Crypto prices are witnessing significant fluctuations as meme coins, Solana, and Ethereum continue to make headlines. Shiba Inu (SHIB) recently broke above the 100 EMA at $0.0000230 but has yet to establish a trend reversal due to low trading volume.
The lack of substantial buying interest in SHIB suggests low trader conviction, which could lead to a brittle rally that may struggle to maintain momentum. For a significant trend change, Solana (SOL) must break above the 200 EMA at $0.0000250 and potentially move toward the $0.0000300 range.
Solana has made a comeback with a 13% increase in value over the past few trading sessions, but it still faces seller resistance. The asset is currently trading close to $196 and needs to break above the 200 EMA to push towards $210.
Ethereum (ETH) has also seen significant price movement after recovering from crucial support levels near $3,200. The recovery coincides with Ethereum regaining its 50 EMA, a crucial technical indicator that often marks a pivot in momentum. A breakout above $4,000 could indicate the start of a new bullish trend.
However, it’s essential to note that market participants still face significant risks if they fail to hold their positions above key levels. For example, Ethereum needs to maintain its position above the 50 EMA and consolidate above $3,500 to continue its rally.
Ultimately, the short-term outlook for these cryptocurrencies depends on their ability to break through critical resistance levels with robust volume support.
Source: https://u.today/shiba-inu-shib-this-price-move-not-enough-solana-sol-gets-13-back-only-beginning-ethereum-eth