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HomeFinance NewsCardano (ADA) Lands on Major Support for Next Support Level

Cardano (ADA) Lands on Major Support for Next Support Level

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The bullish recovery in the market that began a few days ago has come to an abrupt end, leaving investors and traders uncertain about the future direction of various cryptocurrencies. One notable casualty of this market downturn is Shiba Inu, whose price fell below the critical $0.000027 level, breaking out of a symmetrical triangle pattern. This breakdown could potentially set the tone for SHIB’s trajectory in the coming days, as the pattern had previously acted as a strong support zone.

Analyzing SHIB’s price chart, the breach of the symmetrical triangle suggests a bearish outlook, with the $0.000027 level now potentially becoming a resistance point. If the price struggles to re-enter the triangle and experiences difficulty climbing above this line, it may confirm the start of a downtrend. However, if buyers manage to stabilize the price and push it back into the triangle, it could invalidate the breakdown and reignite SHIB’s upward momentum towards higher resistance levels, such as the $0.00003 mark.

In a separate development, Uniswap’s price is facing a challenging decline following the U.S. Securities and Exchange Commission’s (SEC) notice, which has raised concerns about the platform’s regulatory status and the future of its tokens. This downward pressure has pushed UNI’s price below the crucial $9 level, with the next support possibly lying around the 200-day moving average at $8.35. The SEC’s involvement in the case against Uniswap introduces additional risks for investors, potentially impacting the price of the decentralized exchange’s native token. On a more positive note, Cardano has found support at $0.56, leaning on the 200-day EMA as a critical level that could determine ADA’s future trajectory amid market uncertainties.

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