Will Shiba inu (SHIB) Lose $0.00002? Bitcoin (BTC) Plummets After Hitting $70,000, Solana (SOL) May Be the Most Secure Asset in the Current Market Situation
Bitcoin experienced a rapid decline after surpassing the $70,000 mark, with selling pressure increasing and causing the price to drop below $69,000. This sudden decline might indicate investors taking profits following the recent rally. Maintaining its position above crucial support levels has become challenging for BTC, currently trading just above its 50-day EMA at approximately $68,000. Failing to hold this support level could lead to a test of the 200 EMA as the next support level. Despite these setbacks, the long-term trend for Bitcoin remains positive, and the recent correction could be a beneficial occurrence before the next upward movement. However, caution is advised, and any signs of weakness in price action should be closely monitored.
In contrast, Solana stands out as a stable asset in the market, securely trading at the 100 EMA around $150. Despite the overall negative sentiment surrounding the asset, SOL is still on an uptrend in the long run. The current support level at $150, aligned with the 100 EMA, provides a strong foundation for potential future gains. Unlike many other cryptocurrencies experiencing significant volatility, Solana has maintained a stable trading range. Even with the recent market decline, Solana’s price action remains bullish when considering the long-term trend. The fact that the asset has held above the 100 EMA indicates bullish control, while the RSI suggests potential upward movement without becoming overbought. The consistent interest from traders, despite lower trading volume compared to previous highs, supports the notion that Solana may be preparing for a resurgence, especially if market sentiment improves.
On the other hand, Shiba Inu has faced difficulties in maintaining the 100 EMA support level, opening below it in recent trading sessions. This failure to hold the moving average raises concerns and sends a negative signal to investors. The asset’s next support level is around $0.000019, which is not far away but sits below a crucial resistance level. Selling pressure has increased, pushing the price below the support level and closer to the next significant support. The RSI suggests potential ongoing selling pressure as it approaches the oversold area. However, if buyers step in to take advantage of lower prices, the oversold condition could provide an opportunity for a temporary rebound. The declining volume further supports the bearish outlook, as lower volume during a downtrend typically indicates waning buying interest. If the current selling pressure continues, Shiba Inu might test the significant support level around the 200 EMA in less than a week.