The expected turnaround for ARB, the native token of Arbitrum, was unexpectedly rejected when its price experienced a significant drop. A combination of market factors, including considerable selling pressure believed to be caused by Grayscale's Bitcoin holdings liquidation, played a role in this situation.

The chart of ARB exhibited a noticeable setback as the token deviated from its previous upward path. The support levels that previously appeared strong were swiftly dominated by a surge of sell orders.

The price movement on the ARB chart suggests a difficulty in sustaining levels above the important support threshold of $1.50. This particular point now plays a vital role in determining the short-term outlook of the asset.

The breach of this level has raised concerns about the near-term prospects of ARB and cast doubt on the possibility of a quick rebound. As ARB wrestles with this new resistance, attention shifts to the $1.30 area, which could provide some relief and serve as a temporary foothold for the asset.

If this level fails to hold, the next significant support is seen around the $1.20 range, which will serve as a crucial test for the resilience of the token. This threshold will determine the token's ability to withstand further downward pressure. In terms of a potential reversal, a convincing reclaim of the $1.50 level is imperative to restore confidence among holders. If successful, breaking through this resistance could pave the way towards the $1.70 mark, creating a favorable environment for a potential recovery.

Cardano Hits Crucial Support

Cardano has reached a significant level of support, specifically the 100-day Exponential Moving Average. This particular indicator holds great importance in forecasting price trends and momentum. Throughout history, the 100 EMA has functioned as a flexible boundary that separates bullish and bearish territories, and its current significance in ADA's market behavior remains unchanged.

Upon analyzing the chart, we can observe that ADA's price has entered a contraction phase, which is defined by a gradual decrease in the price range after a significant upward movement. The convergence of ADA's price with the 100 EMA indicates that the cryptocurrency is approaching a critical turning point. The 100 EMA, which is currently at approximately $0.47, serves as a crucial support level that could either strengthen a price recovery or, if broken, intensify a downward move.

Considering Cardano's historical tendency to rebound from this level, the possibility of growth for the asset seems quite realistic. If ADA manages to sustain this support level, there is a possibility of a recovery attempt, with an initial target set at the psychological level of $0.50. Subsequently, there is a stronger resistance near the $0.55 range, which coincides with the 50-day EMA.

On the other hand, we should not disregard the possibility of a bearish scenario. If selling pressure persists and the 100 EMA support is breached, ADA could experience a decline towards the $0.40 level, which has historically shifted from a support to a resistance level.

Indeed, a break below this level may trigger additional selling pressure, potentially pushing the price further down towards the next notable support area around the $0.35 mark.

Shiba Inu Stumbles Down

Shiba Inu's price has recently fallen below the $0.000009 level, which could serve as a determining factor for the future direction of this cryptocurrency. The drop to this level holds considerable importance, as it may indicate the beginning of a downtrend that could challenge the determination of both the SHIB community and investors.

Indeed, the plunge below this crucial price point has elicited mixed emotions. Some view it as a worrisome sign of fading momentum, while others see it as a chance to accumulate more coins in anticipation of a potential recovery in the future.

The market sentiment is undeniably tense, as participants closely observe the performance of the asset, eagerly searching for indications of a possible recovery or potential further decline. At this point, it is crucial to monitor SHIB's support levels. One significant level to watch is the $0.000008 mark, which has historically served as a significant psychological and technical support.

We can anticipate a potential reversal if market conditions favor it and buying pressure outweighs selling pressure. If SHIB consolidates around the $0.000008 level, it could attract buyers seeking discounted entry points, potentially sparking a rally.