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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.
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.
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.
Godfrey Benjamin
Tomiwabold Olajide
Gamza Khanzadaev
