Top 4 Cryptocurrencies to Watch: DOGE, MATIC, SHIB, and AVAX

Top 4 Cryptocurrencies to Watch: DOGE, MATIC, SHIB, and AVAX

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  1. Bulls reign in recent analysis of DOGE, MATIC, SHIB and AVAX.
  2. Bullish sentiment might continue in the market in the coming hours.
  3. Avalanche (AVAX) price is trading at $20.33 in the last 24-hours.

Recently, bulls in the DOGE market have prevailed, pushing DOGE prices upward. Currently, Dogecoin is exchanging hands at $0.08953, which is a 4.75% price increase in the last 24 hours. Bulls in DOGE have managed to keep prices hovering around $0.08507 (support) and $0.09297 (resistance). Over the past week, DOGE has established weekly highs of $0.09297.

DOGE/USD 24-hour price chart (source: CoinMarketCap)

As indicated by the Relative Strength Index (RSI), which has a reading of 61.43, the RSI line is also moving above its signal line (yellow), suggesting that the bullish sentiment might persist in DOGE market in the hours ahead. The current levels of the RSI indicator suggest that there is a balance of trade between the bulls and bears.

On the 24-hour price chart, Bollinger Bands (BB) also support a bullish sentiment as they are diverging, indicating a bullish trend may continue to be experienced in the market in the coming hours. Currently the upper band has a reading of 0.09143 and the lower band is at 0.07639; these levels act as the immediate resistance and support levels.

DOGE/USD 24-hour price chart (source: TradingView)

MATIC is exchanging hands at $1.12, which is an increase of 3.07% in the last 24 hours. This bullish surge is also indicated by an increase in its market cap, which is currently at $9,759,083,713, an increase of approximately 3.00%.

MATIC/USD 24-hour price chart (source: CoinMarketCap)

Bulls have dominated the MATIC market with a reading of 0.0634 of the Moving Average Convergence Divergence (MACD) line, as the MACD line is moving above its signal line, indicating that the bullish momentum may continue in the coming hours. 

The formation of the trajectory histogram in the positive region gives investors and traders an optimistic view as it indicates that the bullish nature of the market might persist in the near term.

The bullish power is also indicated by the William Percen Range (William %R), which currently has a reading of -25.32, indicating that the MATIC price might soon cross the “0,” which is a neutral zone, hence pointing out that the bulls might continue to be in charge of the market in the near future.

MATIC/USD 24-hour price chart (source: TradingView)

At the start of the day, the opening price of the Shiba Inu started trading in a bullish sentiment, and since then the bulls have been in control of the market. Due to the recent bull run, SHIB prices have seen a price surge of 1.96% in the last 24-hours of trading. Currently, SHIB is trading at $0.00001179, with bulls establishing support at $0.00001148 and resistance at $0.00001226.

SHIB/USD 24-hour price chart (source: CoinMarketCap)

This bullish sentiment is supported by the short-term Moving Average (MA), which is moving the long-term MA. The 20-day MA is moving above the 50-day MA, suggesting that the bullish sentiment might continue in the market in the coming hours. The 20-day and 50-day MA are currently at 0.00001088 and 0.0000941 levels,  respectively.

The Parabolic SAR indicator also supports this bullish sentiment in the market as it has formed an alignment of dots on top of the candlestick pattern, suggesting that a bullish sentiment might continue in SHIB market in the coming hours.

SHIB/USD 24-hour price chart (source: TradingView)

Avalanche (AVAX) is ranked 14 with a price of $20.37 and a increase of 13.01% at the time of writing. with a market cap of $6 billion and a 24h trading volume of $875.50 million. And there are 314 million AVAX in circulation.

AVAX/USD 24-hour price chart (source: CoinMarketCap)

On the AVAX 24-hour price chart, the AVAX token is currently in an uptrend, with an Aroon up reading of 100% and an Aroon down reading of 28.57%. The difference between Aroon up and Aroon down is greater than “25%,”  hence suggesting that the current bullish sentiment in AVAX price might continue in the AVAX market in the coming hours.

The ADX line is moving in an upward direction, which gives investors a bullish outlook on the market and indicates that bullish sentiment may be observed in the hours ahead if it continues to move in this direction. It is possible that AVAX will experience a price reversal in the coming hours due to the fact that it has reached the overbought region. This is the case despite the fact that ADX is currently issuing a warning to investors at the same time.

AVAX/USD 24-hour price chart (source: TradingView)

In conclusion, bulls have dominated the market for the above digital tokens, and this bullish sentiment might continue in the market in the hours ahead, as pointed out by the technical indicators.

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Disclaimer: Everything presented in this price forecast, including any and all thoughts and opinions expressed, is done so in good faith. Research and due diligence are the responsibility of the reader. CryptoNewsLand and its affiliates are not responsible for any direct or indirect harm or loss that may occur as a result of any decision made by the reader.

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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.

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