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After testing the crucial 100 EMA support level, Shiba Inu has demonstrated a robust price recovery. Bulls are still actively defending important price thresholds, as indicated by this bounce, and the next 48 hours may be very important in determining the short-term trajectory of SHIB.
Following a recent decline, SHIB found support close to the 100 EMA, which is frequently seen by traders as a crucial technical level. Maintaining this line indicates that despite recent price declines, the bullish attitude has persisted. If market conditions stabilize, a strong recovery from this level might spark another leg higher in the near future. There are two primary price levels to keep an eye on over the next 48 hours, according to the chart. The first could serve as short-term resistance at $0.00017.
Resuming buying pressure and the possibility of a more significant upward move could be indicated if SHIB breaks above this level. If this level is not reached, though, it might be a sign of reluctance from bulls and the start of a consolidation stage. The 100 EMA is still going to be the most crucial support level for SHIB going forward.
The next level of support could be the 50 EMA, but a clear break below this could allow for additional downside. SHIB might lose steam and retrace its steps in the coming days if the bulls are unable to keep control.
Solana ascendingĀ
Following Solana’s recent breakthrough along its ascending trendline, many traders are now keeping a close eye out for any indications of a possible reversal. Following several days of price declines, Solana looks to be poised for a rebound, having found support around $138, a crucial level from its last bullish move.Ā
Trading volume has been steadily declining, as indicated by the descending triangle pattern that developed over the previous few weeks. Due to a decrease in sellers willing to drive the price lower, this may indicate that bearish momentum is waning. As prices get closer to important support levels, a decline in volume usually signals that bears are losing faith in the market.Ā
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There could be a change in the mood of the market if Solana can maintain this support. If this bounce holds, Solana might recover to the $150ā$155 region, which is where its next resistance might be found. Traders should be on the lookout for a decline toward $130 if the support level fails to hold. The market’s attention will probably be drawn to whether the bulls can take back the initiative and raise prices in the upcoming days.Ā
For the time being, the descending triangle’s weakening volume is a positive indication that bears are losing ground, raising the possibility that the recent crash is almost over. For a more definite direction, traders ought to keep an eye on Solana’s price action surrounding this crucial support level.
Toncoin faces death cross
The daily chart of Toncoin has displayed a death cross signal, which is a bearish signal that typically implies an impending price decline. Traditionally, a death cross is seen as an indication of impending market weakness and a prolonged downtrend. It happens when a short-term moving average crosses below a longer-term moving average.Ā
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The death cross has been reached in the case of Toncoin, when the 50-day moving average has crossed below the 200-day moving average. This crossover indicates growing bearish momentum and may indicate an impending deeper retracement. With the state of the market as a whole and TON’s recent difficulties keeping up its upward momentum, there is a growing chance that the price will drop significantly. Ā
The road to recovery looks challenging because trading volume is still low, and there are not any bullish catalysts in the near future. TON could see a severe decline and possibly revisit the $5.00 range or even lower if it is unable to hold key support levels. The death cross is a crucial technical indicator that traders pay close attention to, even though it is not always a reliable indicator of a price collapse.
