Thursday, July 25, 2024

Shiba Inu saw a decline for the fifth day in a row on Thursday, causing the popular meme cryptocurrency to plummet to its lowest value in 13 days. Ever since reaching a peak that lasted for four months last Saturday, SHIB has found it challenging to maintain a solid support level. Meanwhile, Solana successfully reversed a recent trend of losses.

Shiba Inu (SHIB)

Shiba Inu (SHIB) experienced a noticeable dip on Thursday, marking the meme cryptocurrency’s fifth successive day of decrease.

SHIB/USD reached a trough at $0.000008543 in the session earlier today, a sharp drop from its previous day’s peak of $0.000009854.

This downturn led SHIB to its weakest point since August 4, when it traded at a mere $0.00000827.

SHIB/USD – Daily Chart

This latest decrease occurred as the 14-day relative strength index (RSI) slid under the support level of 50.00.

At the moment, the index is positioned at 44.31, targeting a potential low of 39.00 next.

Should this target be achieved, SHIB’s trading price might fall beneath $0.000008000.

Solana (SOL)

Contrastingly, Solana (SOL) showed a positive trend in today’s trading, breaking free from a two-day series of losses.

After touching a low of $22.49 on Wednesday, SOL/USD surged to an intraday peak of $23.58 earlier in the current session.

This surge was triggered by renewed bullish momentum, following a slight decline beneath a support level at $22.50.

SOL/USD – Daily Chart

This rally was supported by a recent positive crossover between the 10-day (red) and 25-day (blue) moving averages.

However, the market continues to exhibit a significant degree of uncertainty, with price strength lingering near a crucial support level at 44.00.

If a breakout occurs from this level, SOL’s price might fall below $22.00.

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Do you think the Solana bulls will be able to fend off additional sell-offs this week? Share your insights in the comments section below.

Frequently Asked Questions (FAQs) about Cryptocurrency Market Analysis

What caused SHIB to reach a 13-day low?

Shiba Inu’s continuous decline over five days led to its drop to a 13-day low, following its struggle to maintain a firm support level since hitting a four-month high.

How did Solana (SOL) break its losing streak?

Solana (SOL) rebounded and broke a two-day losing streak by regaining bullish momentum and surpassing its recent support level at $22.50.

What factors influenced SHIB’s decline?

The decline in SHIB’s price was influenced by factors including the 14-day relative strength index (RSI) falling below 50.00 and a recent drop in its trading value.

What indicators suggest potential price movements for SHIB and SOL?

For SHIB, the 14-day RSI hovering around 44.31 could indicate further decline towards 39.00. For SOL, a positive crossover between the 10-day and 25-day moving averages signals upward momentum.

How might the cryptocurrency market evolve?

The market’s dynamics are uncertain, with SHIB facing potential trading below $0.000008000 and SOL facing the possibility of dropping below $22.00 if certain support levels are breached.

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1 comment

TraderJoe August 18, 2023 - 9:38 am

shib’s been strugglin’, solana bouncin’ back, this crypto rollercoaster’s wild!

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