Drop Alert For These 3 Altcoins On Binance!

Crypto analyst Akash Girimath gives two levels to accumulate SHIB with maximum returns. Analyst John Isige asks, “Is this the end of the road for APE bulls?” seeks an answer. Furthermore, the analyst is estimating the possibility of Ethereum Classic (ETC) rebound. We have compiled the assumptions and analyzes of analysts on three altcoin projects for our readers.

“The Shiba Inu has another hair-cut need”

The altcoin price created an equal high, setting the second rise to $0.0000179 on August 14. Since then, the SHIB has produced lower highs and lower lows, indicating the continuation of a clear bearish trend. Koindeks.com As you follow, SHIB is currently above the $0.0000092 reinforcement level. It is possible that a slight increase in selling pressure combined with the decline in Bitcoin outlook could cause SHIB to drop.

Sell-stop liquidity falling below $0.0000090 is ample place for SHIB to stock up at a discount. However, investors should note that another drop is possible to fill the inefficiency at $0.0000083. Therefore, these two areas are places of interest for investors who want to play the SHIB rally. Market participants should note that liquidity remaining above the equally high levels at $0.0000179 is a good reason for SHIB to rise.

This move will allow market pointers to gather the buy-stop liquidity that stands above it. Therefore, this trade is a long-term swing situation. That is, it is unlikely to appear in a few days.

SHIB 4-hour chart

On the other hand, if SHIB fails to bounce around the $0.0000090 and $0.0000083 levels, it will test the $0.0000077 reinforcement base again. The bullish thesis will be invalidated if the buyers do not step in here and allow the sellers to produce a daily candlestick below it. In such a case, it is possible for SHIB to continue to decline. Thus, it is likely to test the $0.0000060 level again.

Whales extinguish ApeCoin’s bullish spark

The TD Sequential indicator posted a buy signal on Friday, October 22. Thus, he sought personal investors from the sidelines. However, whales stubbornly continued their downward trend. This reduced the expected northward truth movement to $6.00 or even $6.50.

According to Santiment data, there is always a decrease in the number of addresses holding 10,000 to 100,000 APEs. There are only 1,367 addresses in this cluster, compared to 2,359 recorded on April 25.

ApeCoin supply distribution

As can be seen from the table above, ApeCoin mostly tracks the movements of whales. So, until the whales stop this selling frenzy, the upper real move, the 50-day SMA (Simple Moving Average), is bounded in red.

In the middle, IntoTheBlock’s IOMAP on-chain model paints a grim picture for ApeCoin. In the chart below, the red circles represent holders who have purchased APE in the respective price ranges. If the bulls manage to break through resistance at the 50 SMA, the $31.64 million APE of $5.15 and the 2,450 addresses that bought mid-$5.29 might consider selling at par. This is a situation that will stifle growth and increase the risk of further declines.

ApeCoin IOMAP chart

What’s next for altcoin price?

A buy signal of a TD Sequential indicator triggers the move from $4.10 to $4.64, while a sell signal from the indicator screams doom for ApeCoin. This invitation is for unloading the APE. Accordingly, a green nine candlestick has manifested, forcing sellers to take control again. Sell ​​orders are recommended if the high of the six and seven candles on the count is exceeded by the high of the eight or nine bars, as well as the seller congestion at the 50 SMA.

APE eight hour chart

On the upside, the MACD (Moving Average Convergence Divergence (MACD) indicator looks optimistic as it rises to the average line. Traders seeking long positions should wait for the MACD to rise above the average line (0.00) before activating their buys. Also, the 12-day EMA’ (Exponential Moving Average) needs to maintain a gap above the 26-day EMA to strengthen the bulls’ hold on ApeCoin.

ETC hash rate slips below potential stability

The Ethereum Classic hash rate rose to an all-time high of 234.35Th/s in the weeks before the Merge. At that time, miners in the Ethereum ecosystem saw Ethereum Classic as an expensive alternative for mining equipment. However, the trend in the Hash rate began to turn rather quickly after Merge went live on September 15th.

The altcoin price also erased more than 50% of accrued benefits in mid-July to mid-August. Although a pullback was expected for the hashrate, many believed it would stabilize around 150Th/s. Now the hash rate has dropped to 135.90T/s amid the risks of a downtrend extending to 100Th/s.

Ethereum hash rate

Altcoin in limbo

ETC has been screaming selling despite its technical outlook since Friday. In contrast, $20.00 respects the foothold. If ETC succumbs to selling pressure at this position, investors should wait for the down leg to retest the primary reinforcement at $13.50. A sell signal presented by the Gorgeous Trend indicator on August 19 that adds credibility to the probability of a downtrend. Also, the ETC price stays below the applied moving averages.

ETC daily chart

The DMI (Directional Movement Index) on the same daily timeframe gives another sell signal, even though the -DI is above +DI. On the other hand, it is possible to support $20.00, changing the technical outlook of ETC price to bullish. In this case, it is possible that the rebound could exceed $30.00 or even $40.00.

Similar Articles



Please enter your comment!
Please enter your name here


Most Popular