As the cryptocurrency market slowly emerges from the correction, BTC shows a promising rebound, SHIB struggles to recover, and ADA maintains its overall uptrend. However, there is more to discover.
As the cryptocurrency market slowly emerges from the correction, BTC shows a promising rebound, SHIB struggles to recover, and ADA maintains its overall uptrend. However, there is more to discover.
Bitcoin appears to be gaining strength to climb back to the $70,000 mark. The price action fell recently, but found solid ground near the $55,850 level, where the 50-day EMA provided support. This zone is crucial as it has repeatedly acted as reversal ground for bullish moves in the past.
Bitcoin resistance is seen around the $64,000 area. If BTC can break above this level, we could witness a run towards recent highs near $70,000. On the other hand, if the price falls below the support at $55,850, it could indicate a deeper correction, potentially testing the 100-day MA near $51,560.
Shiba Inu fights to regain his peak
Shiba Inu has faced challenges in establishing a strong recovery. After a rise, the price has followed a downward trend. The meme has found immediate support at $0.000025, but it may not hold. A break below this point could see SHIB decline to test $0.000017, which may serve as the next significant support.
Resistance lies near the $0.000029 mark, where SHIB has encountered selling pressure recently. SHIB’s RSI is approaching oversold conditions, suggesting that the selling momentum may be overextended and a reversal could be on the horizon.
Despite the growth of meme coins on Solana, Shiba Inu has been struggling to show similar momentum and, as history shows, only recovers when Ethereum shows itself as a dominant asset. As of today, it is unlikely that we will see bullish trends in any of the assets.
Cardano maintains the bullish trend
Cardano price analysis presents a more optimistic picture. ADA has been in a steady uptrend, with the 50-day MA at $0.5815 providing a solid base. The price has been making higher lows, a bullish sign that suggests investors view each dip as a buying opportunity.
The current resistance lies near the $0.70 area, which ADA has tested several times. A convincing break above this could open the way for further gains. However, if the price falls below the 50-day MA, it could test the 100-day MA at $0.5200 as the next support.
ADA’s RSI remains in a neutral zone, implying that there is room for movement in either direction without the asset being overbought or oversold. Market sentiment towards Cardano is largely positive, thanks to the strength the network is showing in the DeFi space and overall market sentiment.
The market as a whole seems to be in a phase of consolidation and selective optimism. Bitcoin’s potential rebound to $70,000 is creating a positive atmosphere in the market, which may benefit other cryptocurrencies if sentiment overflows.
Shiba Inu’s situation contrasts with that of Bitcoin, as it requires a stronger change in market sentiment to initiate a substantial recovery. Meanwhile, Cardano’s steady bullish trend may continue on its own, but without overall capital inflows, it won’t last long.
While ADA appears to have a strong trend and a supportive community that could help maintain its momentum, SHIB requires more than just market sentiment: it needs a volatility catalyst that will attract retail institutions. On the other hand, BTC’s dominance and market cap size mean its success could have a halo effect, supporting the broader market, including SHIB and ADA.
