Shiba Inu’s current situation is not looking good as it struggles to break above the 200 EMA resistance level. If it fails to gain enough momentum, it could potentially drop below important moving averages and even retrace below $0.000017. Currently trading at $0.00001721, its inability to break above the 200 EMA is a strong bearish sign. The 50 EMA and 100 EMA are both trending lower, indicating negative sentiment in the short and medium-term. Finding support above the 26 EMA is proving to be difficult for SHIB, highlighting its pessimistic future. The next support level to watch is around $0.000016, and if it breaks below this level, further retracement may occur. The RSI indicator, centered around 46, suggests more selling pressure than buying pressure, supporting the short-term bearish scenario for SHIB.
The launch of Ethereum ETFs was highly anticipated, following the success of spot Bitcoin ETFs. While the launch brought in a significant amount of money from institutional investors, it surprisingly had a bearish impact on the price. Despite the excitement and $1.1 billion trading volume in the first few days, Ethereum’s price did not see a corresponding increase. The $106 million net inflow and impressive numbers from ETFs like Bitwise’s ETHW ($204 million) and BlackRock’s ETHA ($266 million) indicated strong interest. However, the price change was influenced by the buy-the-rumor, sell-the-news situation, with investors potentially selling their ETH holdings after the ETF launch. Additionally, the introduction of the ETF brought attention to the lack of new retail investors entering the market.
Toncoin’s bullish narrative seems to be diminishing as it falls below $7 and approaches a crucial $6 support level backed by the 100 EMA. So far, Toncoin has been unable to sustain its optimistic momentum, currently trading around $6.20. The recent drop below the psychologically significant $7 threshold indicates less buying pressure. The $6.60 level, aligned with the orange 100 EMA, is a critical support level, and if broken, could signal further downside. The bearish sentiment is reinforced by the 200 EMA and 50 EMA. The RSI indicator hovers around the neutral 50 level, slightly leaning towards buying pressure at 43. However, the unfavorable technical indicators suggest that Toncoin’s downfall is still possible. The $6.60 support level remains crucial, and if maintained, Toncoin may have a chance to recover some of its bullish momentum. Otherwise, testing lower levels, with the next significant support around $5.20, may be in store for the asset.