Solana
Will Shiba inu (SHIB) lose $0.00002? Bitcoin (BTC) Crashes After Hitting $70,000, Solana (SOL) Might Be the Safest Asset on the Market Right Now
Arman Shirinian
Unfortunately, Bitcoin has not provided the rest of the market with enough conviction for a bull run.
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Bitcoin surpassed $70,000 again yesterday, raising the hopes and dreams of the cryptocurrency market. However, things changed very quickly as selling pressure increased, leading to a fall below $69,000 for digital gold.
After passing this milestone, the chart shows that Bitcoin saw a significant decline. Selling pressure has suddenly increased, which could indicate that investors are taking profits following the recent rally.
As a result, traders may be concerned because BTC is struggling to maintain its position above important support levels. Bitcoin is currently trading just above its 50-day EMA at around $68,000. The next support level, which is around 200 EMA, can be tested if the price is not able to hold this support level.
A bearish divergence is also visible on the RSI, suggesting that momentum may be weakening. Overall, Bitcoin’s long-term trend remains positive despite this setback. Perhaps the market was just correcting before the next move higher, which is why the recent decline was so beneficial. Investors should, however, continue to exercise caution and keep an eye out for any further signs of price weakness.
The surprising stability of Solana
Solana is probably one of the few assets in the market with a stable position at the moment, trading safely at the 100 EMA, at around $150. Despite the overall negative sentiment around the asset, SOL is still in an uptrend when looking at the long-term trend, and the current support level could become the basis for a future reversal.
As it remains stable at $150 and aligns with the 100 EMA, the chart demonstrates Solana’s resilience. This suggests a strong level of support that could serve as a springboard to further gains. Solana has managed to maintain a more stable trading range, unlike many other cryptocurrencies which experience considerable volatility.
Despite the recent market decline, by Solana Price action is always bullish when analyzing the long term trend. The fact that the asset managed to hold above the 100 EMA shows that the bulls are still in charge. A more neutral outlook is also offered by the RSI, which indicates that there is potential for upward movement without becoming overbought.
Trader interest is consistent even though trading volume is lower than previous highs. The idea that Solana could be gearing up for a comeback is supported by the consistency of volume, particularly if broader market sentiment improves.
Shiba Inu failed to hold the 100 EMA support level and opened below during this trading session. The fact that the meme token price is moving below this moving average raises serious concerns and may serve as a negative signal for investors. The next support level for the asset is not far away but lies below a crucial resistance level.
Shiba Inu in trouble
Shiba Inu is struggling to find support above the 100 EMA, which is bad news for the asset. It appears that selling pressure has increased as the price moves below this support level, bringing it closer to the next major support level, located around $0.000019.
The RSI is currently near the oversold zone, suggesting that selling pressure may continue. However, if buyers step in to take advantage of the price decline, the oversold situation could also create the possibility of a brief rebound.
The volume profile indicates a decline. It might be difficult for SHIB to stage a significant rally in the near future, as lower volume in a downtrend typically signals a decrease in buying interest. The decrease in volume adds credence to the meme token’s pessimistic predictions.
The next important support, located around the 200 EMA, could be tested in less than a week if the current selling pressure persists.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.