Shiba Inu (SHIB) is experiencing volatility in the market as it attempts to regain its value. However, it has struggled to hold onto its gains and has lost key support levels, causing a sharp decline. The asset is now approaching its 200-day Exponential Moving Average (EMA), which is seen as the last resort support level. If this level is broken, it could indicate a longer bearish trend for SHIB.
Solana (SOL), on the other hand, has been one of the most stable assets in the cryptocurrency market. However, it is currently barely holding onto the 100 EMA, which is a significant support level. If this support is breached, it could lead to a strong drop towards the $130 price level, which coincides with the 200 EMA. This level may act as a strong buffer for the price and inhibit further declines.
Meanwhile, Ethereum (ETH) is on the verge of losing a critical price level at $3,500. There are no immediate support levels to “save it” in case of a drop, which puts ETH at risk of falling further towards $3,300. The price of Ethereum is currently just above $3,300, and if the bearish trend continues, this level may become the next important support. The breach of $3,500 without nearby support levels is causing concern and could lead to additional selling if prices do not stabilize quickly enough.
Overall, the market sentiment surrounding these cryptocurrencies is mixed. While some investors remain hopeful for a change in fortune, technical indicators suggest caution. It is important for investors to monitor the key support levels, such as the 200-day EMA, to assess the potential direction of these assets and make informed decisions.