SHIB and AVAX hold pivotal levels amid volatility

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Shiba Inu ($SHIB):

Overview

Shiba Inu ($SHIB) has been consolidating within a defined range over the past 30 days. This consolidation is supported by the 200 EMA on the daily time frame, which provides a solid floor for the price action. Currently trading at $0.000021, Shiba Inu is positioned at a critical level where any breakout or breakdown could lead to significant price movement.

Analysis

Current price action

• Consolidation phase: SHIB has been trading sideways for approximately a month, holding well above the 200 EMA, which is currently at $0.0000208. This suggests the asset is trying to build a base for a potential move.
  • Important levels:
    • Support levels: The $0.000020 level is a strong immediate support zone. Below this, SHIB has significant support at $0.000016, which would come into play if the 200 EMA fails to hold.
    • Resistance levels: On the upside, resistance lies at $0.0000238, with further resistance at $0.0000284 and $0.0000328.

Potential market drivers

• Technical strength: Holding above the 200 EMA often indicates bullish potential, provided the price doesn't dip below this key level for an extended period.
• Sentiment: As the broader market attempts recovery, meme coins like Shiba Inu could see renewed interest, especially if Bitcoin and Ethereum maintain their upward trajectories.

Key zones

Support

• $0.0000208 (200 EMA on the daily)
• $0.000020
• $0.000016

Resistance

• $0.0000238 (Immediate resistance)
• $0.0000284
• $0.0000328

Cryptonary's take

Shiba Inu ($SHIB) is at a pivotal juncture, consolidating above the 200 EMA while maintaining its status as a leading meme coin by market cap. With a solid base forming at $0.000020, SHIB presents an interesting setup for both bulls and bears. A break above $0.0000238 could trigger a rally toward $0.0000284 and higher. Conversely, losing support at $0.000020 might lead to a retest of lower levels near $0.000016.

For now, patience is key as SHIB continues to consolidate. The next significant move will likely depend on broader market sentiment and whether SHIB can reclaim its bullish momentum.

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AVAX:

Market context

$35-$34 has proven itself as key support yet again. We've seen buying into this zone repeatedly, and on January 13th, there was a strong wick through it during the sell-off triggered by negative interest rates. Despite the volatility, AVAX has held up really well, reclaiming this level quickly. This zone continues to be where we'd suggest putting the buy box if you were an AVAX holder-it's clearly where buyers are stepping in.

Price action

• Support Zone: $35-$34 is the clear buy box, and the market has consistently backed this level with strong support.
• Resistance Levels: There has not been much movement since the last update. $41 is still the level to reclaim for any meaningful upside.

Playbook

Spot accumulation

• Focus on building positions in the $35-$34 buy box. This level has proven itself time and time again as the base for accumulation.

Breakout scenarios

• If $41 is reclaimed and flipped into support, that becomes the next buy zone. A move through this level could bring strong momentum.

Cryptonary's take

The $35-$34 zone is holding strong, and as long as it does, this is where we stay focused. Not much has changed in terms of price action, but the ability to hold support during a volatile market is a good sign. Be patient, stick to the buy box, and watch for $41 to flip if we're going to see any real bullish momentum.

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