Shiba Inu (SHIB) Breaks Down Dramatically, Uniswap (UNI) Freefall Continues: Next Support, Cardano (ADA) Lands on Major Support

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If a Shiba Inu’s price drops below the significant $0.000027 mark, it begins to exit the symmetrical triangle pattern. This development is concerning because such a pattern usually acts as a strong foundation. The departure from this structure could potentially dictate the direction of SHIB‘s future trend.

Examining the graph, it is clear that SHIB‘s price falling beneath the symmetrical triangle suggests a bearish trend. Prior to this decline, the triangle functioned as a stabilizing area where prices bounced back and forth, providing optimism for a bullish turnaround.

Shiba Inu (SHIB) Breaks Down Dramatically, Uniswap (UNI) Freefall Continues: Next Support, Cardano (ADA) Lands on Major Support

If the price drops and reaches around $0.000027, this level may serve as new resistance. Should the price find it difficult to surpass this threshold again, it might signal the onset of a downward trend.

In the present situation, the price may continue to decrease with a possible drop down to around $0.000024. At this point, buyers might enter the market to prevent further decline. Yet, if the price manages to recover and buyers regain power, pushing it back within its previous range, then the downtrend could be reversed, potentially reviving SHIB‘s upward trend.

To get growth back into the discussion, SHIB must regain its place within the triangle and aim for the upper limit, approximately $0.00003. A strong close above this mark on higher trading volume could change the conversation to bullish once more, potentially paving the way for SHIB to reach new resistance levels.

Uniswap’s problematic decline

Uniswap is experiencing a troubling drop in price due to the SEC’s recent announcement. This news has led to investors withdrawing their funds from the exchange, raising questions about Uniswap’s compliance with securities regulations and uncertainty surrounding its tokens.

UNI’s price has been significantly affected by recent news, causing it to dip below the $9 threshold. According to the daily chart, this marked a clear break below a significant psychological level. The next potential support level can be found around the 200-day moving average, which is approximately $8.35.

If this support level gives way, Uniswap’s token price could drop significantly further, leading to a more pessimistic view of the token.

Uniswap’s decentralized structure is a major draw, enabling trading without extensive oversight or regulation. Yet, should a legal battle between the SEC and Uniswap ensue, investor risks could escalate significantly, potentially impacting the price of Uniswap’s native token.

Cardano finally lands on support

Cardano experienced a significant drop in price recently, reaching a low of $0.56. At this point, it’s essential for Cardano as it hovers above its 200-day moving average (MA), which has historically acted as a reliable support. In March 2024, ADA rebounded from this very MA and reached a new local peak, highlighting its importance.

In simpler terms, the situation for Cardano now seems uncertain. The 200-day moving average is approximately $0.5271, acting as a potential safety net under the current value. Previously, ADA had demonstrated resilience at this point. However, the present market trends suggest that there might not be enough power to prompt an immediate bounce-back.

If ADA reaches the $0.56 support level, there’s a possibility for price stability as long as it remains above the 200-day moving average. But if ADA drops below this threshold, it could lead to more downward pressure and a test of even lower support levels.

Cardano has a tough road ahead if it wants to expand its possibilities. In order to change its direction, it must rise again towards the $0.61 mark. This previously significant support level might now function as resistance, and surpassing it could signal a return to a bullish market for Cardano.

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2024-04-13 03:50