The article provides an analysis of 10 cryptocurrencies (DOGE, SHIB, ADA, AVAX, LINK, AVALANCHE, CARDANO, DOGECOIN, CHAINLINK, and SHAIBA INU) using daily charts. The author assesses the potential for price movements based on chart patterns, moving averages, and relative strength index (RSI). Here’s a summary of each analysis:
- Dogecoin: The bulls are struggling to maintain the price above $0.40. A break below this level could lead to a drop to $0.36 or even the 50-day SMA at $0.32.
- Shiba Inu: The recovery hit a wall at $0.000030, and bears are selling on rallies. The pair may stay range-bound between the 50-day SMA ($0.000024) and the overhead resistance of $0.000033.
- Cardano (ADA): The relief rally is facing selling near the 61.8% Fibonacci retracement level at $1.16. A break below this level increases the possibility of a range formation between $1.16 and $0.91.
- Avalanche: The bulls are aggressive, and if they do not allow the price to dip below $51, the likelihood of a breakout increases. The AVAX/USDT pair could climb to $60 and then to $65.
- Chainlink (LINK): The rally is facing selling at $30.94. If the price bounced off $27.41, it will suggest that bulls are trying to flip this level into support. A drop below $27.41 opens doors for a possible drop to the 20-day EMA.
- Shiba Inu: The recovery hit a wall at the $0.000030 overhead resistance, indicating that bears are selling on rallies. The pair may stay range-bound between the 50-day SMA ($0.000024) and the stiff overhead resistance of $0.000033.
The article suggests that each cryptocurrency has its own unique analysis based on chart patterns, moving averages, and RSI. It’s essential for investors to conduct their research when making a decision regarding these or any other assets.
For readers interested in understanding how to analyze cryptocurrencies using charts, the article provides a good starting point. However, it is crucial to remember that every investment involves risk, and readers should make informed decisions based on their own research and risk assessment.
Additionally, the article does not provide specific buy or sell recommendations but rather highlights potential price movements based on chart patterns and analysis.
Key Takeaways:
- Each cryptocurrency has a unique chart pattern and analysis.
- Investors must conduct their own research before making investment decisions.
- Chart patterns, moving averages, and RSI are essential tools for analyzing cryptocurrencies.
- Every investment involves risk, and readers should be aware of this when making decisions.
