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Crypto Market Analysis
The cryptocurrency market has been experiencing fluctuations over the past few days. Here’s an analysis of 11 cryptocurrencies: Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Toncoin (TON), Shiba Inu (SHIB), and others.
Market Trends
- Dogecoin: Trading inside an ascending channel pattern, indicating a slight advantage to the bulls.
- Cardano: Turned down from $1.33 overhead resistance, indicating profit booking by select traders.
- Avalanche: Upsloping 20-day EMA and RSI in overbought zone indicate that the bulls are in command.
- Toncoin: Bulls finding it difficult to sustain above $7 resistance.
- Shiba Inu: Buyers tried to push above overhead resistance of $0.000033 on Dec. 5, but bears held their ground.
Key Levels
- Dogecoin: Minor resistance at $0.46; breaking below channel’s support line could indicate weakness.
- Cardano: Breaking below $1.10 support level could suggest that traders are rushing the exit.
- Avalanche: Breaking and closing below 20-day EMA could signal a lack of demand at higher levels.
- Toncoin: Breaking below 20-day EMA could indicate a lack of demand at higher levels.
- Shiba Inu: Skidding to 20-day EMA if $0.000030 support fails to hold could open doors for a fall.
Conclusion
The cryptocurrency market remains volatile, and investors should conduct their own research before making any decisions. Every investment and trading move involves risk, and readers should be cautious when navigating the market.
