According to crypto analyst David, Stargate Finance price is poised to drop further. Analyst Christian Encila says DOGE is limping and expects a drop. Another analyst, Ekta Mourya, notes that the PEPE whales probably caught a falling knife. According to analyst Filip L, this altcoin is in the penalty box. The latest analyst, Ibrahim Ajibade, talks about the bearish risk of MANA.
This altcoin is ready to drop more
Stargate Finance (STG) rose more than 300% to $1.38 at the start of the year. However, the altcoin price subsequently fell sharply. However, during the week of March 6-13, the bulls stepped in as the price dropped to the 20-week MA line (blue arrow). This is a positive signal. Because the 20-week MA line is often used to determine the long-term trend. A bounce from this line indicates that the trend is still up.
However, after bouncing off the 20-week MA line three times ($0.71), STG’s price dropped below the line this week. It also marked the end of the uptrend since the beginning of the year. Therefore, the altcoin price will likely drop to the next support level at $0.55. The weekly RSI indicator supports this view as it drops below 50 and declines.
STG weekly chart / Source TradingViewSTG price has been trading inside an ascending parallel channel since March 11. The price tested both the resistance and support lines of the channel multiple times. The price broke below the channel on May 7 after being rejected by the middle line of the channel on April 28. This channel formed after a sharp drop from the year high at $1.38. Therefore, a break down of the channel signals the continuation of the downtrend.
This pattern has a target of $0.42 which is calculated by connecting the height to the breakout point. This target coincides with a horizontal support zone. Therefore, the current decline is likely to serve as the bottom.
STG daily chart / Source TradingViewThe technical outlook shows that the STG price will continue to decline in May. The closest target is $0.55 and the lower target is $0.42. This view will be invalidated if the price bounces off the current level and recovers the 20-week MA line at $0.71.
Dogecoin limps in bear market!
DOGE has experienced a bearish breakout from the previous price consolidation range since May 8. This comes after DOGE hit a price cap of around $0.1000 on April 18. It then continued a price decline. Meanwhile, the overall trend points to a depreciation of over 20% since the second half of April.
DOGE has always been a volatile investment option. The altcoin price has gone through several cycles of volatility and collapse. However, the recent drop in altcoin price has been particularly worrying, as it appears to be part of a larger bearish trend in the crypto market. The price drop has raised questions among traders about what will happen next.
DOGE total market cap / Chart: TradingViewAn important factor to consider is the trading volume. It is possible that low trading volumes make DOGE vulnerable to sudden price fluctuations. This is likely to trigger a sharp price increase or a sharp decline. Additionally, negative sentiment towards DOGE could worsen the current bearish trend as more traders are cautious about investing in a cryptocurrency that seems to be losing its momentum.
What should whales do if the PEPE price drops?
Whales trying to catch the falling blade are likely to face unrealized losses if PEPE falls further. The altcoin is currently in a bearish trend, as seen in the PEPE four-hour price chart below. It also sets lower highs and lower lows.
PEPE price is struggling with resistance at $0.000000203, the 10-day Exponential Moving Average. The altcoin is struggling with resistance at $0.00000276 and consecutive Fibonacci levels of 38.2% and 23.6% at $0.00000296 and $0.00000354, respectively. According to the chart, the May 5 high is at $0.00000448. On the downside, PEPE is likely to drop first to $0.00000194, a level that has acted as support since May 5, and then to $0.00000127, a key resistance that turned into support between May 2 and May 4.
PEPE four-hour price chartOn a stable close at $0.00000202 above the 61.8% Fibonacci level, the bearish thesis for PEPE would be invalidated. This indicates a likely trend reversal in meme coin.
SHIB bears knock down bulls!
The Shiba Inu is suddenly in a tough spot with no support nearby to make a quick recovery as low as $0.000001000. This level represented a line in the sand until last week. Also, it was completely unpredictable that it would default under downward pressure. A week later, the changes are too weak for a quick return there. Traders will start preparing for levels south of $0.00000850 rather than north.
SHIB is expected to drop another leg this Wednesday and this week as support on the downside breaks at $0.00000850 monthly on S2. Bearish pressure will overwhelm the price action on the Shiba Inu. Thus, it will hold it near the lower end of the trend channel until it breaks into the support. This support is likely at the $0.00000750 level. This marks another 15% loss for SHIB.
SHIB 4-hour chartA quick reversal is possible with a bounce from the lower trendline and a move to the upper trendline. SHIB fails to reach $0.00001000, but $0.00000966 is still at hand. This means a profitable 10% increase for a bearish altcoin.
Are these altcoin bulls going to throw in the towel?
According to the In/Out of the Money data below, MANA price is likely to recover towards $0.55. However, for traders to be confident in this bullish price prediction, MANA must first surpass the $0.55 resistance level. At this point, the cluster of 1,350 investors paying a maximum price of $0.50 could sell some of their 8.8 million coins. However, if MANA’s bullish price prediction is confirmed, the rally could clear relatively less significant clusters of resistance on the way to $0.55.
MANA Price Forecast May 2023 – IOMAP data / Source: IntoTheBlockConversely, if the MANA breaks below the initial support near $0.46, the downtrend will take longer than expected. However, it is possible that the buy wall of 2,000 investors who purchased 13.6 million tokens at a minimum price of $0.46 could prevent the drop. Although unlikely, failure to maintain this support level could push MANA price down further towards $0.41.
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