Insights on Cryptocurrency Market: Analysis of Altcoins and Their Potential Moves

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In the cryptocurrency market, altcoin projects are gaining momentum under the leadership of Bitcoin. During this period, even though blockchain ecosystems and meme coin projects are somewhat overshadowed by artificial intelligence projects, they continue to please their investors. So, what is expected for SOL, ADA, DOGE, and SHIB in the coming period? We examine this with detailed chart analyses.

Solana Chart Analysis

Bears are trying to initiate a correction in Solana, but the bulls have no intention of easing up. The shallow pullback once again indicates a lack of sellers. Buyers will try to take advantage of the situation and push the price above $153 to strengthen their positions. If they succeed, the SOL/USDT pair may continue its uptrend. The pair could then rise to $184.

If bears want to block the upward movement, they need to quickly pull the price below the $126 breakout level. This could accelerate sales and open the doors for a drop to the 50-day SMA average of $110.

Cardano Chart Analysis

Cardano retreated to the $0.68 breakout level on March 11th, but the long wick on the candlestick indicates strong buying at lower levels. The rising 20-day EMA average of $0.68 and the RSI in the positive zone suggest that the path of least resistance is upwards.

Buyers will try to lift the price to the March 4th high of $0.80. If this level is surpassed, the ADA/USDT pair could extend the rally to $0.90 and then to $1.25. This positive view will become invalid in the near term if the price falls and goes below $0.68. This would indicate a bearish reversal. The pair could then risk falling to the 50-day SMA average of $0.59.

Dogecoin Chart Analysis

Bulls are fighting bears to keep Dogecoin above the $0.16 breakout level. The rising 20-day EMA average of $0.14 and the RSI in the overbought zone indicate that bulls have the upper hand. If buyers push and maintain the price above $0.18, the DOGE/USDT pair could retest $0.21 and then rise to $0.26.

Conversely, if the price drops below $0.16, it will indicate that bulls have given up. The pair could fall to the 20-day EMA average, which remains a critical level to watch. A break below this support could initiate a deeper correction to $0.12.

Shiba Inu Chart Analysis

Shiba Inu is consolidating in a wide range between $0.000029 and $0.000039 after a sharp rally. The range-bound movement is correcting the overbought levels on the RSI and indicates that the bullish momentum is cooling off. The SHIB/USDT pair may continue to trade within this range for some time.

If the price falls below the range, the pair could drop to the very important level to watch, the 20-day EMA average. A break below this level would turn the advantage in favor of the bears. Conversely, a break above $0.000039 would signal that bulls are back in command. The pair could then rise to $0.000046. If this level is surpassed, the rally could reach $0.000065.