15%.
This altcoin is approaching critical levels
Cosmos bounced off the $10.55 support level on May 11 and triggered a 26% rally. Following that, ATOM rose 22% and 13% in the following two events where it tagged the aforementioned mainstay. When altcoin revisits this level, investors can expect cryptocurrencies in general to start a new uptrend. If this move occurs, ATOM will likely target the $13.29 hurdle. If this blockade is successfully translated to a support level, it is possible for the altcoin to retest the $15.44 resistance level.
These two levels mean that the ATOM price increases by 20% and 40% respectively. Confirmation of the uptrend can be seen in the Relative Strength Index (RSI) and Awesome Oscillator (AO), both of which are below the average line. A reversal of the respective average levels on the daily chart will be a buy signal.
On the other hand, if Bitcoin experiences a negative impact due to macroeconomic events, it is possible for ATOM to drop as well. The bullish thesis will be invalidated if ATOM slides lower and turns the $10.55 support level into a resistance barrier. In such a case, the altcoin price is likely to drop 11%. It is likely to set the next foothold at $9.36.
CHZ recorded a breakout
Altcoin price consolidated in a symmetrical triangle setup from April 26 to May 3. CHZ created three low tops and three high bottoms. On May 3, CHZ produced a definitive four-hour candlestick above this setup, signaling a breakout. If this bullish outlook persists, which it will, investors can expect the Chiliz price to rise 12% and tag the $0.143 hurdle. Beyond this level, CHZ is likely to retest the four-hour barrier at $0.152. In a serious bullish case, CHZ price is likely to hit the $0.171 barrier. Thus, it is possible for investors to earn a profit of 35%.
The bullish argument will be invalidated if Chiliz price breaks the $0.123 barrier without recovery. In such a case, the altcoin is likely to try to retest the $0.111 support level.
The next target of this altcoin price will surprise you
Despite the local corrections Cardano has experienced lately, a more comprehensive look at the daily chart reveals that ADA is still moving in an uptrend. It is very important for traders not to be deceived by short-term market fluctuations. Cardano remained resilient amid the turmoil. It also continues to display an overall positive trend. The next price target for ADA is $0.59, which is a staggering level.
This target is based on the fact that there is no visible resistance before the $0.59 price threshold. If ADA experiences a reversal before reaching this target, it may be due to factors affecting the entire industry rather than being a direct result of the asset’s performance. Therefore, it is important for traders to stay vigilant. That’s why traders need to monitor market dynamics and external influences.
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