The altcoin market is trying to hold the lows of recent months under the selling pressure caused by the SEC lawsuits. As with Shiba’s metaverse announcements, new developments have provided some support to the prices. In this article, you can find the altcoins that reached their ideal buy levels after the last drop and the price predictions of the analysts.
Cardano (ADA) crashes again: offers “zone of opportunity” for altcoin investors
The ADA price has dropped nearly 14% in the last three days as the market faltered from the observed sudden drop. The altcoin is currently trading at $0.3277. Meanwhile, it remains above the March low of $0.3043. It needs more investor attention than the market to initiate the recovery.
Also, ‘accumulation’ remains one of the biggest bullish triggers. It looks like ADA is approaching a point where a price rebound can be expected soon. The ratio of Market Value to Realized Value (MVRV) is a metric that helps measure loss against actual profitability in the network. Generally, moments of depreciation come with the possibility of trend reversal, as with Cardano.
ADA, MVRV analysis
MVRV is currently hovering at the -8% mark, just above the -10% threshold. Below this point, the price has historically been bullish as savings tend to take precedence for investors. This place is also known as the “zone of opportunity”. If ADA enters this area, it will be very sensitive to reclaiming losses incurred, according to technical analyst Aaryamann Shrivastava.
But that will generally depend on whale-class investors. Whales are also the group that contributes the most to the trading volume. Currently, approximately 45% of all trading volume is in the hands of investors who trade over $10 million. Out of these, whales holding $100,000 to $10 million are the second largest contributors, accounting for over 50% of the remaining volume.
As a result, much of the recovery will depend on the participation of whales participating in accumulating large amounts of ADA to push the price up again.
BNB sets new year low: What’s next?
Binance Coin (BNB) price dropped 10% on the news that the US District Court summoned Changpeng Zhao. Also, the call was broadcast on June 7, giving Zhao 21 days to respond.
Meanwhile, BNB is trading on the downside, down 20% for the week. The overall outlook points to diminishing momentum, as evidenced by the falling RSI. Notably, the altcoin broke below the critical support of $260.7, setting a new yearly low around $253.4. An increase in seller momentum suggests that BNB price will see the psychological level of $240.0 last seen around December before a possible reversal.
On the other hand, the RSI was in the oversold territory. It shows that the correction in the market will pull back as investors buy cheap. Subsequent demand pressure will be bullish for BNB. Late traders who buy BNB will initially aim for $300.6. If this happens, the bulls will turn to $313.5 as the next resistance.
The ensuing buying pressure could push the BNB price to extremes of $320.5 or $329.5. In an extreme bullish situation, the altcoin could advance as high as $338.5. This will pave the way for the bulls for higher levels.
Shiba Inu (SHIB) opens up new opportunities for altcoin investors
cryptocoin.comAs you follow, new news has emerged that will delight SHIB investors today. These developments are likely to have a positive impact on SHIB, BONE and LEASH. Meanwhile, BONE price gained 1.7% on one note after the news. In the same period, the price of LEASH increased by 1.4%. However, the SHIB price fell 1.9%.
As the broader crypto market struggles with SEC lawsuits, news of metaverse development will support the recovery of assets related to the Shiba Inu ecosystem.
Axie Infinity approaches key support level altcoin bulls should watch out for
AXS price is currently trading at $6.25, down 4.5% on the day. With continued downside momentum, it is approaching the December 2022 low of $5.85. This level has only been tested once in the last six months. Recent crypto crises like the SEC lawsuit contributed to the 13% crash of the price.
Its price is currently following the overall negative momentum as the market drop has increased significantly. This move has led investors to establish a selling mindset that can be seen in on-chain performance. Between May 18 and today, more than $7.5 million of AXS has been sold on exchanges since the recovery.
This sale is also supported by the five-month high of investors’ deposits. Historically, spikes in these metrics have only been observed at market peak prices. Usually, this continues with the sale and correction. But the increase this time is due to selling as the price is currently at a six-month low.
So this was a sign of extreme decline, pessimism and fear of losses in investors. This feeling is also noted by the sudden jump in their participation. Active investors similar to active deposits have seen a spike in the last week, with their number increasing 110% from 199 to 419.
Next levels for AXS
As a result, if AXS traders can withstand such an impact on price, AXS will potentially go bearish. Technical analysis shows that the closest level is $5.85, the December 2022 low. However, if the same investors stop selling, its price could potentially head towards $7.25.
Injective (INJ) price targets 10% gain
INJ price is showing bullish signs despite holding onto the current 7.00 level. Meanwhile, it offers investors the opportunity to join the majority before the next breakout occurs. Technical analysis shows that the short-term target for INJ price is in the range of $8.31 to $9.29, indicated by the red rectangle. An increase in buyer momentum above this level will result in an increase of at least 10% according to technical analyst Lockridge Okoth.
On-chain signals positive in metrics
Santiment data shows sharp growth in daily active addresses, up 55% from June 1-6. Similarly, volume increased 25% over the same period.
Conversely, early profit taking will interrupt the rally, leading to a correction, similar to what happened between June 2 and 3. The ensuing selling pressure causes Injective price to drop to $6.84. On the other hand, breaking 6.06 support will give bears strength for lower levels. In such a case, the next critical support is the 00-day EMA at $4.90.
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