Arbitrum (ARB) Reversal Denied, Shiba Inu (SHIB) Enters $0.000008, Cardano (ADA) Lands on Substantial Support

The anticipated reversal for Arbitrum's native token ARB faced an abrupt denial, as the token's price suffered a sharp decline. A confluence of market factors contributed to this scenario, including substantial selling pressure attributed to Grayscale's Bitcoin holdings liquidation.

ARB's chart reveals a pronounced setback as the token veered off its upward trajectory. Support levels that once seemed robust were quickly overwhelmed by a tide of sell orders. 

The price action on the ARB chart indicates a struggle to maintain ground above the crucial support level at $1.50, a point which now serves as a pivotal marker for the asset's short-term outlook. The breakdown below this level has raised questions about the immediate future of ARB, casting doubt on the potential for a swift recovery.

As ARB grapples with this newfound resistance, eyes turn toward the $1.30 zone, a level that may offer some reprieve and act as a temporary foothold for the asset. Should this level fail to hold, the next substantial support is observed near the $1.20 price range, a threshold that may serve as a litmus test for the token's resilience.

On the upside, any attempt at a reversal would need to convincingly reclaim the $1.50 level to restore confidence among holders. A successful push beyond this resistance could open the path toward $1.70, setting the stage for a potential recovery.

Cardano hits crucial support

Cardano touches down on a substantial support level, particularly the 100-day Exponential Moving Average. This indicator is widely used for predicting price trends and momentum. Historically, the 100 EMA has served as a dynamic boundary between bullish and bearish territories, and its current role in ADA's market behavior is no exception.

As we analyze the chart, ADA's price has exhibited a contraction phase, characterized by a narrowing price range following a steep ascent. The convergence of ADA’s price with the 100 EMA suggests that the cryptocurrency is at a potential inflection point. The 100 EMA, currently positioned around $0.47, stands as a pivotal support level that could either reinforce a price rebound or, if breached, accelerate a further decline.

Related

Tue, 01/23/2024 - 11:14

Cardano (ADA) On-Chain Activity Extremely Suspicious

Arman Shirinyan

The growth scenario for Cardano appears feasible, given the asset's propensity to bounce off this level in the past. Should ADA maintain this support level, we may witness a recovery attempt, initially targeting the $0.50 psychological level, followed by a more robust resistance near the $0.55 range, which aligns with the 50-day EMA. 

Conversely, the fall scenario cannot be overlooked. If selling pressure continues and the 100 EMA support fails, ADA could face a decline toward the $0.40 mark, which historically acted as a support-turned-resistance level. A fall below this could incite further sell-offs, pushing the price down to the next significant support zone near the $0.35 level.

Shiba Inu stumbles down

Shiba Inu has recently seen its price tumble below the $0.000009 mark. The drop could dictate the future trajectory of this digital asset. The decline to this level is significant — it might signal the onset of a downtrend that could test the resolve of the SHIB community and investors.

Related

Wed, 01/24/2024 - 14:35

Shiba Inu (SHIB) Jumps 5% to Lead Meme Coin Resurgence, Will It Add One Zero?

Godfrey Benjamin

The plunge below this critical price point has been met with mixed emotions. For some, it is a concerning indication of waning momentum, while for others, it is an opportunity to accumulate more coins in anticipation of a future rebound. Market sentiment is undeniably tense, as participants are closely monitoring the asset's performance for signs of a recovery or further decline.

At this juncture, it is essential to observe SHIB's support levels. A crucial line in the sand is established at $0.000008, a level that has previously acted as a strong psychological and technical support. 

It is at this point that we could anticipate a possible reversal if market conditions are favorable and buying pressure reemerges to outweigh sellers. Consolidation around this level could attract buyers looking for discounted entry points, potentially igniting a rally.