Shiba Inu (SHIB) on the way to reversal, Solana (SOL) hanging on the edge, Ethereum (ETH) lost $3,500

Shiba Inu (SHIB) on the way to reversal, Solana (SOL) hanging on the edge, Ethereum (ETH) lost $3,500

Solana has been one of the most stable assets in the cryptocurrency market thanks to the move above the $150 threshold. However, things are about to change considering the fact that it is barely holding on to the 100 EMA which, if broken, will certainly cause a sharp decline towards the $130 price level which coincides with the EMA. of 200 and acts as a strong buffer for the price.

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Solana has been one of the most stable assets in the cryptocurrency market thanks to the move above the $150 threshold. However, things are about to change considering the fact that it is barely holding on to the 100 EMA which, if broken, will certainly cause a sharp decline towards the $130 price level which coincides with the EMA. of 200 and acts as a strong buffer for the price.

Right now, Solana is barely holding on to the 100-day EMA, which is a significant support level. For this asset, 100 EMA has in most cases been the critical point where the price rises again in case of downtrends. Unfortunately for Solana, if that support is breached, it could suffer a deep drop.

SOLUSDT
Solana/USDT chart by TradingView

The next key support area lies around $130, which also coincides with the 200-day EMA. In technical analysis, the point where the 200 EMA crosses can be considered a horizontal support or resistance line. However, a strong pullback may occur at this level, inhibiting further declines should Solana price reach that level.

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When the 100-day EMA is broken, panic selling may accelerate towards the downtrend to reach the $200-$130 EMA.

Shiba Inu Volatility

Shiba Inu has been gradually regaining value in the market, but unfortunately, the asset could not hold at the proper level and retraced dramatically, losing key support levels and then plummeting towards the 200 EMA, which is the support level. of last resort. for the asset.

For a few days now, SHIB has struggled to maintain its gains, facing significant downward pressure. It proved powerless at critical support levels, leading to a sharp decline. As a result of this pullback, SHIB is approaching its 200-day exponential moving average.

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The 200 EMA usually acts as strong support in technical analysis, representing the average closing prices of the last 200 days. For SHIB, it is particularly important as it becomes the “last resort” support for the currency. Should the asset break above this level, it will be considered to indicate a longer downtrend that could lead to further declines.

The SHIB market has split into two factions regarding its sentiment. Some people, seeing this drop, consider it just a small lapse, while others are more cautious and think that failure to hold key support levels could indicate underlying weaknesses.

This recent price action is revealed as a classic retracement pattern after making efforts towards recovery, indicating high volatility in the cryptocurrency industry.

Investors would be wise to monitor the 200 EMA. A rebound from there may allow SHIB to reestablish new grounds towards its next bullish cycle. But a drop below that threshold can lead to more selling pressure and a continuation of the current downtrend.

Ethereum about to lose it

Ethereum is on the verge of losing a critical price level of $3,500. That price threshold was not followed by any support level that would “save” it in the event of a crash. Therefore, we are seeing Ethereum struggling at $3,479, with the risk of falling further lower towards $3,300.

Ethereum price is currently just above $3,300 and if the downtrend continues, it may be the next major support. This level coincides with the 200-day EMA, which is a long-term support line that traders often monitor. If ETH fails to hold this level, it could indicate a more pronounced downtrend.

The recent price action shows increased selling pressure on Ethereum. The inability of the asset to maintain $3,500 points in the face of market volatility and problems for ETH. Investors’ eyes are now fixed on whether ETH will stabilize or continue declining towards the $3,300 support area.

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Market sentiment around Ethereum remains shaky at best. Some traders are hopeful that there may be a change in fortunes, but immediate technical indicators suggest caution. Breaking above $3,500 without any solid support nearby is disconcerting and could lead to additional selling should prices fail to stabilize quickly enough.

Trading volume has also fluctuated significantly, indicating mixed feelings among investors. If volume continues to rise sustainably at lower price levels, it could indicate panic selling or an entry point for new investors, who like to join in when prices drop.

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