Crypto Market Dips Marginally Even As Trading Volume Rises; Bitcoin, Ethereum Down

Rajagopal Menon, VP, WazirX said, “Ethereum stands at a critical juncture, with the 26 EMA acting as a pivotal support level. Currently hovering around this mark, Ethereum faces the risk of descending towards $3,380 should it breach the 26 EMA.He further mentioned, “Bitcoin (BTC) faces significant pressure, dragging altcoins to lower levels. Presently valued at $68,197, BTC has experienced a 2.21% decline over the past 24 hours. Challenges surpassing historical highs are attributed to a slowdown in stablecoin production post-halving. However, the emergence of a head-and-shoulders pattern in BTC suggests a potential breakthrough of the resistance line, potentially propelling its price towards $83,000 in the near term.”He added, “Shiba Inu exhibits a bearish trend after descending below the 100 EMA (orange line), indicating heightened selling pressure. The proximity of the 200-day EMA adds to market uncertainty. A bearish crossover, with the 50-day EMA positioned above the price, implies further downside risk.”At last, “Solana (SOL) recently retreated towards its 50-day EMA, garnering cautious investor attention. Presently trading around $156, maintaining a position above this line may signal a temporary downturn rather than an extended decline. Despite bearish sentiments, SOL’s fundamental integrity remains intact. However, a sustained drop below this level may entail greater risks, although support at the 200-day EMA ($130) and 100-day EMA ($151) provides a safety net.”

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