Shiba Inu SHIB, Solana SOL Face Resistance Above
Skerdian Meta • 2 min read
Cryptocurrencies have been showing some bullish signs during this week, although buyers are still failing to make higher highs, which leaves the larger trend bearish. Although, they haven’t been making any new lows since January, which means that sellers are getting exhausted as well. Shiba Inu token has been subdued by moving averages recently, while Solana coin which has more than doubled in value this month is also facing resistance above, so let’s see if they can overcome this time.
Solana has been declining since early November when it placed a top at $260, falling to $80 during this time, where it has formed a support zone that has been holding since January. The 50 SMA (yellow) is acting as resistance at the top on the other hand, so a triangle is forming on SOL/USD as bounces keep getting smaller.
Solana announced the launch of Solana Pay, a decentralized payments protocol for e-commerce platforms. Paying with Solana token will become much more convenient, and it is already integrated into the crypto exchange FTX, and the crypto wallets, Phantom and Slope. Coinbase self-custody crypto wallet also added Solana coins. Now Solana program library (SPL) tokens are the first non-Ethereum-compatible cryptos on Coinbase Wallet, but Coinbase wallet can’t yet plug into Solana dApps.
Shiba Inu Daily Chart – SHIB Should Push Above All MAs to Turn Bullish
The support at $0.20 is holding for Shiba coin
Shiba Inu has been declining since late October, after peaking above $0.000088, despite building its own Layer 2 blockchain, which should lower fees and increase speed (TPS). ShibaSwap 2.0, which is the new version of Shiba Inu’s DEX, will have a feature that allows the burning of SHIB tokens. The development of Shibaverse hasn’t helped much in improving the sentiment either.
Moving averages have been keeping the jump last month after a large whale bought Shiba coins, as tensions in Ukraine have been weighing on the global risk sentiment, while US president Biden p, assed the executive order to tax crypto income. So, gains have been minimal for Shiba Inu but at least the support is holding and it is attempting to reverse higher now. But, buyers should push above all moving averages for the bullish trend to resume.