Home > Information news > Shiba Inu (SHIB) Hanging on Verge of Cliff, Dogecoin (DOGE) Heading Toward $0.13, Ethereum (ETH) Really Needs This Support

Shiba Inu (SHIB) Hanging on Verge of Cliff, Dogecoin (DOGE) Heading Toward $0.13, Ethereum (ETH) Really Needs This Support

Release: 2024/06/11 09:05 Reading: 334

Original author:U_Today

Original source:https://coinmarketcap.com/community/articles/66679cc145c14d20a4136eae

Shiba Inu (SHIB) Hanging on Verge of Cliff, Dogecoin (DOGE) Heading Toward $0.13, Ethereum (ETH) Really Needs This Support

Shiba Inu Faces UncertaintyAmidst Bearish Sentiment

Shiba Inu faces a period of uncertainty, exhibiting a bearish trend despite its positive position days ago. The recent drop below the 100 EMA (orange line) suggests a significant shift in sentiment.

Shiba Inu has historically relied on the 100-day Exponential Moving Average (EMA) for support, but the breach indicates increasing selling pressure. The 200-day EMA, a critical long-term support, is now within reach of SHIB. Market conditions further compound Shiba Inu's precarious position.

Traders monitor SHIB's price action as it approaches crucial support levels, anticipating potential recovery or further decline. A bearish crossover is indicated by the 50-day EMA positioned above the price, often interpreted as a bearish signal given the short-term momentum against Shiba Inu. Prolonged weakness below this level could signal a more extended downtrend.

Trading volume trends offer insights into market dynamics. The recent surge in volume during the downturn indicates increased liquidation of SHIB holdings. Bitcoin's dip below $70,000 likely contributes to investor unease.

Dogecoin Loses Momentum

Dogecoin continues to lose volume and traction following the passing of the Shiba Inu dog that inspired the meme. The decline is puzzling given its potential for widespread adoption, particularly with the anticipated implementation in the X payments system.

Dogecoin faces technical concerns as its price tests critical support levels. The breach below the 100-day EMA suggests bearish momentum, pushing the price towards the 200-day EMA at $0.13.

Weakening volume indicates a lack of strong buying interest, hindering Dogecoin's recovery. Oversold territory in the Relative Strength Index (RSI) may lead to a temporary price uptick, but overall sentiment remains negative. A significant market shift or change in investor sentiment is necessary for sustained gains.

Ethereum's Crucial Support

Ethereum stands at a pivotal juncture where technical support could determine its performance for the coming week. The 26 EMA currently serves as a key threshold, preventing a fall towards $3,380.

Ethereum has experienced significant volatility, testing multiple support and resistance levels. The price currently hovers around the 26-day EMA, serving as a critical support. A breakdown below this level could trigger a more significant decline.

Ethereum faces challenges in maintaining above the 26 EMA. Failure to do so could lead to a move towards the 50-day EMA (blue line) at $3,380, indicating additional bearish momentum. This would represent a substantial decrease from recent highs, potentially unsettling investors.

Conversely, Ethereum may regain bullish momentum by holding above the 26 EMA. The $3,700 resistance remains a crucial level to monitor, with a potential move towards higher resistance levels if ETH breaks above it.

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