The crypto market remains somewhat indecisive, most digital assets following Bitcoin’s price actions. Cardano secured reliable support near $1.2 as Solana witnessed demand around the $168 – $170 value area. If BTC drops to explore the $42,000 price levels in the upcoming few days, most alternative coins will witness heavy red. The meme crypto Shiba Inu encounters massive selling pressure at the moment.
Cardano’s coin ADA created a descending triangle formation on its hourly price chart. Meanwhile, the alt seems to respect the FIB retracement areas as the level coincided with multiple lower highs over the past fourteen days. Such actions followed the sudden crash of December 4.
For now, ADA requires a 4hr or hourly session candlestick close out of the triangle formation to determine the asset’s near-term trajectory. The on-balance volume (OBV) held weakly around support and indicated buyers losing momentum after every bounce off $1.2. That means a close under $1.2 will witness Cardano securing $1.1 support.
Solana (SOL) had massive demand around the $168 mark. The green arrow indicates price compression within this mark, an upside deviation to gather liquidity, and a southward move towards lows of $148 before recovery starts.
The Relative Strength Index shows that momentum remained bearish over the past day and neutral while publishing this article. With the FIB retracement tool by this lower timeframe movements and the liquidity, pockets show that bulls need fight the $179 resistance for upward trends. On the other part, losing the $168 foothold might see Solana revisiting levels at $150 within a short period.
Shiba Inu (SHIB)
Shiba Inu trades under selling pressure at the moment. The previous 24 hours had the meme crypto losing the support floor at $0.0000325. Moreover, Shiba Inu’s price indicators support downward moves. The AD indicator remained on steady downtrends as the CMF indicators surged to +0.05 but didn’t display capital inflow towards the markets. Generally, sellers dominated SHIB/USDT marketplace.
For now, bears seem to control the capital markets. The crypto industry necessitates the correct sentiments to support upward moves. Nevertheless, some analysts believe current corrections prepare massive price upswings in the coming bullish cycle.