Many altcoins attract attention in the ever-changing cryptocurrency world, where market trends can change in the blink of an eye. In this article, we will look at some cryptocurrencies that various analysts expect to decline. Here are the details…
What’s next for Cardano?
Cardano has emerged as a beacon of resilience. Cardano is defying broader market trends with a significant increase in on-chain transaction volume, despite experiencing a decline in market value compared to April highs, Santiment reported. On the other hand, Avalanche (AVAX) is facing a rough patch as it broke below long-term support levels, signaling a potential decline. Cardano, often referred to as ADA in trading circles, has a market cap of just over $9 billion and a 24-hour trading volume of approximately $97 million. These figures may not be as high as some of its cryptocurrency counterparts, but Cardano’s unique approach to Blockchain technology and its steadfast commitment to utility have proven to be its strengths.
Tough road ahead for AVAX
In contrast, Avalanche (AVAX) has encountered a different trajectory. AVAX’s price broke below the long-term horizontal support area, signaling that the downtrend will potentially continue. While initially showing promise with a double bottom formation and bullish divergence on the weekly chart, AVAX faced rejection at the $15.7 resistance level. This rejection, coupled with a decline below the $10.7 support, paints a bearish picture for AVAX. The weekly RSI indicator also shows a downward trend, supporting the continuation of the downtrend. As a result, AVAX is likely to continue its decline and potentially reach the next important support area at $4.7. However, there is a silver lining for AVAX in the short term. The daily chart points to a possible recovery in the coming days, thanks to positive developments in the RSI indicator. If the buying pressure increases, AVAX may recover to the $11 resistance area.
These are next for altcoin projects MKR and SHIB
Amid the stories of Cardano and Avalanche, Maker (MKR) and Shiba Inu (SHIB) are also playing their roles in the crypto narrative. Maker witnessed a large transfer of whales based on Santiment’s data. The increase in whale activity, combined with increased supply on exchanges, created selling pressure on the Ethereum-based token, resulting in a decline in the price of altcoin MKR. Controversies surrounding MakerDAO and Ethereum creator Vitalik Buterin’s divestment of a significant portion of his MKR holdings also contributed to the bearish trend.
On the other hand, Shiba Inu (SHIB) was in a downtrend, but the ShibaFest event injected new life into the meme coin. SHIB may be on the verge of a correction and bullish momentum with support located at $0.00000784. Momentum indicators are pointing to a potential upside with resistance levels at $0.00000840, $0.00000853 and $0.00000914. In an extreme bullish scenario, SHIB could reach $0.00001067. Although the ShibaFest celebration has rekindled interest in SHIB, it is important to note that bearish market conditions still prevail. The Awesome Oscillator is indicating a bearish divergence and SHIB could decline below the $0.00000718 support level.
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