Shiba Inu’s Glimmer of Hope
Shiba Inu (SHIB) demonstrated over the weekend that it still has a pulse in an otherwise sluggish market. Despite the market’s inactivity, this meme coin blazed brightly with a hopeful green candle. Shiba Inu recently touched many support levels, sparking confidence that the coin could rise, especially given the lack of looming resistance levels. Said SHIB appears to be riding high. As the new trading week begins, all eyes are on Shiba Inu, which is already showing signs of a bullish turnaround.
Cardano’s Patient Sideline Stance
Cardano (ADA) is in a holding pattern. This digital asset has been hovering for nearly a fortnight, leaving stakeholders guessing about its next move. The relative strength index (RSI), which predicts prospective market turns, suggests a forthcoming shift in direction. In the previous two weeks, the price of ADA has fluctuated between $0.26 and $0.29. The RSI divergence suggests that ADA may be undersold, encouraging positive reversal optimism. As trade hunger is expected to increase on Monday, ADA may find the momentum it requires to break free from its stalemate.
Is Ethereum’s ‘Death Cross’ a Source of Concern?
The looming “Death Cross” of Ethereum has left crypto circles abuzz. A Death Cross occurs when a short-term moving average falls below a long-term one, frequently indicating a bearish wave. However, it is critical to recall Ethereum’s previous encounter with this pattern. Ethereum’s price fluctuated between $1,647 and $1,945 during June and August 2023. While there were tremors, Ethereum never fully danced to the song of the Death Cross or its bullish cousin, the Golden Cross.
So, what’s the bottom line? While the Death Cross can cause consternation in specific situations, Ethereum’s track record calls its trustworthiness as an ominous symbol into question. The price fluctuations of Ethereum show that traders should rely on more than this pattern. Ethereum defies traditional forecasters in the volatile realm of crypto, reminding stakeholders of the asset’s inherent unpredictability.
