The cryptocurrency market is experiencing notable selling pressure, reflected in the prices of major tokens such as Ethereum. However, Shiba Inu is demonstrating unusual stability.
Ethereum's Dynamics and Memecoin Market
Currently, Ethereum (ETH) is trading at $4,300, significantly down from a recent high of $4,780. This correction has impacted many memecoins, which remain under pressure.
Comparing SHIB and API3's Market Behaviors
Shiba Inu (SHIB) has managed to hold steady with only minor fluctuations over the past week. The technical picture indicates that the token is mirroring a breakout structure previously seen in API3. On API3's chart, the token had been trapped in a **descending triangle** since the start of the year but regained strength after several months of compression.
Prospects for SHIB Based on Current Trends
Now, SHIB is also trading within a descending triangle, with price hovering just below the 100-day ($0.00001310) and 200-day ($0.00001338) moving averages. If the token follows the same path as API3, reclaiming these moving averages could serve as a strong bullish signal. Caution is advised due to potential false breakouts and the overall mixed market sentiment.
In conclusion, while Ethereum exhibits weakness, Shiba Inu maintains its position. The token's future depends on its ability to hold above key technical levels.
