Bitcoin (BTC) $70,000 Bounce Begins, Shiba Inu (SHIB) Recovery Fails, Cardano (ADA) Still in Uptrend
While the cryptocurrency market slowly exits the correction, BTC is showing a promising rebound, SHIB is struggling to recover and ADA is maintaining its overall uptrend. However, there is more to uncover.
Bitcoin appears to be gathering strength for a climb back to the $70,000 mark. The price action recently dipped but found solid ground near the $55,850 level, where the 50-day EMA provided support. This zone is crucial as it has repeatedly acted as a reversal ground for upward movements in the past.
Shiba Inu struggling to regain its top
Shiba Inu has faced challenges in establishing a solid recovery. After a rise, the price has been on a downtrend. The meme has found immediate support at $0.000025, but it might not hold. A break below this point could see SHIB head down to test $0.000017, which may serve as the next significant support.
Cardano holding uptrend
Cardano's price analysis presents a more optimistic picture. ADA has been in a consistent uptrend, with the 50-day MA at $0.5815 providing a strong base. The price has been achieving higher lows, a bullish sign suggesting that every dip is seen as a buying opportunity by investors.
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