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Cardano Ecosystem

NFT News Today

08/28/2023

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Shiba Inu’s Rise, Cardano’s Wait, and the Ethereum ‘Death Cross’ Debate

Shiba Inu’s Glimmer of Hope Shiba Inu (SHIB) demonstrated over the weekend that it still has a pulse in an otherwise sluggish market. Despite the market’s inactivity, this meme coin blazed brightly with a...

Shiba Inu’s Rise, Cardano’s Wait, and the Ethereum ‘Death Cross’ Debate

Shiba Inu’s Glimmer of Hope

Shiba Inu (SHIB) demonstrated over the weekend that it still has a pulse in an otherwise sluggish market. Despite the market’s inactivity, this meme coin blazed brightly with a hopeful green candle. Shiba Inu recently touched many support levels, sparking confidence that the coin could rise, especially given the lack of looming resistance levels. Said SHIB appears to be riding high. As the new trading week begins, all eyes are on Shiba Inu, which is already showing signs of a bullish turnaround.

Cardano’s Patient Sideline Stance

Cardano (ADA) is in a holding pattern. This digital asset has been hovering for nearly a fortnight, leaving stakeholders guessing about its next move. The relative strength index (RSI), which predicts prospective market turns, suggests a forthcoming shift in direction. In the previous two weeks, the price of ADA has fluctuated between $0.26 and $0.29. The RSI divergence suggests that ADA may be undersold, encouraging positive reversal optimism. As trade hunger is expected to increase on Monday, ADA may find the momentum it requires to break free from its stalemate.

Is Ethereum’s ‘Death Cross’ a Source of Concern?

The looming “Death Cross” of Ethereum has left crypto circles abuzz. A Death Cross occurs when a short-term moving average falls below a long-term one, frequently indicating a bearish wave. However, it is critical to recall Ethereum’s previous encounter with this pattern. Ethereum’s price fluctuated between $1,647 and $1,945 during June and August 2023. While there were tremors, Ethereum never fully danced to the song of the Death Cross or its bullish cousin, the Golden Cross.

So, what’s the bottom line? While the Death Cross can cause consternation in specific situations, Ethereum’s track record calls its trustworthiness as an ominous symbol into question. The price fluctuations of Ethereum show that traders should rely on more than this pattern. Ethereum defies traditional forecasters in the volatile realm of crypto, reminding stakeholders of the asset’s inherent unpredictability.

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  • Disclaimer

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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ORIGINAL SOURCE

https://bitcoinworld.co.in/shiba-inus-ri...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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