Armand Sirignan
Cryptocurrency market clearly faces hurdles as cryptocurrencies approach key resistance levels
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The Shiba Inu token becomes relevant again. Investors are keenly watching whether the current price correction has run its course and whether SHIB is poised for a recovery. However, the lack of immediate support levels nearby raises questions about the possibility of a random reversal.
At the moment, SHIB's price is not dependent on any perceived support levels, creating uncertainty over the token's immediate future. The next support to look at is the $0.000020 mark. The lack of support near this could suggest that the price may continue to fluctuate until it reaches a more stable base.
One positive aspect is that volume is currently low. This means it may take less trading activity to move the price significantly. Nevertheless, on the flip side, low trading volume can indicate a lack of interest, which can be a negative indicator for price appreciation.
Additionally, there may be negative selling pressure that has not yet manifested itself in trading volumes. If holders gradually lose confidence and wait to sell, this pressure could materialize and affect the price when SHIB hits the market.
If SHIB is able to find buyers and start moving higher, the first resistance level to watch would be around $0.00002271. If it breaks out, the next resistance point could be at $0.00002590.
Ethereum is ready
Ethereum is at a pivotal moment. The price is inching closer to the 50-day EMA of $3,413, which is often considered a significant resistance level. Ethereum may encounter selling pressure when approaching this level. This often happens when testing an important moving average that an asset is trading below.
If Ethereum breaks above the 50 EMA, it could lead to an acceleration in price appreciation. A bullish breakout like this suggests that buyers are in control and are overriding pending sell orders at this important level.
The recent breakout of the 26-day EMA is already a positive sign for Ethereum. If we can establish this level as a new support. His 26-day EMA acting as support indicates that short-term momentum is shifting in the bulls' favor.
For a more nuanced look at Ethereum’s price outlook, this chart shows that if it breaks out of the 50 EMA, the next resistance target is around $3,510. If this barrier can be overcome, it could open the door to testing higher resistance levels, perhaps around $3,600.
Cardano comes to the game
Cardano seems to be turning around and is showing signs of entering an upward trend. The proof is in the formation of higher highs and higher lows. This is a classic pattern that often suggests a change in local trends. ADA’s recent activity has been convincing, especially its recent rebound from $0.44, indicating a strong bullish presence in the market.
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This positive momentum is characterized by a series of steadily rising peaks and troughs on the price chart, suggesting increasing buying pressure. The support level near $0.44 has proven solid and indicates a solid bottom below the price of ADA. Every time the currency rebounds from this level, it shows resilience and the potential for continued appreciation.
ADA, like many altcoins, is tied to movements in Bitcoin and Ethereum, so its latest market performance should not be analyzed outside of broader market trends.
Cardano is currently moving towards a major resistance level around $0.5 and could end up in a battle with the bears over the long-term uptrend. A significant reversal is a real possibility, but only if the bulls can regain momentum on ADA and break above the 200 EMA.
About the author
Armand Sirignan
