Shiba Inu has recently shown promising signs of breaking out of a descending triangle. Finally, we may see the pullback we were waiting for.
Shiba Inu has recently shown promising signs of breaking out of a descending triangle. Finally, we may see the pullback we were waiting for.
SHIB has managed to break out of a descending triangle pattern. Price recently closed above the upper trend line of this pattern, suggesting a possible bullish breakout. This movement is supported by higher 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, suggesting that SHIB needs to maintain its bullish momentum to confirm a longer-term uptrend.
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. If SHIB can maintain 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 it could open the door to a test of the next significant resistance at 0.000026. If SHIB manages to break through these resistance levels on heavy volume, it could lead to a more sustained rally.
Solana being squeezed
Solana is currently experiencing a squeeze between two crucial moving averages, indicating possible 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 contraction often precedes a significant price movement, either up or down.
SOL is trading around $145, with the 50-day EMA offering resistance around $157 and the 100-day EMA offering support at around $140. This contraction means a narrowing trading range, which typically leads to a breakout once the price moves decisively above or below these levels.
The RSI is currently at 48, indicating a neutral stance. This means that SOL is neither overbought nor oversold, giving it room to move in either direction. Volume bars show a decrease 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 at $140 and $116. The latter is particularly significant as it coincides with a previous low and the 200-day EMA, suggesting strong buying interest at this level. If SOL falls below $140, it could test the support at $116, which could lead to further declines if this level does not hold.
On the resistance side, 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 possible rally towards the psychological level of $200. For SOL to establish an uptrend, it must break and hold above these levels of resistance with strong volume support.
Bitcoin gains more strength
Currently, Bitcoin is trading around a key descending resistance level of around $62,000. This level has become an important threshold that BTC must surpass to signal a possible end to its downtrend and the beginning of a new upward movement.
BTC has been consolidating around this resistance level after a series of lower highs and lower lows. The price is tightening between the 50-day EMA (blue line) and the 100-day EMA (orange line), suggesting increasing pressure for a significant move.
A break above the $62,000 resistance level could signal a bullish reversal, while failure to do so could result in a fresh correction within the existing descending channel.
The RSI is around 44.98, which is in the neutral zone, suggesting that there is room for movement in either direction. Additionally, volume has been declining, which often precedes a major breakout or breakout. If the price can break above the $62,000 level with heavy volume, it would probably confirm the start of a new bullish phase.
