Here’s the text broken down into sections for easier reading:
Market Outlook
The market is in a state of correction, with most cryptocurrencies experiencing losses over the past week. The overall sentiment remains bearish, but there are some signs of buying on dips.
Analysis by Cryptocurrency
- Bitcoin (BTC): No analysis provided.
- Ethereum (ETH): No analysis provided.
- Dogecoin (DOGE): Bears did not allow DOGE to remain above the 20-day EMA ($0.40), which may have tempted short-term buyers to book profits. The price has dropped to the 50-day SMA ($0.35).
- Shiba Inu (SHIB): Bulls failed to push SHIB back above the 20-day EMA ($0.000027). The price is now at the 50-day SMA ($0.000025), which is an important support.
- Cardano (ADA): ADA has slipped below the 20-day EMA ($1.05). Sellers will try to pull the price to $0.90, which is expected to act as a strong support.
- Chainlink (LINK): LINK is correcting in an uptrend, suggesting that short-term buyers are booking profits. The negative divergence on the RSI suggests that bullish momentum is weakening.
- Avalanche (AVAX): AVAX has broken below the 20-day EMA ($47.71). If the price sustains below the 20-day EMA, the pair could drop to the 50-day SMA ($39.52).
- Chainlink (LINK): LINK is correcting in an uptrend, suggesting that short-term buyers are booking profits.
- Shiba Inu (SHIB): SHIB has dropped below the 20-day EMA ($0.000027). The price is now at the 50-day SMA ($0.000025), which is an important support.
Conclusion
The market is in a state of correction, with most cryptocurrencies experiencing losses over the past week. While there are some signs of buying on dips, the overall sentiment remains bearish. Investors should conduct their own research and consider multiple factors before making any investment decisions.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
