SHIB, ENA and VIRTUAL tokens have attracted attention in recent weeks by breaking through important resistance levels. Despite this upward momentum, technical indicators point to short-term correction possibilities. Detailed information on what levels can be expected for SHIB, ENA and VIRTUAL by the end of 2024 is provided below.
Shiba Inu (SHIB) Shows Strength as Market Falls$SHIB
Shiba Inu (SHIB) has gained 4% in value over the past 24 hours. This increase is seen as a reflection of the recovery seen in the general cryptocurrency market. However, this price increase is expected to be short-lived as the market sentiment towards the meme coin still prevails. On-chain and technical analysis suggest that Shiba Inu’s price rally will reverse as the bullish pressure in the general market begins to weaken.
In addition, there are serious outflows from SHIB’s spot market. Investors prefer to sell their coins. Today, $3.2 million outflow occurred from the meme coin’s spot market. This indicates a total outflow of $13 million in the last four days. In technical analysis, SHIB is currently trading at $0.000022 and is holding support at $0.000021. However, if selling pressure increases, there is a possibility that the price could fall to this level. If the bulls fail to defend this support, SHIB’s price could fall to $0.000019. However, if market sentiment improves, the price could potentially rise to $0.000026.
Ethena (ENA) Watching Critical Levels While Cruising Horizontally$ENA
Ethena (ENA) has gained 63% in the last 30 days, but has lost 11% in the last week. Despite this decline, ENA still has a strong market presence, with its current market cap at $3 billion. ENA’s Relative Strength Index (RSI) is currently at 47.3, neutral since December 21. This suggests a balance in the market, with buyers and sellers close together.
Ethena is currently trading between the $1.07 resistance and the $0.94 support. Breaking the $1.07 level could see ENA test the next resistance level at $1.14. If the price rises further, it could go up to $1.22. This would represent an 18% increase from current levels. However, if the $0.94 support is broken, ENA could see a rapid decline and fall to $0.75, posing a 27% risk. These levels are critical points that will determine the short-term price movement of ENA.
VIRTUAL Price Aims to Break ATH Level
VIRTUAL has surged by 24% in the last 24 hours, with trading volume increasing by 109% to $383 million. This is a bullish indicator, suggesting that the altcoin is poised to extend its gains. VIRTUAL’s Long/Short ratio supports the current bullish sentiment. According to Coinglass data, the ratio is at 1.02, indicating that demand for long positions is greater than for short positions. This reflects that traders have positive expectations for VIRTUAL’s future price movements.
VIRTUAL is trading just below its ATH of $3.32 on Dec. 16 on its daily charts. However, the token’s recovery from the 20-day Exponential Moving Average (EMA) support of $2.31 is reinforcing the bullish trend. If the 20-day EMA holds, VIRTUAL could aim to surpass its all-time high. This would suggest that buyers are defending this level and the bull market is continuing.
SHIB, ENA, and VIRTUAL are showing strong price movements based on technical and fundamental data. However, it should be noted that investors should be wary of short-term pullbacks. The levels to watch for these altcoins until the end of 2024 present significant opportunities and risks for investors.