Arman Shirinyan
The cryptocurrency market is clearly in a hurdle as cryptocurrencies are coming closer to key resistance levels
The Shiba Inu token is relevant again. Investors are keenly watching to see if the current price correction has run its course and whether SHIB is poised for a rebound. However, the lack of immediate support levels nearby raises questions about the potential for a random reversal.
As of now, SHIB’s price is not resting on any recognized support level, casting uncertainty on the immediate future of the token. The next notable support is at the $0.000020 mark. This absence of nearby support could imply that the price might continue to drift until it reaches more solid footing.
One positive aspect is the current low volume, which means that it could take less trading activity to move the price significantly. Nonetheless, the flip side is that low volume can also point to a lack of interest, which can be a negative indicator for price growth.
Moreover, there might be passive selling pressure that is not yet evident in the exchange volumes. If holders are gradually losing faith and waiting to sell, this pressure could materialize and affect SHIB’s price when it hits the markets.
If SHIB manages to find buyers and initiate a rally, the first resistance level to watch would be around $0.00002271. Should it break through, the next point of resistance might be at $0.00002590.
Ethereum gets ready
Ethereum is approaching a pivotal moment. The price is inching closer to the 50-day EMA, situated at $3,413, which is often considered a significant resistance. As it approaches this level, Ethereum could encounter selling pressure, which is typical when an asset tests a critical moving average that it has been trading below.
If Ethereum breaks through the 50 EMA it could potentially lead to an acceleration in price growth. Such a bullish breakout would suggest that buyers are in control, overriding the sell orders waiting at this key level.
The recent breakthrough of the 26-day EMA is already a positive sign for Ethereum. If this level can be established as a new support. The 26-day EMA acting as support indicates that the shorter-term momentum is shifting in favor of the bulls.
For a more nuanced look at Ethereum’s price prospects, the chart reveals that if the 50 EMA is broken, the next target for resistance lies near $3,510. Overcoming this barrier might clear the path towards testing higher resistance levels, possibly around the $3,600 area.
Cardano enters the game
Cardano appears to be changing course, showing signs of entering an uptrend. The evidence lies in the formation of higher highs and higher lows, a classical pattern that often hints at a trend change, even a local one. ADA’s recent activity has been compelling, particularly with the most recent bounce off the $0.44 mark, signaling a strong bullish presence in the market.
This positive momentum is characterized by a steady series of peaks and troughs ascending on the price chart, suggesting an increase in buying pressure. The support level around $0.44 has proven to be robust, indicating a solid floor beneath ADA’s price. With each rebound from this level, the currency demonstrates resilience and potential for continued upward movement.
ADA, like many altcoins, is connected with the movements of Bitcoin and Ethereum, so the most recent market performance shouldn’t be analyzed outside of the broader market tendencies.
Cardano is currently moving towards a major resistance level at approximately $0.5 and may take a fight with bears for the prolonged uptrend. There’s a real possibility of a substantial reversal, but only if bulls pick up the momentum on ADA and help it get through the 200 EMA.
Source: Is Shiba Inu (SHIB) Finished? Ethereum (ETH) About to Get Tested, Cardano (ADA) Finally
