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Finally Shiba Inu (SHIB) on the Verge of Breakthrough, Solana (SOL) Will Get Crushed, Is Bitcoin (BTC) Breaking Out of Downtrend?
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Shiba Inu has recently shown promising signs of breaking the descending triangle. We may finally see the retracement we have been waiting for.
SHIB managed to break out of a descending triangle pattern. The price recently closed above this pattern’s upper trend line, suggesting a possible bullish breakout. This move is supported by an increase in purchasing volume.
The 50-day moving average is currently above the 100-day moving average, indicating a bullish crossover in the medium term. However, the price is still below both moving averages, which suggests that SHIB needs to maintain its upward momentum to confirm a long-term bullish trend.
The Relative Strength Index (RSI) at the bottom of the chart is around 45, which is in the neutral zone.
Key support levels to watch are around 0.000021 and 0.00001817. Self SHIB can hold its position above these levels, it could signal a solid foundation for future gains.
On the resistance side, the immediate resistance level is around 0.000024. A successful break above could open the door for a test of the next significant resistance at 0.000026. If SHIB can break above these resistance levels on strong volume, it could lead to a more sustained rally.
Solana gets crushed
Solana is currently experiencing a squeeze between two crucial moving averages, indicating potential price volatility in the near future. The daily chart shows that SOL price is compressing between the 50-day EMA and the 100-day EMA. This squeeze often precedes a significant price movement, either up or down.
SOL is trading around $145, with the 50-day EMA providing resistance around $157 and the 100-day EMA offering support at around $140. This squeeze indicates a narrowing of the trading range, which typically leads to a breakout when the price moves significantly above or below these levels.
The RSI is currently at 48, indicating a neutral position. This means SOL it is neither overbought nor oversold, which gives it room to move in either direction. The volume bars show a decline in trading activity, which is common during consolidation phases. Once a breakout occurs, we can expect an increase in trading volume, confirming the direction of the movement.
Key support levels to watch are $140 and $116. The latter is particularly significant as it coincides with the previous low and the 200-day EMA, suggesting strong buying interest at this level. If SOL were to fall below $140, it could test the $116 support, potentially leading to further declines if this level does not hold.
On the resistance front, the immediate level to watch is $157, marked by the 50-day EMA. A successful break above this level could lead to a test of the $170 region, followed by a potential rally towards the psychological $200 level. For SOL to establish an uptrend, it needs to break and hold above these resistance levels with strong volume support.
Bitcoin gains more strength
Bitcoin it is currently trading around a key descending resistance level of around $62,000. This level has become an important threshold that BTC must cross to signal a potential end to its downtrend and the start of a new upward movement.
Bitcoin it consolidated around this resistance level after a series of lower highs and lower lows. The price is narrowing between the 50-day EMA (blue line) and the 100-day EMA (orange line), suggesting growing pressure for a significant move.
A break above the $62,000 resistance level could indicate a bullish reversal, while a failure could result in a further correction within the existing descending channel.
The RSI is around 44.98, in the neutral zone, suggesting that there is room for a move in both directions. Additionally, volume is declining, which often precedes a major breakout or breakdown. If the price manages to break above the $62,000 level on strong volume, it would likely confirm the start of a new bullish phase.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, cryptocurrency enthusiast and SMM expert with more than four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be in constant use in the future. Currently he focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.