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Ethereum (ETH) Just Lost Important Level, Solana (SOL) Drops to Vital Level, Shiba Inu (SHIB): End or New Beginning?
The cryptocurrency market has been experiencing a tumultuous period lately. With the prices of several major digital assets plummeting, the crypto community is eagerly awaiting any signs of recovery. However, for Ethereum and Solana, this week has brought more negative news.
Ethereum (ETH) Just Lost Important Level
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Ethereum, which has been struggling to regain its momentum since mid-2022, has lost a crucial level at $1,400. This significant loss could potentially lead to further selling pressure on the asset, with some analysts predicting that it may even fall below $1,200.
This development comes as a shock to many Ethereum enthusiasts who were already reeling from the recent dip in price. With this loss of support, it’s unclear whether ETH will be able to recover anytime soon.
Solana (SOL) Drops to Vital Level
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Another highly anticipated digital asset has also taken a severe hit, with Solana losing over 20% in value since yesterday. This drastic decline has pushed SOL down to the vital level of $30, and it remains to be seen whether it will continue its downward spiral or bounce back.
SHIB: End or New Beginning?
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Despite the negative news from other major cryptos, Shiba Inu (SHIB) is showing some promise. The token is currently trading above its 200 EMA and has the potential to recover to $0.000022 if it can maintain this position.
Godfrey Benjamin argues that if SHIB does not drop below this level, there’s a possibility that it may experience a fresh start as investors regain confidence in the project. However, if the price fails to hold above this mark, the bears might gain control and drive prices even lower.
The course of SHIB’s future will be determined by how market sentiment plays out from here. If bulls can regain control and propel the token back up towards $0.000022, we could potentially see a new upward trajectory. However, if SHIB fails to hold above this mark, there may be a risk that investor confidence dwindles further.
It’s essential to closely monitor the price action of these cryptos in the days ahead as they determine their respective paths forward.
**Source:**
Source: u.today
