Crypto update: SHIB loses support, ETH to hit $4k, SOL shows reversal

The crypto market is going through multiple changes, involving some of the biggest names like SHIB, SOL, and ETH.

Shiba Inu, the popular meme coin, is about to lose important price ground. It relies on the support levels to kick in if the price drops. The asset has been trying to stay afloat above $0.00002476 while also testing the lower range.

The current scenario hints at an upcoming SHIB dip, as the market expects the meme token to drop below the support levels. The descending triangle pattern on the trading chart also hints at a bearish signal.

Ethereum, on the other hand, is poised to surpass the $4,000 threshold. With its price remaining stable, the coin will not drop below the $3,700 mark. 

A break through the $4,000 mark is inevitable. However, a dip below the $3,700 mark can trigger a steeper decline. The 200 EMA represents its next major support level, which is encouraging.

The current 50-day moving average is the support level. It’s common for coins to form a consolidation pattern at the upper end before a breakout takes place.

Shiba Inu and Solana both agree that the coin is about to undergo a reversal. The token has secured a 26 EMA placement, serving as trendline support. The market expects the price to regain momentum, showing a reversal possibility.

If the price rises, the 50-day moving average will turn upward. It can also kick-start a new upward movement. SOL has to cover some ground before confirming its long-term bullish reversal. Its price is still volatile and can move in either direction.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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bitcoin
Bitcoin (BTC) $ 61,898.58
ethereum
Ethereum (ETH) $ 3,403.54
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 577.64
solana
Solana (SOL) $ 137.49
xrp
XRP (XRP) $ 0.476834
dogecoin
Dogecoin (DOGE) $ 0.126496
cardano
Cardano (ADA) $ 0.393151