Ethereum
Cardano (ADA) Hits 2024 Low, Again, Shiba Inu (SHIB) Hits Critical Reversal Level, Ethereum (ETH) Hits Terrible $3,600 Reversal
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For Cardano, the chart presents a bleak picture. ADA has been consistently trending down after failing to hold its support levels, breaking through several important support zones in the process. Cardano is now at its lowest level since 2024 due to the recent decline, which may indicate more serious problems with the ecosystem.
Technical indicators reveal that the asset is struggling to find bullish momentum. Both the 50-day EMA and the 200-day EMA show a downtrend. Since trading volume has remained relatively low, indicating a lack of buying pressure, the volume bars further support the decline in interest. One can interpret the Relative Strength Index (RSI) which is currently hovering near the oversold zone as a possible buy signal.
However, the general market perception towards Cardano is negative. For the most part, meeting its commitments has proven difficult for Cardano. The level of community skepticism has increased due to highly anticipated technological advancements and collaborations that have not materialized into significant price changes.
Additionally, ADA’s problems have been compounded by the general state of the market, which includes increased regulatory scrutiny and a generally pessimistic outlook for the cryptocurrency sector.
Cardano’s abysmal performance wasn’t much of a talking point in 2024, but current trends clearly show some fundamental problems with ADA. The price of the asset continues to fall and has already touched the lowest of the year.
Shiba Inu at a pivotal moment
Shiba Inu fell towards a fundamental support level, which was considered the must-have threshold for a reversal. With Shiba Inu at the forefront, a reversal could be expected in the near future, especially when looking at the overall picture on the chart.
According to the chart, SHIB has reached a crucial support line which is traditionally a good place for buyers to enter the market. A strong support level is currently provided by the 200-day moving average.
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Traders frequently monitor this technical indicator to spot long-term trends and likely turning points. Additionally, there appears to be less trading volume, which could suggest less selling pressure. This could indicate that the recent downward trend is slowing. A potential reversal is indicated by the Relative Strength Index (RSI), which is currently trading near the oversold zone.
The asset is likely to attract more buyers when the RSI reaches these levels, suggesting that the asset is cheap. The existence of these technical indicators gives SHIB holders have some hope despite the bearish sentiment currently permeating the market. In the near future, there could be a reversal in the price if it manages to stay above this key support level. It is imperative to monitor any notable developments or news that may impact SHIB price action.
Ethereum brutally denied
Ethereum was aiming for $3,600 to complete a reversal. However, the market reaction was not what the majority might have expected. Ethereum was abruptly rejected at the 26 EMA, with prices plummeting. Unfortunately, things could get even worse from here.
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The chart shows Ethereum’s difficulty breaking above $3,600, a level that many traders believe would trigger a bullish reversal. Instead, the 26-day EMA functioned as robust resistance leading to a substantial price decline and vice versa.
Additionally, general market conditions don’t help. Ethereum and other digital assets continue to be viewed with caution due to ongoing regulatory concerns surrounding cryptocurrencies and uncertainty in global financial markets.
If Ethereum fails to find stability at these levels, it could move towards the next important support zones, which could be around the 50-day EMA (blue line) or even the 100-day EMA (orange line).