Shiba Inu (SHIB) and Solana (SOL) Attempt Recovery as Toncoin (TON) Faces Death Cross

After testing the crucial 100 EMA support level, Shiba Inu has demonstrated a robust price recovery. Bulls are still actively defending important price thresholds

After testing the crucial 100 EMA support level, Shiba Inu has shown a strong price recovery. This bounce shows that bulls are still defending key price points strongly, and the next 48 hours could be crucial in determining SHIB's short-term direction.

Following a recent decline, SHIB found support near the 100 EMA, a key technical level commonly watched by traders. This line's maintenance suggests that the bullish sentiment has remained strong despite recent price drops. If market conditions remain stable, a strong recovery from this level could lead to another leg up in the near future.

According to the chart, there are two main price levels to watch over the next 48 hours. The first, at $0.00017, could act as short-term resistance.

If SHIB breaks above this level, it could indicate the resumption of buying pressure and the potential for a more significant move to the upside. However, if this level is not reached, it could be a sign of hesitation from the bulls and the beginning of a consolidation phase.

Moving forward, the 100 EMA will continue to be the most critical support level for SHIB. The next level of support could be the 50 EMA, but a clear break below this could open the door for further downside potential.

If the bulls fail to maintain control, SHIB could lose momentum and retrace its steps in the coming days.

Solana ascending

Many traders are now watching closely for any signs of a potential reversal following Solana's recent breakout along its ascending trendline. After several days of price declines, Solana appears to be primed for a bounce, having found support around $138, a key level from its last bullish move.

As shown by the descending triangle pattern that formed over the last few weeks, trading volume has been gradually decreasing. This may indicate that bearish momentum is slowing down due to a decrease in sellers willing to drive the price lower. As prices approach critical support levels, a decrease in volume typically indicates that the bears are losing confidence in the market.

If Solana can hold this support, there could be a shift in market sentiment. If this bounce is sustained, Solana could move back up to the $150-$155 zone, where it may encounter its next resistance.

Traders should be watching for a move down toward $130 if the support level fails to hold. The market's attention will likely be on whether the bulls can regain the initiative and push prices higher in the coming days.

For now, the descending triangle's decreasing volume is a positive sign that the bears are losing ground, suggesting that the recent crash may be nearing its end. Traders should watch Solana's price action around this critical support level for a more definitive direction.

Toncoin faces death cross

The daily chart of Toncoin has shown a death cross signal, a bearish indication that usually precedes a price decline. A death cross typically occurs when a short-term moving average crosses below a longer-term moving average, and it's traditionally seen as a sign of impending market weakness and a sustained downtrend.

In the case of Toncoin, the 50-day moving average has crossed below the 200-day moving average, forming the death cross. This crossover suggests increasing bearish momentum and may indicate an impending deeper retracement.

Given the state of the broader market and TON's recent struggles to sustain its bullish momentum, there is a strong possibility of a significant price drop.

Trading volume also remains low, and there are no immediate bullish catalysts in sight, making the path to recovery difficult. If it fails to hold key support levels, TON could see a drastic decline, potentially revisiting the $5.00 zone or lower.

Despite being a crucial technical indicator that traders follow closely, the death cross is not always a definitive predictor of a price crash.

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