Popular prank currency, Shiba Inu, broke out the Ichimoku Bearish on Friday's daily close chart. So far, the bears have not followed any sustained movement in selling pressure. But news about the ceasefire in Ukraine could soon contribute to the return of a positive risk perception.
Shiba Inu price action is now overwhelmingly bearish. On Monday, there was hope for SHIBA to be positioned for the Ideal Taurus Ichimoku Breakout. The threshold to complete most Ichimoku entries has dropped significantly from previous weeks, but the bulls have failed to capitalize on the new positioning.
Friday's close confirmed the Ideal Bearish Ichimoku Breakout, which put the popular prank currency SHIBA in its most bearish state since November 2021. Shiba Inu (SHIBA) could start a drop very easily and very quickly to 161.8% Fibonacci expansion from $0.00001200.
Dogecoin price action has surpassed the 300-day downtrend from its all-time high on May 8, 2021. According to the analysis, the joke currency Dogecoin (DOGE) could reverse at any moment, but buyers need to show interest in DOGE.
Dogecoin price completed a key cyclical event between February 28, 2022 and March 1, 2022, marking a close bullish turn. The cycle is based on the time Dogecoin spends in a downtrend compared to the time and price range that DOGE does as it rushes to an all-time high.
On the other hand, one of the 'maxes' in technical analysis shows that price will generally move proportionally over time. An example of this would be consolidation. So the longer a consolidation pattern is, the more dramatic and longer the breakout is likely to be.
Above Dogecoin price, a large cluster of Fibonacci and Ichimoku resistances moved between the $0.145 and $0.175 value areas. Therefore, if the bulls want to confirm a time and price action that will start a new bull run, then the bulls need to close DOGE at or above $0.175 on the daily chart.
A close above the $0.175 level for Dogecoin will allow DOGE to have an easier time moving lower with $0.25 as the initial target. However, downside risks remain important. DOGE could very easily start a collapse towards the $0.09 levels in the current price range due to almost non-existent trading volume between $0.12 and $0.09.
Finally, when we look at Avalanche (AVAX), the price of the popular altcoin is stuck in the Ichimoku Cloud, a state it has been in since February 24, 2022. Market participants initially expected a strong rise above the Cloud after Monday's bullish price action, but the rejection against the top of the Ichimoku Cloud (Senkou Span B) resulted in more southward moves in price.
Selling pressure pushed AVAX price below two more support levels: Tenkan-Sen and Kijun-Sen. However, neither level provided any support as prices moved lower. The next level of support is the low of the Ichimoku Cloud (Senkou Span A) at $74. So much so that if the AVAX price closes on Saturday or Sunday below the Ichimoku Cloud, i.e. $74 or below, the Ideal Bearish Ichimoku Breakout entry will be confirmed and the bears will take control.