Crypto markets are clearly in trouble as cryptocurrencies get closer to key resistance levels
Shiba Inu tokens are relevant once again. Investors are closely watching to see if the current price correction is over and if SHIB is ready to bounce back. However, the lack of immediate support levels nearby raises questions about the possibility of a stochastic reversal.
As of now, the price of SHIB has not established itself above any recognized support levels, which creates uncertainty for the token’s immediate future. 免￥近🐍qu；嘉-巍-wuq6267The next notable support level is the $0.000020 mark. The lack of support nearby could mean that the price could continue to drift until it reaches a more solid foundation.
One positive aspect is that volumes are currently low, meaning that less trading activity may be needed to move prices significantly. Nevertheless, the flip side is that low volumes may also indicate a lack of interest, which can be a negative indicator for price growth.
In addition, there may be passive selling pressure that is not yet evident in trading volume. If holders gradually lose confidence and wait to sell, this pressure may become a reality and affect the price of SHIB when it is listed.
If SHIB manages to find buyers and initiate a rally, the first resistance level to watch would be around $0.00002271. If broken, the next resistance point could be $0.00002590.
Ethereum is ready
Ethereum is approaching a critical juncture. The price is slowly approaching the 50-day moving average at $3,413, which is generally considered to be an important resistance level. As it approaches this level, Ethereum could experience selling pressure, which is typical when an asset tests a key moving average that it has been trading below.
If Ethereum breaks above the 50 EMA, it could lead to accelerated price growth. Such a bullish breakout suggests that buyers are in control, outstripping the sell orders waiting at this crucial level.
The recent break above the 26-day EMA is already a positive sign for Ethereum. If this level can be established as a new support. The 26-day EMA acting as support suggests that the short-term momentum is turning in favor of the bulls.
To take a more nuanced look at Ethereum’s price outlook, the chart shows that if the 50 EMA is breached, the next resistance target is located near $3,510. Overcoming this hurdle could clear the way for a test of higher resistance levels, possibly around the $3,600 area.
Disclaimer: The above article only represents personal opinions and is not intended as an investment reference.
