Ethereum is losing bullish traction, but there's hidden support level that might save day
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Furthermore, the concept of Ethereum as"ultrasound money" is facing scrutiny. Touted as a deflationary asset due to the EIP-1559 upgrade, which introduced a mechanism to burn a portion of the transaction fees, Ethereum's current state suggests otherwise. The deflationary pressures are not as pronounced as many had anticipated, leading to questions about its long-term economic model.has found itself at a relatively unnoticeable support level.
At the time of writing, Shiba Inu is trading at $0.00000693, a value that is significantly suppressed from its all-time highs. A detailed analysis of its price movement reveals that SHIB is currently moving below the 21-day Exponential Moving Average , a technical indicator that often provides insights into an asset's momentum. The position below this EMA suggests thatThe downtrend is further emphasized by the lack of attempts from the token to break through and reclaim higher levels.
Another concerning factor for Shiba Inu's potential recovery is its trading volume. A robust trading volume often signifies strong interest and activity around an asset, which can be a precursor to significant price movements. However, in the case of SHIB, the trading volume is at an extremely low level. This diminished trading activity suggests a lack of buying interest, which can further dampen any hopes of a swift price recovery.
Another positive sign for Solana is the decreasing trading volume. While a drop in trading volume can be a cause for concern in some scenarios, in this case, it is a silver lining. The reason being that Solana is currently bearish on more local time frames but remains bullish on longer-term charts. A decrease in trading volume during a short-term bearish phase can indicate a lack of strong selling pressure, which can pave the way for a potential rebound.
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