Three leading cryptocurrencies — Ethereum, Solana, and Shiba Inu — have encountered challenging technical support levels, which may alter their immediate price trends.
Ethereum Loses 50 EMA Support
Ethereum has breached the 50 EMA level, which served as a vital support for bullish momentum. This breach could herald increased bearish sentiment, especially as the RSI continues to decrease, indicating weak buying pressure. If the price fails to recover, a decline towards the 100 EMA level around $3,100 is expected, with further potential drawdown towards the 200 EMA at $3,044. However, a resurgence in buyer interest could steer Ethereum back towards the $3,500 levels and beyond.
Solana Faces Pressure Near 200 EMA
Solana's price has approached the 200 EMA, which historically acts as a buffer against bearish trends, currently positioned at $175. Maintaining above this level could signal possible consolidation or reversal. Nonetheless, failure to hold could lead to further market corrections, with support seen at $150.
Shiba Inu at Critical Level
Shiba Inu hovers around the 200 EMA at approximately $0.000020, indicating a failure to sustain the latest rally. Breaking below this level could pave the way for further declines to $0.000018 and $0.000016. However, a recovery above the 200 EMA could draw investor interest and stabilize the token.
The cryptocurrency market scenario depicts tough conditions for Ethereum, Solana, and Shiba Inu, with each asset standing at the threshold of altering its trend. Observing their actions at key support levels will be crucial in the coming days.
