The bullish recovery in the market that started a few days ago has suddenly come to an end, causing concern among investors. Shiba Inu’s price has dropped below a crucial level of $0.000027 and is now slipping out of a symmetrical triangle pattern, which previously served as strong support. This breakdown from the pattern could potentially chart the course for SHIB’s future, with the price now struggling to climb back above the $0.000027 level, which may turn into resistance, signaling a possible downtrend.
Uniswap has also been facing a problematic decline in its price following a notice from the U.S. Securities and Exchange Commission (SEC), causing outflows from the exchange and raising concerns about its regulatory standing. The news has weighed heavily on UNI’s price, sending it below the $9 mark, with the possibility of finding the next support around the 200-day moving average. The decentralized nature of Uniswap, which was once a key feature, may now face increased risks for investors due to potential regulatory scrutiny.
On a positive note, Cardano has landed on a major support level of $0.56, leaning on the 200-day EMA for stability. This moment is crucial for ADA, as it awaits to see if it can hold above this support level to prevent further declines. However, the current market momentum suggests a lack of immediate energy for a swift recovery, indicating a challenging climb ahead for Cardano to recapture higher levels. If ADA breaches the support zone, it may test lower support zones, highlighting the importance of the $0.61 level as a potential resistance-turned-support zone for a shift back to a bullish trend.