Solana on verge of breakdown if price reverses from here
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Additionally, there is the impending formation of a"golden cross." This event occurs when a short-term moving average, such as the 50-day, crosses above a long-term moving average, like the 200-day. Such a move is traditionally perceived as a bullish sign and could act as a double boost forWhile the current Solana chart patterns signal potential bullish reversals, it is crucial to monitor SOL's performance around the neckline closely.
From its explosive rise to prominence in 2023, Shiba Inu, much like its peers in the meme crypto space, captured the attention of countless retail investors. However, the chart tells the tale of an asset that was unable to escape the gravitational pull of a descending trendline after the bullish rally was over.Peering beyond just Shiba Inu, there prevails an overarching sentiment that meme coins, in general, are in a frail state.
There is a growing thesis among crypto enthusiasts and investors that meme-based assets are gradually losing their traction on the market. This transition, many believe, is due to renewed interest in foundational cryptocurrencies like Bitcoin and Ethereum. seems to be struggling amid the broader market optimism.
What is causing this slump for Dogecoin? While market dynamics are multifaceted and cannot be distilled into a single cause, one glaring issue stands out: the lack of tangible use cases. Many cryptocurrencies have sought to carve out niches for themselves, be it in decentralized finance , non-fungible tokens or other realms of the digital economy.
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