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Shiba Inu (SHIB) Joins Marketwide Rally

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Tue, 3/10/2023 - 1:00
Shiba Inu (SHIB) Joins Marketwide Rally
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Shiba Inu (SHIB) has been making headlines recently, and for good reason. The meme coin has joined the marketwide rally and is currently trading at $0.00000759. While this is a positive sign for SHIB holders, the asset is approaching a critical resistance level — the 50 Exponential Moving Average (EMA).

The 50 EMA has historically acted as a strong resistance or support level for various assets, and SHIB is no exception. If the asset manages to break through this level, it could very well reach the much-anticipated $0.000008 threshold. However, the low trading volume for SHIB suggests that this rally might not have the momentum to sustain a breakthrough.

Ethereum chart
Source: TradingView

Adding another layer of complexity to SHIB's price action is the Relative Strength Index (RSI), which has recently crossed the value of 50. This is generally considered a bullish sign, indicating that the asset is gaining strength. But it is essential to note that RSI alone cannot be relied upon for making investment decisions; it is merely one piece of the puzzle.

The marketwide rally has been a boon for many cryptocurrencies, and SHIB seems to be capitalizing on this positive sentiment. However, the low volume profile of SHIB hints at a lack of strong buying interest, which could make it challenging for the asset to maintain its upward trajectory.

Solana's dominant surge

Solana (SOL) has been making headlines with its recent price performance, currently trading at $24.41. The asset has been the subject of a short squeeze, leading to a rapid and dominant surge in its value.

The short squeeze phenomenon occurs when an asset that has been heavily shorted experiences a sudden price increase, forcing short sellers to buy back their positions at a loss, further driving up the price. In Solana's case, this has led to a remarkable uptick in its market value, catching many by surprise.

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This surge comes at a time when Bitcoin has also been making strides, recently hitting the $28,000 mark. The positive sentiment around Bitcoin often spills over to altcoins, and Solana seems to be one of the primary beneficiaries of this trend. The correlation between Bitcoin's surge and Solana's performance cannot be ignored, as investors look for high-performing alternatives to diversify their portfolios.

Technically speaking, Solana has broken through several resistance levels and is showing no signs of slowing down. The asset's volume is also on the rise, indicating strong market interest. The next significant milestone for Solana would be to maintain this momentum and possibly aim for new all-time highs.

However, it is essential to exercise caution. While the short squeeze has provided a significant boost, it is crucial to consider that such explosive growth might not be sustainable in the long term. Investors should keep an eye on market indicators and trends to make informed decisions.

Ethereum faces opposition

Ethereum has been making headlines with its recent bullish tendencies, but it seems the asset has met its match — at least for now. After a promising upward trajectory, Ethereum has encountered a significant roadblock in the form of the 200 Exponential Moving Average (EMA), a widely observed technical indicator used by traders to identify long-term trends.

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As of the most recent data, Ethereum is trading at approximately $1,736.35 USD. While the asset has shown remarkable resilience in climbing from lower levels, it has failed to break past the 200 EMA, which is often considered a critical point of resistance or support depending on the asset's position relative to it.

The inability to move past this level could be a sign of caution for traders and investors alike. The 200 EMA serves as a litmus test for the asset's long-term viability and strength. Failing to break through could mean that Ethereum might need more bullish momentum to sustain its upward trajectory.

This resistance level becomes even more crucial when considering the broader market dynamics. With Bitcoin and other altcoins showing signs of strength, Ethereum's inability to break this resistance could signal a period of consolidation or even a potential downturn.

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