Shiba Inu Struggles to Hold Ground as Cardano Breaks Out

Shiba Inu (SHIB) is struggling to stabilize after its recent price surge. Despite increased trading volume, buyers are facing selling pressure, causing the daily high to be rejected.

The technical analysis suggests that SHIB is still below the 200-day and 100-day moving averages, indicating a bearish trend. However, the shorter-term moving averages have begun to rise, indicating strengthening momentum.

Cardano (ADA) broke out unexpectedly, reclaiming its 20-day and 50-day moving averages and testing the declining 100-day moving average. The recent surge in trading volume indicates that buyers were involved in the move, not just short covering.