Shiba Inu (SHIB) Breakdown and Ethereum (ETH) Momentum Loss
Shiba Inu Breakdown
Shiba Inu (SHIB) has witnessed a significant breakdown from its recent consolidation phase, with a clear downward trajectory as it failed to maintain its position within the ascending triangle pattern formed over the past few months.
The breakdown was signaled as SHIB prices breached the key support level at $0.000009, leading to a further tumble through subsequent support near $0.0000087, marking a shift in market sentiment from accumulation to distribution.
The next support level to watch is at $0.0000082, with the potential for a temporary reprieve from selling pressure. Reclaiming previous support levels and transforming them back into supports would require a substantial influx of buying pressure, potentially sparked by positive developments within the Shiba Inu ecosystem or broader cryptocurrency market rallies.
Solana’s Hidden Opportunity
Solana has been developing a subtle ascending channel, suggesting a controlled and consistent uptrend. If the price action remains strong within the upper half of the channel, we could see Solana break through and embark on a more aggressive rally.
This bullish scenario would likely be supported by increased trading volume and positive developments within the Solana ecosystem, such as new project launches or updates that enhance network performance.
Ethereum’s Waning Momentum
Ethereum is exhibiting signs of decreasing momentum, with recent price movements indicating a struggle to maintain its grasp on the market. The price has been on a downward trend, edging closer to the local 26-day Exponential Moving Average, a critical level for potential price recovery.
The breach of the 26 EMA could signal a lack of immediate bullish support, potentially leading to a test of lower support levels and highlighting the need for investors to brace for more volatility.
Market participants are now recalibrating their expectations, understanding that the road to sustainable gains is a long-term journey.
