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The expected reversal of Arbitrum’s native token ARB faced a sudden rejection as the token’s price plummeted. Various market factors contributed to this scenario, including significant selling pressure resulting from the liquidation of Grayscale’s Bitcoin holdings.
ARB’s chart reveals a notable pullback as the token deviates from its upward trajectory. Support levels that once seemed solid were quickly overwhelmed by a wave of sell orders.
Price action on the ARB chart shows it is struggling to maintain ground above the key support level of $1.50, which is now a crucial indicator of the asset’s short-term outlook. . A fall below this level raises questions about ARB’s immediate future and casts doubt on the possibility of a quick recovery.
As ARB grapples with this newfound resistance, eyes are set on the $1.30 zone, a level that could provide some reprieve and act as a temporary footing for the asset. If this level fails to hold, the next substantial support will be observed around his $1.20 price range, and this threshold could serve as a litmus test for the token’s resilience.
On the upside, any attempt at reversal would require a convincing return to the $1.50 level to restore holder confidence. A successful break above this resistance could pave the way for $1.70 and set the stage for a potential recovery.
Cardano gains significant support
Cardano reaches significant support levels, especially the 100-day exponential moving average. This indicator is widely used to predict price trends and momentum. Historically, the 100 EMA has served as a dynamic boundary between bullish and bearish areas, and ADA’s current role in market action is no exception.
Analyzing the chart, the price of ADA shows a contraction phase, characterized by a narrowing of the price range after a sharp rise. The convergence of ADA price and the 100 EMA suggests that the cryptocurrency is at a potential inflection point. The 100 EMA, currently located around $0.47, is a crucial support level that could either strengthen the price rebound or, if broken, accelerate further declines.
Cardano’s growth scenario seems feasible given this asset’s tendency to bounce back from this level in the past. If ADA holds this support level, we could see a recovery attempt initially targeting the psychological level of $0.50, followed by a stronger move around the $0.55 range, which coincides with the 50-day EMA. Resistance may ensue.
On the other hand, you can’t miss the autumn scenario. If the selling pressure continues and the 100 EMA support fails, ADA could fall towards the $0.40 level, which has historically served as a support-to-resistance level. A break below this could trigger further selling and push the price down to the next key support zone around the $0.35 level.
Shiba Inu stumbles and falls
The Shiba Inu price recently fell below $0.000009. This decline could determine the future trajectory of this digital asset. A decline to this level is significant and could signal the beginning of a downtrend that could test the resolve of the SHIB community and investors.
There are mixed feelings surrounding the decline below this key price point. For some, this is an alarming sign of declining momentum, while for others it is an opportunity to accumulate more coins in anticipation of a future rebound. There is no doubt that market sentiment is tense as participants closely monitor asset performance for signs of recovery or further decline.
It is important to observe the support level of SHIB at this time. The key line in the sand has been established at $0.000008, a level that has so far served as strong psychological and technical support.
At this point, we would expect a possible reversal if market conditions are favorable and buying pressure reappears and outweighs the sellers. A consolidation around this level could attract buyers looking for a discount entry point and trigger a rally.
