For Cardano, the chart presents a depressing picture. ADA has been trending steadily lower after failing to hold its support levels, breaking multiple major support zones in the process. Cardano is now at its lowest point since 2024 as a result of the recent decline, which may indicate more serious problems with the ecosystem.
For Cardano, the chart presents a depressing picture. ADA has been trending steadily lower after failing to hold its support levels, breaking multiple major support zones in the process. Cardano is now at its lowest point since 2024 as a result of the recent decline, which may indicate more serious problems with the ecosystem.
Technical indicators reveal that the asset is struggling to find bullish momentum. The 50-day EMA and the 200-day EMA are showing a bearish trend. Since trading volume has remained relatively low, indicating a lack of buying pressure, the volume bars further support the drop in interest. The Relative Strength Index (RSI) currently hovering near the oversold area can be interpreted as a possible buy signal.
Still, the overall market perception of Cardano is negative. Basically, meeting its commitments has proven difficult for Cardano. The level of community skepticism has increased as a result of long-awaited technological advances and collaborations failing to materialize in significant price changes.
Additionally, ADA’s problems have been worsened by the overall state of the market, which includes increased regulatory scrutiny and a generally pessimistic outlook for the cryptocurrency industry.
Cardano’s catastrophic performance was not really a topic of discussion in 2024, but current trends clearly show some fundamental problems with ADA. The price of the asset continues to decline and has already hit the lowest of the year.
Shiba Inu at a crucial point
Shiba Inu has fallen towards a fundamental support level, which has been considered the go-to threshold for a reversal. With Shiba Inu leading the way, a reversal could be expected in the foreseeable future, especially if we take a look at the overall situation on the chart.
According to the chart, SHIB has reached a crucial support line that has traditionally been a good place for buyers to enter the market. Currently, the 200-day moving average provides a strong support level.
Tomiwabold OlajideTraders frequently monitor this technical indicator to detect long-term trends and probable turning points. Additionally, there appears to be less trading volume, which could suggest less selling pressure. This may indicate that the recent downward trend is slowing. A possible reversal is indicated by the Relative Strength Index (RSI), which is currently trading near the oversold area.
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 some hope to SHIB holders despite the bearish sentiment permeating the market at the moment. In the near future, there may be a price reversal if it manages to hold above this key support level. It is imperative to monitor any notable developments or news that may affect SHIB price action.
Ethereum brutally denied
Ethereum was targeting $3,600 for a reversal. However, the market reaction was not what most would have expected. Ethereum was brutally denied at the 26 EMA, with the price falling. Unfortunately, things can get even worse from now on.
Godfrey BenjaminThe chart demonstrates Ethereum’s difficulty in breaking above $3,600, a level that many traders had anticipated would trigger a bullish reversal. Rather, the 26-day EMA functioned as a solid resistance that caused a substantial price decline and vice versa.
Furthermore, general market conditions do not help. Ethereum and other digital assets continue to be viewed with caution due to continued regulatory concerns around cryptocurrencies and uncertainty in global financial markets.
If Ethereum fails to find stability at these levels, it may move towards the next major support areas, which could be found around the 50-day EMA (blue line) or even the 100-day EMA (orange line).
