In spite of a market that has been reasonably stable in terms of liquidity and volatility, Shiba Inu (SHIB) is displaying indications of life. The meme coin had a green candle over the weekend, encouraging traders and investors. This increase is especially notable because it occurs at a time when the market as a whole is mostly flat.
Why is this optimism so strong? Shiba Inu has, in fact, just touched many support levels, laying a solid groundwork for possible upward momentum. The optimistic outlook is strengthened by the lack of meaningful resistance levels in the near future. The easiest course of action for SHIB, at least temporarily, seems to be upward.
A turning point for Shiba Inu might occur over the following trade week. SHIB has a good chance of a bullish turnaround because it already has a green candle in the air and many support levels supporting its position. The recent behaviour of this meme coin has traders paying close attention as it may be preparing for a larger rise.
Cardano is stuck
Cardano (ADA) has been in a sideways trend for the last ten days, leaving traders and investors wondering when the next significant move would occur. There is some divergence in the relative strength index (RSI), which suggests that the asset’s direction may alter. We may be on the verge of a trend reversal that might lift Cardano out of its present rut given the projected increase in trading volume on Monday.
Recent pricing information indicates that during the previous 14 days, Cardano’s price has varied between around $0.26 and $0.29. The asset may be oversold, according to the RSI divergence, making a positive reversal more likely. The sideways trend and this divergence show that traders are showing an increase in interest in ADA, which might lead to a breakout.
The anticipated increase in trading activity on Monday could be the impetus Cardano needs. The likelihood of a positive outcome appears to be higher given Cardano’s present setting. Increased trading activity frequently results in big price moves. If the trading volume does increase enough, it may give ADA the push it needs to break free of its sideways trend and begin a fresh upward trajectory.
Be not afraid of Ethereum’s cross
There are rumblings of an approaching “Death Cross” for Ethereum (ETH) among the cryptocurrency ecosystem. Even while this technical pattern frequently makes traders shudder, it is important to stand back and evaluate its true significance, especially when it comes to Ethereum.
Let’s first discuss what a Death Cross is. When this happens, it usually indicates a negative trend since the short-term moving average crosses below the long-term moving average. It is important to remember, though, that Ethereum has previously displayed both Death Cross and Golden Cross patterns, and that these haven’t consistently served as strong signals for this asset in recent months.
Based on pricing data from June to August 2023, Ethereum’s price had substantial fluctuations, varying from $1,647 to $1,945. Despite significant volatility in the asset, neither a Death Cross nor a Golden Cross could be used to anticipate it with any degree of certainty.
What does this signify for investors and traders then? In essence, Ethereum’s historical data reveals that the Death Cross is not a certain signal of a lengthy negative trend, even though it may be a warning sign in some circumstances.
Given Ethereum’s intrinsic volatility and other market factors, the pattern has not shown to be a trustworthy prediction for this asset, and it is unlikely to provide the type of value that traders may anticipate.
