Analysts continue to relay their expectations for the most popular altcoins. In this article, we will convey the analysis of coins such as SHIB, DOGE, LINK, which analysts draw attention to. Here are the details…
DOGE moves to the accumulation phase of investors
According to analyst Aaryamann Shrivastava, the Dogecoin price dropped a bit more as the week ended. But despite a disappointing performance, there have been some positive developments over the past few days. These developments may result in favor of the meme-coin leader. Dogecoin’s price, trading at $0.071, is currently at a two-month low but approaching a March low of $0.066. While a bounce from this level could enable the altcoin to rebound, it would be more likely to note gains provided it receives some support from DOGE holders.
Coincidentally, over the past few days, investors have been showing more and more bullish behavior as the altcoin continues to drop. The first sign came as investors moved the supply of more and more meme coins. Speed, which measures the rate at which a token changes hands or moves between addresses, hit a six-month high on May 12. This shows that DOGEs sold to avoid losses are also bought by other investors. In this way, not only supply is rotated between addresses, but sales are kept to a minimum.
A similar sentiment can be observed among owners, as indicated by the Market Value to Realized Value (MVRV) ratio. This indicator measures whether token holders are currently at a loss or making a profit. In the case of DOGE, a drop below 10 percent means that most investors face losses and may avoid selling rather than realizing their losses. This zone is also known as the zone of opportunity, which is synonymous with recovery, as mentioned in past examples.
What does the SHIB forecast show for the coin?
According to analysts, the Shiba Inu price may be ready for a rally amid news that the incumbent Twitter CEO is a SHIB enthusiast. The news comes after Twitter CEO Elon Musk announced that he plans to move into other roles at the company, with the new CEO taking over in six weeks. The technology billionaire announced the identity of the new manager, as we have reported as Kriptokoin.com.
The announcement resulted in the revelation that Yaccarino was more of a SHIB enthusiast than a crypto advocate, given that Shiba Inu is the only cryptocurrency account he follows. Accordingly, SHIB Army welcomes speculation that the newest Twitter admin is aware of the meme coin’s ecosystem. Therefore, according to analysts, Shiba Inu price may return the critical support level around 0.00000812 dps amid the newly found excitement in the meme coin ecosystem. A bounce from this critical zone could see the meme coin tags the $0.00000987 resistance level and clear the way for more gains.
Will LINK also see a potential improvement after SHIB?
Chainlink’s price, which was trading at $ 6.6, recovered more than 4% towards the end of the week thanks to investors who have been in an uptrend for a while. Despite the potential losses witnessed, LINK holders refrained from draining their supply, which naturally saved the altcoin from any major downturn. Wallets holding 100,000 to 1 million LINK held nearly 2 million LINK in the last week, although the price dropped by about 12 percent before the rise. sold it. Other large wallet holders and even individual investors kept their supply to themselves.
However, investors should avoid making a large investment for now, as price indicators are still heavily bearish. At the time of writing, the Relative Strength Index (RSI) is still in the bearish zone and is far from the oversold zone below the 30.0 mark. The oversold zone is synonymous with improvements, and a drop into the same zone will rekindle the optimism.
Binance’s departure from the Canadian market lowers BNB
Finally, the shutdown of popular cryptocurrency exchange Binance in Canada did not affect the exchange’s own coin, BNB. Notably, despite being a small market, the region had sentimental value for the largest exchange by trading volume, considering it’s the hometown of Binance founder Changpeng Zhao, a Chinese-born Canadian businessman, investor, and software engineer. The announcement dampened the recovery in Binance Coin (BNB) prices, slowing the recent rally. If buyer momentum does not increase, the bears could regain control of the altcoin and start a downtrend towards the $293.8 support level. According to the analyst, traders should place their sell-stop positions at this level to avoid further losses.
If buyer momentum builds, BNB price could scale a V-shaped recovery. It could turn the hurdles presented by the 200, 100 and 50-day Exponential Moving Averages (EMAs) at $307.7, 314.1 and 320.1 respectively to support before surging towards the $328.0 resistance level. If the daily candlestick closes above this level, it will invalidate the bearish thesis. In a high uptrend situation, BNB price could continue its upward move by reaching the $343.4 resistance level. This would mean a 10 percent rise from the current position.
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