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Shiba Inu (SHIB) may begin the week with a bullish reversal
The Shiba Inu (SHIB) cryptocurrency may perhaps open the week with a bullish reversal
(SHIB) is exhibiting signs of life in an otherwise quiet market in terms of liquidity and volatility. The meme coin flashed a green candle over the weekend, raising hope among traders and investors. This increase is especially remarkable because it comes at a time when the overall market is essentially flat.
What is causing this upbeat attitude? Shiba Inu has just struck multiple support levels, laying a solid basis for further upward growth. The lack of major resistance levels ahead adds to the positive outlook. In layman's terms, the path of least resistance appears to be upward for SHIB, at least for the time being.
The forthcoming trading week could be a watershed moment for Shiba Inu, according to a source. SHIB has a strong setup for a bullish reversal, with a green candle already in action and many support levels bolstering its stance. Traders are keeping a careful eye on this meme coin, as its recent activity implies it may be preparing for a larger rise.
Cardano is stymied
(ADA) has been locked in a sideways trend for the past ten days, leaving investors and traders wondering when the next big move will occur. The relative strength index (RSI) is exhibiting some divergence, indicating that the asset's trajectory may be changing. With trade volume set to increase on Monday, we may be on the verge of a trend reversal that may propel Cardano out of its current rut.
Cardano's price has been ranging between $0.26 and $0.29 over the previous 14 days, according to current pricing statistics. The RSI divergence indicates that the asset is likely oversold, indicating that a bullish reversal is imminent. The sideways pattern, combined with this divergence, suggests that traders are growing more interested in ADA, paving the way for a possible breakthrough.
The anticipated increase in trade volume on Monday could be the impetus required. Increased trading activity frequently results in big price changes, and the odds appear to favor a bullish outcome given Cardano's current situation. If trading volume increases, it may provide the necessary momentum for ADA to break away from its sideways trend and maybe begin a new upward trajectory.
Don't be terrified of Ethereum's cross
The cryptocurrency industry is abuzz with speculation about an impending "Death Cross" for Ethereum (ETH). While this technical pattern frequently sends shivers down traders' spines, it is critical to take a step back and examine its true implications, especially when it comes to.
First, let's define what a Death Cross is. When a short-term moving average crosses below a long-term moving average, it usually indicates a bearish trend. It is important to note, however, that Ethereum has witnessed both Death Cross and patterns in the past, and they have not shown to be very good predictors for this asset in recent months.
From June to August 2023, the price of Ethereum fluctuated substantially, ranging from as low as $1,647 to as high as $1,945. While the asset has experienced considerable volatility, it has not followed a steady trend that a Death Cross or Golden Cross might dependably forecast.
So, what does this signify for investors and traders? While the Death Cross may be a red flag in some situations, historical evidence reveals that it is not a surefire indicator of a prolonged negative phase.
The pattern has not proven a dependable predictor for Ethereum, and given the asset's inherent volatility and broader market effects, it is unlikely to provide the value that traders might hope.
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