Shiba Inu has been showing encouraging growth potential, given that its price recently touched the $0.00003 mark. This growth indicated renewed interest and momentum in the SHIB community as the market anticipated more gains. But this excitement was dampened by strong selling pressure, which caused a sharp price reversal, temporarily halting the uptrend.
Given how quickly SHIB has risen in recent weeks, the pullback is not surprising. After a surge in sellers caused a sharp drop in price, investors are now closely watching strong support levels to stabilize prices. The $0.000021 area is currently acting as a critical support level, helping to alleviate selling pressure and set the stage for a possible recovery in SHIB.
The 50-day moving average is close to this level, which may strengthen its position as a support level. Above this support, the asset must remain stable for SHIB to continue to grow. Sustained holding at or above $0.000021 suggests that buyers are ready to intervene, providing a solid foundation for future rebounds. However, if this area cannot be maintained, investors may start to lose confidence in the recent recovery, which may lead to further declines.
Investors clearly remain cautious but hopeful, as evidenced by waves of profit-taking and bursts of optimism in the SHIB market. If SHIB can hold the support and resume its upward trajectory, it could approach the $0.00003 resistance again, and it could even push towards new local highs if buyer interest remains high. All eyes are currently on the key support levels as they will determine SHIB's direction in the coming days.
Can ADA succeed?
Cardano has experienced significant growth recently, with a sharp price increase followed by a sharp correction. Many investors had expected steady gains, but the sharp 20% drop caught them by surprise. This correction has raised concerns about whether ADA can continue to rise or whether a retracement to earlier lows is imminent, as it means the bullish momentum may encounter resistance. The recent decline may indicate that a short-term excessive continuation of ADA's rally has triggered a wave of profit-taking. The price has fallen significantly from its recent highs and is currently hovering around $0.53. There are concerns that this move could bring ADA closer to the key support level at $0.42, which could be critical for stability. If it is unable to sustain above this support, Cardano may face greater selling pressure and the price may drop to its previous lows. If ADA recovers from current levels and remains above $0.50, the asset has the potential to regain momentum and resume its upward trajectory.
This would pave the way for a possible continuation of the rally and is a strong indication that buyers remain steadfast. The moving averages on the daily chart are showing mixed signals. Long-term indicators are pointing towards possible resistance, suggesting that Cardano could still have some difficulty maintaining its upward momentum – although the short-term moving averages remain bullishly positioned. Investors should keep an eye on the $0.42 support level to see if ADA can recover above $0.53 in the coming days. If Cardano can maintain its position above these key points, it could stabilize and potentially attract more attention. XRP Raises Concerns The recent 13% plunge in XRP has raised concerns about its ability to continue its upward trend. Many investors are wondering if this is a short-lived setback or the start of a larger reversal as the drop was so large. XRP’s once-strong momentum has been weakened by the current price correction, raising doubts about its short-term prospects. Following the recent decline, XRP fell from the $0.74 mark to the $0.65 area, a level it has not reached since the beginning of the year. Profit-taking coupled with general market conditions that could exacerbate selling pressure following XRP’s sharp rally led to this reversal. Traders must keep a close eye on key support levels as the sudden change in direction suggests that XRP’s uptrend could face resistance in the future.
XRP is currently hovering around the $0.65 level. While this area may act as short-term support, if selling pressure increases, XRP may test additional support close to the $0.58 level. If this level is broken, the price of XRP may fall further, possibly testing the $0.55 support level, which has held firm during the previous correction. It is crucial to keep an eye on these levels as they may indicate if XRP can regain its base or if the current correction will get worse. For a possible recovery to take place, XRP needs to reclaim the $0.70 mark and sustain its position above it to rebuild bullish momentum. Reaching this level would indicate that buyers are intervening to support the price of XRP, potentially opening the doors for a second attempt to break above the $0.74 resistance level.
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