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Shiba inu (SHIB) will lose $0.00002? Bitcoin (BTC) Collapses After Hitting $70,000, Solana (SOL) May Be the Safest Asset at the Top of the Market Right Now
Arman Shirinyan
Unfortunately, Bitcoin has not provided the rest of the market with enough conviction for a bull run
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Bitcoin yesterday it surpassed $70,000 once again, raising the hopes and dreams of the cryptocurrency market. However, things changed very quickly with the surge in selling pressure, which led to digital gold falling below $69,000.
After reaching this milestone, the chart shows that Bitcoin has seen a significant decline. Selling pressure has suddenly increased, which could indicate that investors are taking profits after the recent rally.
As a result, traders may be worried Bitcoin is having difficulty maintaining its position above important support levels. Bitcoin is currently trading just above the 50-day EMA at around $68,000. The next support level, which is located around the 200 EMA, could be tested if the price is unable to hold this support level.
A bearish divergence is also visible on the RSI, suggesting that momentum may be waning. Overall, despite this setback, the long-term trend of Bitcoin is still positive. Perhaps the market was simply correcting itself before the next rally, which is why the recent decline was so beneficial. Investors should however continue to pay attention and keep an eye out for any new signs of weakness in price action.
Solana’s surprising stability
Solana it is probably one of the few assets in the market with a stable position right now, trading safely at the 100 EMA, around $150. Despite the overall negative sentiment around the asset, SOL is still in a bullish trend if we look at the trend in the long term, and the current support level could become the basis for a future reversal.
As it remains stable at $150 and aligns with the 100 EMA, the chart demonstrates Solana’s resilience. This suggests a strong support level that could serve as a springboard for further gains. Solana has managed to maintain a more stable trading range, unlike many other cryptocurrencies which experience considerable volatility.
Despite the recent market decline, Solana’s the price action is still bullish when analyzing the long-term trend. The fact that the asset managed to sustain above the 100 EMA shows that the bulls are still in charge. A more neutral outlook is also offered by the RSI, which indicates that there is potential for an upward move without becoming overbought.
Trader interest remains constant even though trading volume is lower than previous peaks. The idea that Solana could be preparing for a comeback is supported by volume consistency, especially if the overall market mood improves.
Shiba Inu failed to hold the 100 EMA support level and opened below it during this trading session. The fact that the price of the meme token moves below this moving average raises significant concerns and could be a negative sign for investors. The next support level for the asset is not far away but lies below a crucial resistance level.
Shiba Inu in trouble
Shiba Inu is struggling to find support above the 100 EMA, which is bad news for the asset. It appears that selling pressure is increased as the price breaks below this support level, bringing it closer to the next major support level, which is located around $0.000019.
The RSI is currently near the oversold area, suggesting that the selling pressure may continue. However, if buyers step in to take advantage of the lower prices, the oversold situation could also create the possibility for a brief rebound.
The volume profile indicates a decline. It may be difficult for SHIB to mount a significant recovery in the near future as lower volume in a downtrend usually signals a decline in buying interest. The decreasing volume adds credibility to the pessimistic forecast of the meme token.
The next significant support, which is located around the 200 EMA, could be tested in less than a week if the current selling pressure persists.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, cryptocurrency enthusiast and SMM expert with more than four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be in constant use in the future. Currently he focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.