Cardano, Shiba & Solana – American Wrap November 8th

Cardano price provides entry for bullish breakout

The Cardano (ADA) price moves between the 55-day Simple Moving Average (SMA) and the 200-day SMA. The Relative Strength Index (RSI) suggests that bulls are slowly but surely buying into ADA price, paving the way for an early bullish breakout. A pop above the 55-day SMA would open more upside and new all-time highs in the short term.

Shiba Inu cops hurt, but the buying opportunity is just around the corner

Shiba Inu (SHIB) price is trapped in a bearish triangle and is expected to fall below the monthly pivot and 50% Fibonacci level. With the Relative Strength Index still above 50, bears still have plenty of leeway to move prices down as SHIB bears try to complete the triangle. Expect a break towards the base of the triangle at $ 0.0004490 and a possible rebound from the 61.8% Fibonacci level at the same level.

Solana price seeks support to reactivate bullish bullish trend

Solana (SOL) price has stuck in a sideways trend after hitting new all-time highs last week. As price action subsides a bit, buyers are looking for the next entry point to resume the next phase of the uptrend. Since the RSI comes from the overbought territory, expect the SOL price to correct another 10% first before the volume on the buy side picks up again.

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