Shiba Inu's lack of volume might end up being positive factor for it
Diving into the chart, SHIB's recent price movements clearly underscore an optimistic trend. This uptrend is marked by higher highs and higher lows, painting a promising picture for those invested in or tracking the coin. Yet, juxtaposing this uptrend with the declining trading volume, a paradox emerges. Typically, descending trading volumes in the face of a price increase could signal weakening momentum or an upcoming reversal. But the Shiba Inu narrative is playing out a little differently.
Another noteworthy aspect is the resilience of SHIB's price. Even with diminished trading activity, the fact that SHIB's price has not plunged but instead showcases an uptrend shows the prevalence of bulls over bears at this point in time.
Ethereum aims for support
The 200 EMA serves as a vital tool for traders, offering insights into the asset's underlying trend. By giving more weight to recent price data, the 200 EMA paints a clearer picture of price momentum and potential market direction. Historically, this moving average has often functioned as a robust support or resistance level. In Ethereum's case, the 200 EMA is shaping up to be a significant support point.
In terms of price analysis based on the current chart, Ethereum appears to be testing the waters around the 200 EMA, finding its footing after a period of heightened volatility. If the 200 EMA holds firm, Ethereum could find the necessary support to prevent further decline and potentially pave the way for a rebound.
ADA hits roadblock
By looking at the chart, it becomes evident that Cardano has made multiple attempts to surpass the 200 EMA. Each attempt has met with resistance, pushing the price back down, forming what seems like an impenetrable ceiling. This repetitive pattern might lead some to assume that the 200 EMA is the primary obstacle. However, the real story lies in ADA's RSI.
Cardano's RSI is navigating the upper echelons, indicating a clear overbought status. This overbought scenario represents a challenge as significant as, if not more than, the 200 EMA resistance.