$SHIB volume is not recovering despite the rise of meme assets on crypto market. Though more “serious” cryptocurrencies like $ADA and $SOL might recover quite soon
is currently experiencing a significant decline in trading volume, reaching a four-month low after failing to gain momentum from a local support level it reached several days ago. The stagnating trading activity could be attributed to the overall lack of action in the cryptocurrency market, raising concerns about the token's potential to resume its uptrend in the near future.
The meme-inspired cryptocurrency landed on a local support level a few days ago, but it has struggled to make headway since then. The lack of buying interest has caused the trading volume to plummet to its lowest point in months, signaling a potential loss of confidence among investors. This development could be concerning for SHIB support who may have anticipated a rally along with other meme tokens.
At the time of writing, Cardano is trading at $0.37, having experienced a steady decline over the past month. During this time, ADA has breached the 50-day and 200-day moving averages, as well as the lower border of a broadening price range that has guided the asset's price trajectory. These losses have raised concerns among investors, who are now seeking signs of a potential reversal.
The simple 50-day moving average, which has emerged as a new support level for ADA, could serve as a turning point for the asset. If the token manages to hold above this support, it could signal a possible reversal, potentially attracting new buyers and inspiring renewed confidence among existing holders. However, this scenario remains uncertain, given the overall bearish sentiment in the market.
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