What will happen in the coming period for Bitcoin and altcoins is eagerly awaited. Meanwhile, in this article, we’ll be covering the next levels for AVAX, SHIB, SAND, and FIL. Here are the details…
These are critical levels for AVAX, SHIB and these coins
AVAX: Closer to vital support level
According to analyst Anush Amal, Avalanche (AVAX) has been bearish for the past few months, especially after it was rejected at the $17.50 price level. This rejection allowed the bears to exert significant control over the price. In the last 24 hours, AVAX has made a slight upward movement of 0.5 percent. On the weekly chart, it has lost about 3.5 percent of its value. In the technical view on the daily timeframe, the bears have the advantage. In the chart, both demand and accumulation indicators are low, indicating that purchasing power has decreased.
It should be noted that the recent surge exhibited by Bitcoin has affected the price patterns of many altcoins, including AVAX. Bitcoin needs to stay above the $26,000 price level for altcoins like AVAX to break through the immediate resistance levels. Currently, AVAX is trading close to a critical support level. If sellers apply more pressure, there could be a significant drop in altcoin value. The decrease in market value for AVAX indicates decreasing purchasing power in the market. The coin is facing a resistance at $14 and if it manages to break above this level, it is likely to face a strong resistance at $14.20. On the downside, there is $13.8 to $13.5.
What’s next for the SHIB price?
On the other hand, according to analyst Jake Simmons, after Shiba Inu (SHIB) had a spectacular rally at the beginning of the year, the price has been in a steady decline since February 5th, which neither the beta launch of Shibarium nor the increase in monthly burn rates could prevent. Currently trading at $0.00000804, SHIB is probably at the most pivotal point in its teenage history, according to the analyst. Looking at the one-day chart, SHIB hits a local high of $0.00001575 on February 5, 2023.
When the trendline broke down, the downtrend resumed rapidly. All earnings from year to date have been deleted. However, one last hope could now be a triple bottom chart pattern that the Shiba Inu price is currently exhibiting. In mid-June 2022 and late December 2022, the $0.00000776 price area served as final support and now there is such a pattern again. The Shiba Inu satisfies all three characteristics of the chart pattern. As a result, the first resistance to be overcome is at the $0.0000817 level. If successful, the 50-day Exponential Moving Average (EMA), currently at $0.00000907, could come into focus. However, possibly the most important resistance to confirm a fake breakout is $0.000010. According to the analyst, SHIB investors do not want to go below $0.00000716 at any cost.
SUI price dropped 38 percent
The SUI price has experienced a significant drop over the past week, dropping 38.13 percent. The SUI token is 61.12 percent below its all-time high of $1.50. The question now is whether SUI can regain its footing and start a recovery. The global crypto market cap again fell below $1.10 trillion, leading to a negative trading sentiment in most cryptocurrencies. The SUI coin, in particular, has seen a significant drop of over 10 percent in the past 24 hours, with its price dropping below $0.70. Technical analysis of the asset points to a bearish trend characterized by high selling pressure and buyers struggling to reverse the downward momentum.
On the 4-hour timeframe chart, SUI coin is in a downtrend in search of stable support. Below its short-term and long-term moving averages, the 50-day MA is trading at around $0.837 and the 200-day MA at $1.02. This position below the moving averages means a consistent decline in the coin’s price, potentially indicating a lack of buying pressure and weakened market sentiment.
Is SAND price poised for a deeper drop?
The impact of regulatory pressure is evident in the dramatic collapse of The Sandbox token. The token, whose price fell to $ 0.3828, has experienced a significant decline of over 32.63 percent since last week. This sharp drop has investors worried about the future of the token and raises questions about the potential for further price erosion. As The Sandbox token is facing major challenges, it is crucial to consider the wider context of the cryptocurrency market. As a result, analysts point out that the regulatory environment needs to be considered.
Filecoin price collapse
The impact of regulatory uncertainty and SEC pressure was vividly exemplified by Filecoin’s disastrous collapse. With the price of the token falling to $3.37, Filecoin has suffered a devastating drop of over 30.79% since last week. This rapid decline has left investors in panic, fearing that Filecoin’s value will deteriorate further. Right now, investors need to follow regulators, just like SAND and other coins.
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