The cryptocurrency market has suffered a defeat at the hands of bears, with Shiba Inu experiencing a significant breakdown from its recent consolidation phase. The downward trajectory of SHIB is evident as it failed to maintain its position within an ascending triangle pattern, breaching key support levels and signaling a shift in market sentiment from accumulation to distribution. With the next support levels at $0.0000082 and $0.0000076, SHIB may find temporary reprieve from selling pressure, but a substantial influx of buying pressure is needed for a reversal.

On the other hand, Solana has been developing a potentially pivotal chart pattern, with the asset tracing a slow and steady ascending channel that suggests a controlled and consistent uptrend. This pattern, if supported by increased trading volume and positive developments within the Solana ecosystem, could lead to a bullish scenario. Similarly, Ethereum is exhibiting signs of waning momentum, with the asset struggling to maintain its grasp on the market and facing a pivotal moment that could determine its trajectory for the coming weeks.

Author Arman Shirinyan, a trader, crypto enthusiast, and SMM expert with over four years of experience, strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Focusing on news, articles with deep analysis of crypto projects, and technical analysis of cryptocurrency trading pairs, Shirinyan provides valuable insights into the cryptocurrency market and potential trends for the future.

Source link