The article provides an analysis of the current market trends for various cryptocurrencies such as Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Shiba Inu (SHIB), and others. Here are some key points from the article:
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Market Overview: The current market is experiencing a mix of relief rallies and selling pressure, with various cryptocurrencies showing different trends.
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Dogecoin (DOGE): DOGE has re-entered its channel but bulls are struggling to maintain prices above $0.40. If the price breaks below this level, it could drop to $0.36 or even lower.
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Cardano (ADA): ADA’s relief rally is facing selling near the 61.8% Fibonacci retracement level of $1.16. The immediate support is at the 20-day EMA ($1.05), and a break below it could lead to a range formation between $1.16 and $0.91.
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Avalanche (AVAX): AVAX made a sharp comeback from $40.40 but bulls are facing selling at $56. If the price does not dip below $51, the likelihood of a breakout increases, with potential targets at $60 and $65.
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Chainlink (LINK): LINK turned up sharply from the 20-day EMA ($22.56) and broke above the overhead resistance at $27.41 but is facing selling at $30.94. The upsloping moving averages and RSI in the positive territory suggest that buyers have an edge, with potential targets at $34.50 and $38.30.
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Shiba Inu (SHIB): SHIB’s recovery hit a wall at the $0.000030 overhead resistance but is still range-bound between the 50-day SMA ($0.000024) and the stiff overhead resistance of $0.000033. A break above this level could lead to a rally to $0.000039 or higher.
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Overall Market Trend: The market trend varies among these cryptocurrencies, with some showing relief rallies while others face selling pressure. It’s essential for investors to conduct their own research before making any investment decisions.
The article suggests that the cryptocurrency market is experiencing mixed trends and volatility, with various cryptocurrencies showing different levels of buying and selling pressure.
