Bitcoin (BTC) bounce begins around $70,000, Shiba Inu (SHIB) recovery fails, Cardano (ADA) still in uptrend – TradingView News

As the cryptocurrency market slowly exits the correction, BTC is showing a promising recovery, SHIB is struggling to recover, and ADA is maintaining its overall bullish trend. However, there is more to discover.

Bitcoin appears to be gaining strength and climbing back towards the $70,000 mark. The price action recently declined but found firm ground near the $55,850 level where the 50-day EMA provided support. This zone is crucial as it has repeatedly acted as a reversal point for upward moves in the past. Cardano/USDT chart from TradingView

Resistance for Bitcoin lies in the $64,000 area. If BTC can break above this level, we could see a run to recent highs around $70,000. On the other hand, if the price breaks below the $55,850 support, it could signal a deeper correction and potentially test the 100-day MA at around $51,560.

Shiba Inu is fighting to get back to the top

Shiba Inu faced challenges in staging a solid recovery. After rising, the price was in a downtrend. The meme found immediate support at $0.000025, but it may not hold. A break below this point could see SHIB decline to $0.000017, which could serve as the next key support.

Resistance is near the $0.000029 level, where SHIB has recently come under selling pressure. The RSI for SHIB is approaching oversold conditions, suggesting that selling momentum may be overextended and a reversal is imminent.

Despite the growth of meme coins on Solana, Shiba Inu has struggled to show similar momentum and as history shows, it only recovers when Ethereum emerges as a dominant asset. At this point, it is unlikely that we will see bullish trends in either asset.

Cardano maintains upward trend

Cardano price analysis paints a more optimistic picture. ADA is in a steady uptrend with the 50-day MA providing a strong base at $0.5815. The price has made higher lows, a bullish sign that any decline is being viewed as a buying opportunity by investors.

Current resistance is near the $0.70 area, which ADA has tested multiple times. A convincing break above this could pave the way for further gains. However, if the price breaks below the 50-day MA, it could test the 100-day MA at $0.5200 as the next support.

The RSI for ADA remains in a neutral zone, meaning there is room for movement in either direction without the asset becoming overbought or oversold. Market sentiment for Cardano is largely positive, thanks to the strength the network is showing in the DeFi space and overall market sentiment.

The market as a whole appears to be in a phase of consolidation and selective uptrend. Bitcoin's potential rise to $70,000 is creating a positive market atmosphere that could benefit other cryptocurrencies if sentiment takes over.

Shiba Inu's situation is in contrast to Bitcoin's as it requires a larger shift in market sentiment to initiate a significant recovery. Meanwhile, Cardano's steady uptrend could continue on its own, but without inflows in general, it won't last long.

While ADA appears to have a solid trend and supportive community that could help maintain its momentum, SHIB needs more than just market sentiment – ​​it needs a volatility catalyst that will attract retail institutions. On the other hand, BTC's dominance and market cap mean that its success could have a halo effect and support the broader market, including SHIB and ADA.

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