Shiba Inu and AVAX Price Rising: Buy or Sell or Hodl?

by

As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market fluctuations. Both Shiba Inu (SHIB) and Avalanche (AVAX) have shown promising rebounds in their values recently, with SHIB up by 5.10% and AVAX up by 4.05% in the last day. However, it’s important to analyze their market performance and price trends before making any investment decisions.

In the ever-changing landscape of the cryptocurrency market, coins like Shiba Inu (SHIB) and Avalanche (AVAX) have shown notable recoveries in value. The price of Shiba Inu has surged by 4.22% within the past day, while Avalanche has experienced a rise of 3.02%. As these assets regain value, investors are left pondering whether to buy, sell, or hang on to them. Let’s delve into the current market performance and price trends of Shiba Inu and Avalanche to make an educated choice.

Shiba Inu vs AVAX Current Market Performance

Shiba Inu and AVAX Price Rising: Buy or Sell or Hodl?

The price of Shiba Inu has risen by 5.10% over the last 24 hours, reaching a current value of $0.00001661. However, the previous week and month have been unfavorable, with SHIB experiencing a decrease of 2.74% in the past week and a significant drop of 27.99% over the past month.

Behind AVAX, the coin boasts a market capitalization of $9.77 billion and has seen a significant surge in trading activity with a volume of approximately $522.82 million within the last 24 hours.

While Avalanche is presently priced at $26.91, representing a 4.05% rise in value during the last day, its previous trend has been bearish. Specifically, there was a price drop of 9.64% over the past week and a decline of 9.64% or $0.03, over the past month.

Having a market value of $10.6 billion now, this cryptocurrency token ranks as the twelfth largest in terms of market size on CoinMarketCap. Additionally, there’s been significant trading action with a surge of 41.70% in daily trading volume, amounting to $372.6 million.

Shiba Inu vs AVAX : Price Analysis

Shiba Inu (SHIB) Analysis

With an RSI of 43.4 for SHIB, we observe a neutral reading as there are no signs of the token being either overbought or oversold at this moment. This may indicate that the price action could be stabilizing after prior volatility.

As a researcher studying financial markets, I’ve noticed an intriguing discrepancy between two moving averages (MA) I’m tracking: the 20-day Exponential Moving Average (EMA) and the 10-day EMA. While the 20-day EMA is signaling a sell opportunity, the 10-day EMA remains at a buy signal. This suggests a potential buying chance amidst the longer-term bearish trend indicated by other EMAs. However, an additional tool, the Moving Average Convergence Divergence (MACD) level, is currently showing a buy signal as well. This could be a sign of emerging bullish momentum that might influence my investment strategy.

The Fibonacci pivot point for SHIB is currently at the level of $0.00001996. At its current price, the token is beneath this mark, suggesting that resistance may be imminent. Notable levels of support can be observed at $0.00001361 and $0.00000998. On the other hand, potential resistance lies at $0.00002359 and $0.00002994.

Based on this setup, Shib’s short-term outlook is hopeful yet tentative, while its long-term perspective stays pessimistic.

Avalanche (AVAX) Analysis

The Relative Strength Index (RSI) value for AVAX is currently at 45.42, which is analogous to SHIB‘s position. This signifies that the market maintains a balanced state, neither exhibiting intense buying nor selling pressure, offering room for possible price fluctuations.

AVAX presents contrasting information when examining moving averages. The 10-day Exponential Moving Average (EMA) signals a buy opportunity, while the 20-day EMA suggests a sell position. Similarly to SHIB, the extended EMAs exhibit sell indicators, hinting at an overarching bearish trend.

As a researcher observing market trends, I’ve noticed that when the Moving Average Convergence Divergence (MACD) level reaches -1.25, it signals a potential buy opportunity. This could mean that the market’s momentum is about to shift from negative to positive.

As a crypto investor, I’ve noticed that according to the Fibonacci retracement levels for Avalanche (AVAX), there’s a pivot point at $30.01. Currently, the price is trading below this level, implying that there could be resistance ahead. On the other hand, the support levels are located at $22.83 and $16.33. The price may bounce back if it reaches these levels. However, I see notable resistance at $36.51 and $43.69, making it challenging for AVAX to advance significantly unless it overcomes these obstacles.

Conclusion

The indicators for Shiba Inu and Avalanche display a mix of favorable and unfavorable signs. The EMAs (Exponential Moving Averages) and MACD (Moving Average Convergence Divergence) lines suggest potential bullish trends for these coins in the upcoming period. However, it’s essential to exercise caution due to the bearish signals from the longer moving averages and neutral Relative Strength Index (RSI) levels.

If you’re in search of immediate returns or short-term profits and don’t mind taking on some risk, purchasing now could be a viable option. The latest price increases, coupled with optimistic indicators from the short-term Exponential Moving Averages (EMAs) and Moving Average Convergence Divergence (MACD) levels, may signal potential for additional gains.

For individuals who are risk-averse or hold substantial amounts of SHIB or AVAX, considering a sale could be a prudent decision based on current market trends. The bearish indicators from extended moving averages and Fibonacci resistance levels suggest that price drops may occur.

3. Keep a Grip: Clinging to Shiba Inu and Avalanche in spite of present market turbulence could be advantageous if you’re confident in their future prospects. These coins might regain stability and possibly rise once the market recovers, suggested by the RSI’s neutrality and ambiguous messages from moving averages.

Ultimately, your decision should align with your investment strategy, risk tolerance, and perspective on market conditions.

Read More

2024-07-08 19:08