Shiba Inu indicates that a double bottom reversal of a bullish chart pattern that could lead to a significant price rebound is possible. SHIB price is testing important levels near the 200 EMA, a crucial long-term support at its current price of $0.00002164, which supports the idea of a potential recovery.
With two tests and bounces off the $0.00002079 level, SHIBPrice has formed a double bottom pattern, indicating strong buying interest at this important support zone. Since the 200 EMA looks a lot like this level, traders and investors should pay close attention to it. If this trend plays out well, it could pave the way for a reversal aimed at higher price levels.
SHIB could first target resistance at $0.00002294 and then at $0.00002314 if the trend continues. The price could move towards the $0.00002550 region, a crucial level where SHIB could regain momentum if these levels are broken, confirming the reversal.
However, volume remains relatively low, indicating that more market involvement is needed to confirm the breakout. The RSI is currently at 43, suggesting that there are still opportunities for growth without entering overbought territory. If support at $0.00002079 is not held, the double bottom pattern may be considered invalid, which could lead to further declines.
SHIB could test lower levels in such a situation, with $0.00002000 serving as the next important support. A pivotal moment for SHIB is presented by this configuration around the 200 EMA and the double-bottom pattern. In case the bullish momentum increases, the meme token could recover, giving a chance to traders who are expecting a reversal. Over the coming sessions, it will be crucial to closely monitor important market levels and conditions.
Ethereum wakes up
The market capitalization of Ethereum, the second largest cryptocurrency, is starting to rise again after a long period of decline. ETH is up 2.83% over the past day and is currently trading at $3,310 after bouncing off important support levels. ETH’s resilient nature is demonstrated by recent price action, which allowed it to successfully hold its 200 EMA at $3,108, a crucial long-term support level.
The bullish sentiment was reignited by this rebound, which brought the price closer to the 100 EMA at $3,265. The next major resistance level is $3,500, and a clear break above this level could pave the way for further upside. For a long-term recovery, $3,700 remains a crucial level to watch above this level.
At 47 currently, the RSI indicates neutral momentum. The recent increase, however, suggests a possible move into bullish territory. Additionally, there was a slight increase in volume, lending credence to the idea that buyers are defending important support zones. This reversal comes after a market selloff, during which Ethereum tested pivotal levels after previous sessions failed to maintain momentum above $3,700.
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As it attempts to regain the confidence of traders and investors, this recovery is crucial for ETH. ETH may indicate further decline if it is unable to maintain its upward trajectory and falls below the 200 EMA, with $3,000 being the next level of psychological support. On the other hand, by regaining $3,500, the bullish sentiment would be strengthened and Ethereum would be ready to challenge higher levels in the coming weeks.
The recent action highlights Ethereum’s resilience in the face of market turmoil, as its growing adoption and network foundations continue to attract long-term investors. For those hoping for a long-term recovery in the broader cryptocurrency market, ETHThe most recent surge is encouraging, although the road ahead may still be difficult.
Bitcoin revitalized?
After a retracement period, increased trading volume pushes the leading cryptocurrency higher and Bitcoin gains momentum. With its current price of $96,949, Bitcoin is up 2.41% over the past day, suggesting a possible change in market sentiment. The increase in volume indicates renewed buying interest as price action shows Bitcoin has recovered from critical support levels near $92,000.
As Bitcoin During attempts to reclaim the $97,500 mark, which currently serves as short-term resistance, there was a spike in activity. Bullish confidence could further increase if this level is successfully breached, as it could lead to a retest of the psychologically significant $100,000 level.
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With an RSI of 48, Bitcoin is currently in neutral territory, meaning it can still rise without reaching overbought conditions. This is consistent with the observed increase in volume, which is a crucial indicator of growing investor interest. On the other hand, the first crucial support to watch remains $92,000.
A retest of the $87,500 region, where the 100 EMA offers more support, could occur if this level is not maintained. If the price falls below this level, it could indicate a larger correction which could target $78,124, close to the 200 EMA. Since volume often precedes major price movements, the recent rise is encouraging for Bitcoin.