Shiba Inu (SHIB): Ready to Fade Into Oblivion? XRP: Final Stand, Cardano (ADA) Bulls: Price Collapse Is One Move Away
The post Shiba Inu (SHIB): Ready to Fade Into Oblivion? XRP: Final Stand, Cardano (ADA) Bulls: Price Collapse Is One Move Away appeared on BitcoinEthereumNews.com.
The market is on the verge of exiting the consolidation stage, with Shiba Inu, XRP and Cardano being on verge of their local formations that should boost volatility and push either asset into their next stage. Shiba Inu at crossroads With price action indicating the possibility of a significant breakdown, Shiba Inu is at a crucial crossroads. The token is stuck inside a narrowing triangle and is currently trading at about $0.0000123, but the overall structure is bearish. Due to buyers’ inability to maintain momentum above resistance levels, each bounce has been weaker than the last. The consistent drop in trading volume is the most concerning indication. Volume has been declining since early August, which suggests that traders’ interest and involvement are waning. SHIB/USDT Chart by TradingView Declining volume during consolidation frequently precedes strong breakouts in cryptocurrency markets, however, since SHIB is already under pressure, the likelihood of a breakdown rather than a recovery is higher. Technically speaking, SHIB will encounter resistance right away in the range of $0.0000130-$0.0000132, and then the 200-day moving average close to $0.0000139. Every upward attempt has been capped for weeks at these levels. Support for the downside is located just above $0.0000120. The next target might be $0.0000110 or even $0.0000100, a level that runs the risk of adding another zero to SHIB’s valuation if it significantly breaks below this. Additionally, a classic indicator of deteriorating market structure, the descending trendline from the recent highs, is still forcing lower peaks. Bearish momentum will probably prevail unless SHIB can break out above that line with significant volume. That is, there is a genuine chance of oblivion. In addition to possibly correcting further, SHIB runs the risk of becoming irrelevant for traders seeking stronger momentum plays if support gives way while volume keeps declining. XRP’s last…
