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Cardano (ADA) Reaches Lowest Level of 2024, Again, Shiba Inu (SHIB) Hits Critical Reversal Level, Ethereum (ETH) Hits Awful $3,600 Reversal

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Tue, 18/06/2024 - 0:30
Cardano (ADA) Reaches Lowest Level of 2024, Again, Shiba Inu (SHIB) Hits Critical Reversal Level, Ethereum (ETH) Hits Awful $3,600 Reversal
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For Cardano, the chart presents a dismal image. ADA has consistently trended lower after failing to sustain its support levels, breaching multiple significant support zones in the process. Cardano is now at its lowest point since 2024 as a result of the recent decline, which may indicate more serious problems with the ecosystem.

Technical indicators reveal that the asset is having difficulty finding any upward momentum. The 50-day EMA and the 200-day EMA both exhibit a bearish trend. Since trading volume has remained relatively low, indicating a lack of buying pressure, the volume bars further support the declining interest. One may interpret the Relative Strength Index (RSI) currently hovering near the oversold area as a possible buying signal.

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Cardano/USDT Chart by TradingView

Still, the market's general perception of Cardano is negative. Essentially fulfilling its commitments has proven difficult for Cardano. The community's level of skepticism has increased as a result of the highly anticipated technology advancements and collaborations failing to materialize into meaningful price changes.

Moreover, ADA's problems have been made worse by the general state of the market, which includes heightened regulatory scrutiny and a generally pessimistic outlook for the cryptocurrency industry.

Cardano's catastrophic performance was not really a subject for discussion in 2024, but current tendencies clearly show some fundamental issues with ADA. The asset's price keeps on going down and has already touched the year's low.

Shiba Inu at pivotal point

Shiba Inu has dropped toward a fundamental support level, which has been considered the go-to threshold for a reversal. With Shiba Inu at the forefront, a reversal might be expected in the foreseeable future, especially if we take a look at the overall situation on the chart.

According to the chart, SHIB has reached a crucial support line that has traditionally been a good place for buyers to enter the market. A strong support level is currently being provided by the 200-day moving average.

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Traders frequently monitor this technical indicator in order to spot long-term trends and probable turning points. In addition, there appears to be less trading volume, which could suggest less selling pressure. This may indicate that the recent downward trend is slowing down. A potential reversal is indicated by the relative strength index (RSI), which is currently trading close to the oversold area.

The asset is likely to draw in more buyers when the RSI reaches these levels, which suggests that the asset is cheap. The existence of these technical indicators gives SHIB holders some hope despite the bearish sentiment that permeates the market right now. In the near future, there may be a reversal in price if it can stay above this key support level. It is imperative to monitor any noteworthy developments or news that may impact the price action of SHIB.

Ethereum brutally denied

Ethereum was aiming at $3,600 to perform a reversal. However, the market's reaction was not what the majority could have expected. Ethereum was brutally denied at the 26 EMA, with the price tumbling down. Unfortunately, things may get even worse from here.

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The graph demonstrates Ethereum's difficulty breaking above $3,600, a level that many traders had anticipated would spark a bullish reversal. Rather, the 26-day EMA functioned as a robust resistance leading to a substantial price decline and the reverse.

Additionally not helping are general market conditions. Ethereum and other digital assets continue to be viewed with caution due to ongoing regulatory concerns surrounding cryptocurrencies and uncertainty on the world's financial markets.

Should Ethereum be unable to find stability at these levels, it may move toward the next important support areas, which could be found around the 50-day EMA (blue line) or even the 100-day EMA (orange line).

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