Bitcoin (BTC) Hits Resistance, Dogecoin (DOGE) Dips, Shiba Inu (SHIB) Breaches Key Levels

December 11, 2024 05:25 PM AEDT | By Team Kalkine Media

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Bitcoin (BTC) Hits Resistance, Dogecoin (DOGE) Dips, Shiba Inu (SHIB) Breaches Key Levels — Image source: shutterstock

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Highlights:

BTC encounters challenges below a crucial price threshold.

DOGE drops out of its ascending trend.

SHIB struggles to maintain critical support levels.

Bitcoin (BTC) remains under pressure in the cryptocurrency market, with recent movements highlighting challenges in crossing a major price milestone. The asset faced significant liquidations in the broader market, leading to adjustments in leveraged positions and increased selling pressure.

BTC’s current technical structure shows support near a key moving average, a level that has historically acted as a point for potential rebounds. However, trading volume continues to reflect reduced activity compared to prior surges, indicating limited momentum in the near term. Consolidation patterns suggest a pause in upward movement, with important support levels providing stability amid ongoing market corrections.

Dogecoin (DOGE) Struggles Below Key Support

Dogecoin (DOGE) has seen a significant drop, slipping below a pivotal price level that previously served as both technical and psychological support. This shift comes as part of a larger trend across the cryptocurrency market, with lower trading activity suggesting reduced interest.

DOGE’s recent breakdown from an ascending channel underscores challenges in maintaining upward momentum. Current trading ranges indicate potential stabilization around critical support levels, but resistance remains a hurdle for further progress. The asset’s movements reflect its sensitivity to changes in market sentiment, which continues to shape its performance.

Shiba Inu (SHIB) Breaks Below Important Levels

Shiba Inu (SHIB) has experienced a sharp decline, falling below a crucial price level that previously supported its bullish outlook. The asset now faces increased bearish pressure, with reduced trading activity reflecting waning momentum.

SHIB’s inability to sustain recent gains points to further challenges, with important support levels now under focus. If the current trajectory persists, additional pressure could lead to a deeper correction. Despite the downturn, SHIB continues to garner attention as part of the growing interest in digital assets.

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