Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu (SHIB) seems to be grappling with a significant resistance level, ominously dubbed the “Death Line.” This resistance level is the strongest encountered by SHIB in recent months and could potentially push the token to new, unprecedented lows.
Despite reaching a solid support level at around $0.000008, Shiba Inu token’s price is confronting considerable pressure from the market. This pressure might lead to a drastic price correction if the token fails to maintain its position above the support line. With the existence of the “Death Line,” the token’s price has the potential to plummet toward $0.000007, which would represent a critical setback for the token and its holders.
The bearish trendline, traced over the past few months, appears to be holding strong, and if the trend persists, it may lead to a further devaluation of the token. This possible scenario is causing a sense of unease among the token’s investors, as the breaching of this so-called “Death Line” might trigger a significant sell-off.
It is essential to note, however, that while technical analysis suggests a potential downturn, the crypto market’s inherent volatility means that nothing is set in stone. Factors such as market sentiment, global economic trends and updates or changes within the Shiba Inu ecosystem could all influence the token’s trajectory.
The cryptocurrency landscape witnessed an unexpected shake-up recently as Dogecoin (DOGE), the popular meme-based cryptocurrency, gained substantial traction following the introduction of the DRC-20 standard.
The newly implemented token standard sparked a meteoric rise in the number of daily transactions on the Dogecoin blockchain, which peaked at an all-time high of 650,000. This surge has allowed Dogecoin to momentarily outpace both Bitcoin and Litecoin in terms of transaction volume, a development that has captured the attention of the crypto world.
The DRC-20 standard, analogous to Ethereum’s ERC-20, enables the issuance and management of tokens on the Dogecoin blockchain. This has opened up new possibilities for decentralized applications (dApps) and initial coin offerings (ICOs) on the Dogecoin network, fostering increased activity and interest.
The introduction of DRC-20 has proven to be a significant catalyst for Dogecoin, and it appears that the speculative heat that originally surrounded BRC-20 tokens is gradually spreading to proof-of-work (PoW) blockchains such as Litecoin and Dogecoin. This has led to a tremendous increase in the network activity of these chains, with Dogecoin leading the pack.
Cardano (ADA), currently finds itself perched precariously on a sizeable support level. The support, built over time, has been a reliable cushion for ADA in previous market downturns. Investors are now keenly watching the digital asset for signs of a bounce that could potentially see ADA reach fresh local highs.
However, the crypto markets at present are somewhat lukewarm, lacking the kind of momentum that could fuel a significant rally. Despite strong fundamentals and the promise of the Cardano network, ADA seems to be stuck in a lull, unable to gather the traction necessary for a substantial price surge.
The absence of notable market drivers, such as ordinals, further dampens the prospects of a disruptive rally for ADA. Ordinals, a term used in the crypto world to describe significant events or developments that can influence a token’s price, have been notably absent in Cardano’s ecosystem recently. Without such catalysts, it becomes more challenging to spark investor interest and fuel a significant price move.
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
Once a day we send:
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.