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The daily chart analysis of the popular memecoin, Shiba Inu, displays a notable transition in its market behavior from a bearish to a bullish outlook since the start of 2023. Displaying a consistent performance above its 200-day moving average, the SHIB price has approached its former all-time high, located in the vicinity of its prior resistance level.
SHIB/USDT 1-Day Technical Analysis
Despite experiencing minor retracements and not yet breaking past the resistance, the investment community retains a positive outlook for SHIB's future. Many traders and investors predict that 2023 will be a bullish year for cryptocurrencies, with Bitcoin taking the lead, and the trading community is attentively observing the possibility of SHIB breaking past the resistance and continuing its upward price momentum.
Nonetheless, investors need to wait for the price fluctuations near the 200-day MA region for a better risk-to-reward ratio.
Avalanche (AVAX) Price Analysis
AVAX/USDT 1-Day Technical Analysis
AVAX, also known as Avalanche, is a sought-after cryptocurrency due to its innovative offerings in the realm of decentralized finance (DeFi) and other decentralized applications. Built on the Avalanche network, AVAX boasts a fast, secure, and highly scalable platform that enables the creation of numerous customized subnets.
The 1-day analysis chart of Avalanche showcases a surge in its price since the start of 2023, with AVAX trading at or near its 200-day moving average. Despite the positive sentiment among investors, some speculations on Twitter suggest that AVAX could experience a pullback, potentially retracing back to its previous level of $15.
However, traders must keep an eye on the technical indicators, with the chart suggesting a potential pullback if AVAX falls to an oversold level in the RSI at 30. It is important for traders to closely monitor the RSI and 200-day moving average to make informed decisions in the trading of Avalanche.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
