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Crypto Market Update
The crypto market has been experiencing a mixed trend, with some assets showing significant gains while others struggle to maintain their levels. Here’s an update on the current market situation for several popular cryptocurrencies.
Bitcoin and Ethereum Not Included
This article focuses on smaller-cap cryptocurrencies that have shown significant price movements in recent days.
1. Dogecoin (DOGE)
Dogecoin continues to trade inside its ascending channel pattern, indicating a slight advantage to bulls. The minor resistance at $0.46 is currently holding, but if this level is crossed, the DOGE/USDT pair could rise to the channel’s resistance line near $0.52.
2. Shiba Inu (SHIB)
Buyers tried to push SHIB above its overhead resistance of $0.000033 on Dec. 5, but bears held their ground. The rising 20-day EMA ($0.000027) and the RSI in the positive territory indicate advantage to buyers.
3. Cardano (ADA)
Cardano turned down from the $1.33 overhead resistance on Dec. 3, indicating profit booking by select traders. The pullback is finding support near $1.10, the 50% Fibonacci retracement level of the latest leg of the rally.
4. Avalanche (AVAX)
Avalanche has been witnessing a tough battle between bulls and bears near the $51 level. The upsloping 20-day EMA ($44.09) and the RSI in the overbought zone indicate that bulls are in command.
5. Toncoin (TON)
The bulls are finding it difficult to sustain TON above the $7 resistance, but a positive sign is that the price remains above the 20-day EMA ($6.29).
Other Notable Cryptocurrencies
- Dogecoin: DOGE/USDT pair may rise to the channel’s resistance line near $0.52 if $0.46 is crossed.
- Shiba Inu: SHIB/USDT pair could rally to $0.000039 if the price rebounds off $0.000030 and crosses above the $0.000033 resistance.
- Cardano: ADA/USDT pair may ascend to $1.50 if buyers drive the price above $1.33.
Conclusion
The crypto market continues to be volatile, with some assets experiencing significant gains while others struggle to maintain their levels. Traders and investors should conduct thorough research before making any investment decisions.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should exercise caution when making a decision.
