According to crypto analyst Filip L, 1INCH price needs outside forces to intervene in price action for this breakout. The analyst is also targeting a 30% breakout trade for SHIB. Filip claims that an altcoin project will organize a Usain Bolt rally. Analyst Aaryamann Shrivastava says Chainlink price could rise to $10. Finally, analyst Annah Mugoir is waiting for a bullish move from STEPN.
This altcoin is poised for an explosive breakout
The 1INCH price is still roughly 50% down from its May high last year, when it saw very volatile movement flirting with the $1 at the top. Looking at the reaction to the breakout of the 200-day Simple Moving Average (SMA) in February, it seems that the bulls were too quick to cash in on profits and were not involved from an investor’s point of view. To break out of this monotony, an outside force needs to step in and create an all-round positive mood around 1INCH and its rivals in altcoins.
This positive vibe could come from the ASEAN Gaming Summit, which kicked off on Wednesday. Also, a few developers may turn their attention to altcoins as they are poised to unleash a whole new gaming industry using web3 and Blockchain networks as the core of their gaming app. Coincidentally, demand for altcoins should increase and could soon see a wider influx of investors. This could mean a rise towards $0.70. In May, the London Blockchain Conference could be the cherry on the cake, triggering a breakout move from the trend channel and bringing 1INCH back to $1.
The bigger risk for 1INCH is that several altcoins have already seen investor inflows and their representations have been garnered by investors. In addition to this, any experienced trader or trader will also have this descending trend channel on their screen. This may be one reason why 1INCH fell out of favor with investors and failed to cut or shortlist and see the progress of other altcoins. Also, 1INCH remains among the descending hurdles of this trend channel.
Altcoin price will return to $0.00001200
Shiba Inu (SHIB) receives bullish intervention with price action. Throughout the European session, the 200-day Simple Moving Average (SMA) provided support this Wednesday and kept the price action above $0.000001000. The bulls are touching the red descending trendline, which will be the line in the sand for a breakout.
This breakout is in their favour, as the SHIB bulls are not holding any solid resistance levels up to the 55-day SMA. This is just above $0.00001200 and means that the bulls can retrace this psychological number. If more headwinds come from the important Gaming Expo focusing on altcoins, SHIB could see more entries by Friday at $0.00001300 in its forecast.
The bigger risk to the downside comes from the green ascending trendline. While the area below the $0.00001000 level is very volatile, it could trigger a catalyst move if breached, with the monthly S1 and the red line at $0.00000966 for the March low. The result could be a quick dive move to $0.00000738.
This altcoin will hold a Usain Bolt rally!
Axie Infinity has been bearish since mid-February after price action hit almost $14.05. cryptocoin.comThis was followed by a long decline, which was the turning point in early May. Higher lows have been pressed into daily performances since then, and there is clear consolidation as we speak.
Therefore, AXS is poised to retest the waters around $9.55 for the 200-day SMA and $9.91 for the 55-day SMA soon. With the ASEAN Gaming Expo underway this Wednesday and later this week, it could be seen that some broad investor input is filtering behind it. AXS could reach $11.52 fairly quickly, where a breakout could see a very quick rally towards $14.05 as seen in February.
The bigger risk to the downside in the near term is that AXS is very cyclical. Evidence of this can be found in the Relative Strength Index (RSI), where the price of Axie Infinity goes through a downtrend cycle with a bounce back to an uptrend each time. Once we see where the RSI is right now, the first result before the uptrend starts later this year could be a drop towards $7.
LINK targets $10
Chainlink (LINK) price is up about 24% in 12 days, trading at $7,602 at the time of this writing. Currently, the altcoin is trading just above the 200-day Exponential Moving Average (EMA) line and if it turns into a support base it will aid the recovery for LINK. The Relative Strength Index (RSI) indicator is also currently in the bullish zone, showing that there is room for further gains in price before touching the overbought zone above 70.0. The Parabolic Stop and Reverse (SAR) indicator also highlights an active uptrend that will continue if Chainlink price stays above the $7,401 support level.
This will allow LINK to start a rally and surpass the critical resistance level of $8,271. Breaking above the same level will place the altcoin price at year-to-date highs. It will also provide the bulls with an opportunity to test the coin at the upper boundary of the consolidation channel between $9,333 and $9,435. Breaking the same level could push the altcoin towards $10 and make it mark a ten-month high.
However, an unlikely pullback could cause LINK to test the critical support at $6,942. Losing the same invalidates the bullish thesis and drops the altcoin price to its March low of $5,903.
STEPN continues to hold in bullish action
The latest STEPN price analysis is bullish as it shows a slight price increase today. The buying pressure is still quite strong and the price holding above the $0.39 level indicates that the buying pressure is still strong. STEPN is trading at $0.3982, up 0.45 percent in the last 24 hours.
The upward trend is expected to continue in the near future as more investors are attracted to the cryptocurrency due to its high potential. The resistance level for the altcoin is at $0.4178, which will be difficult to break as the buying pressure eases a bit. If a bearish bias prevails in the market, STEPN price will likely decline towards the $0.3973 support level.
Overall, STEPN is in a positive trend and soon more investors are interested in the cryptocurrency due to its high potential. The bullish momentum looks strong and there are no signs of a pullback. Technical indicators are also positive, showing that the bulls are dominating the market.
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