Arbitrum’s native token ARB recently experienced a denial of its anticipated reversal, leading to a sharp decline in its price. Various market factors, including the selling pressure from Grayscale’s Bitcoin holdings liquidation, contributed to this situation. The token’s chart reflects a significant setback as it deviated from its previous upward trajectory. Support levels that were once strong quickly succumbed to an influx of sell orders. The token’s ability to sustain itself above the crucial support level of $1.50 is now in question, leaving its short-term outlook uncertain. If ARB fails to hold at the $1.30 zone, the next substantial support is expected at around $1.20. On the upside, a successful reversal would require the token to reclaim the $1.50 level and potentially aim for $1.70.
Meanwhile, Cardano (ADA) has reached a crucial support level, specifically the 100-day Exponential Moving Average (EMA). The 100 EMA is a widely used indicator for predicting price trends and momentum. Historically, it has served as a dynamic boundary between bullish and bearish territories, and its current role in ADA’s market behavior is no exception. ADA’s price has entered a contraction phase, characterized by a narrowing price range following a steep ascent. The convergence of ADA’s price with the 100 EMA indicates a potential inflection point. The 100 EMA, currently situated around $0.47, acts as a pivotal support level that could either reinforce a price rebound or accelerate a further decline. If ADA maintains this support level, a recovery attempt may be witnessed, targeting the psychological level of $0.50 and the stronger resistance at the $0.55 range, aligned with the 50-day EMA. On the downside, if selling pressure persists and the 100 EMA support is breached, ADA could see a decline towards the $0.40 mark, with the next significant support zone located near $0.35.
Shiba Inu (SHIB) has encountered a stumble, falling below the $0.000009 mark. This drop could indicate the start of a downtrend, testing the resilience of the SHIB community and investors. The descent below this critical price level has been met with mixed sentiments. Some view it as a concerning sign of diminishing momentum, while others see it as an opportunity to accumulate more coins in anticipation of a future rebound. The market sentiment surrounding SHIB is tense, with participants closely monitoring its performance for signs of recovery or further decline. The crucial support level to watch is established at $0.000008, serving as both a psychological and technical support. If market conditions favor a reversal and buying pressure outweighs sellers, consolidation around this level could attract buyers seeking discounted entry points and potentially ignite a rally.