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The cryptocurrency market is continuously moving upward despite significant profit-taking across numerous networks. The current state of most assets suggests that we are entering pivotal levels that could send assets in either direction in the foreseeable future.
Shiba Inu reaches potential reversal
Shiba Inu, the popular meme-inspired cryptocurrency, has been showing a relatively stable performance in the past few days as it approaches a new price threshold of $0.000013. This is a promising sign for the token's potential recovery, as the past few weeks have made Shiba Inu anemic.
One of the main reasons behind the token's stable performance can be attributed to the price action of its related assets, Leash and Bone, which have reached new local highs recently. These assets have been showing strong upward momentum, leaving their counterpart, Shiba Inu, behind. Nevertheless, Shiba Inu has been able to hold its ground and continue its steady ascent, indicating a potential turnaround.
Despite the positive developments, Shiba Inu's burn rate has been stagnating in recent weeks, with no significant changes in the number of tokens being burned on the network. This could be a cause for concern for some investors, who view the burn rate as an important metric for the token's long-term value. However, the current stability of Shiba Inu's price could also suggest that the token is experiencing active profit-taking, which is a bearish signal.
The next resistance for Shiba Inu is at $0.000014, which was the last breakdown point for the asset. If the token manages to break through this resistance level, it could signal a strong bullish momentum and a potential recovery.
Chainlink whales are waking up
Chainlink, one of the most popular oracle networks, is seeing an uptick in activity from its largest holders, with the majority of big wallets accumulating additional LINK tokens. The network's whale addresses have been accumulating more LINK tokens, signaling their belief in the future growth of the network.
While LINK's price has been somewhat stagnant in recent weeks, the network saw its largest transaction in eight months occur just 12 hours ago. The transaction involved the movement of $106 million in LINK tokens to a new whale address, the largest such move since June.
It is important to note that Chainlink's movement often has a lagging nature and follows relevant market movement only after a momentum change. Therefore, it is possible that the recent accumulation of LINK by whales is a sign of an upcoming price increase.
Cardano's struggle
Cardano (ADA) has been struggling to break through a major resistance level on the charts, which has been causing it to lose momentum on the market. Over the past few months, the cryptocurrency has made several attempts to break through the resistance but has failed to do so.
The resistance level in question is a price level that Cardano has not been able to surpass despite repeated attempts. This has caused many traders and investors to lose confidence in the cryptocurrency, which has struggled to keep up with competitors like Ethereum and Solana.
In the last seven days, Cardano has seen decelerated growth in comparison to its competitors. Ethereum and Solana have both gained around 8% to their values, while Cardano has only seen a 4% gain in the same time period.
U.Today Editorial Team
Dan Burgin
