Solana could target the $150 price threshold once again as the price starts to show reversal potential after reaching the 200 EMA. Trend flattening is often one of the first signs of an upcoming price reversal. . However, it is important to be cautious as, in the medium term, Solana is still in a downtrend.
Solana could target the $150 price threshold once again as the price starts to show reversal potential after reaching the 200 EMA. Trend flattening is often one of the first signs of an upcoming price reversal. . However, it is important to be cautious as, in the medium term, Solana is still in a downtrend.
The SOL/ETH chart indicates that Solana has been steadily declining over the past few months, but there may be a change in store lately. The price recovered a bit after touching the 200 EMA, which served as a support level. This suggests that bullish momentum may be developing.
Near the oversold area at about 35 is where the RSI is currently trading. This could mean that buyers are about to step in and that selling pressure is easing. The MACD histogram also shows signs of a possible bullish crossover. Volume analysis indicates an increase in purchasing activity, which may be good news for Solana.
Given the large increase in volume bars, it appears that traders are starting to accumulate SOL at these lower prices. Despite these encouraging indicators, it is essential to recognize the difficulties that Solana may encounter during her recovery.
Ethereum’s Reversal Potential
Ethereum could be laying the foundation for a price surge as the second-largest cryptocurrency enters the falling wedge pattern formation, as well as relying on the 50 EMA. At this technical threshold, Ethereum could easily stage a reversal.
The falling wedge pattern is generally interpreted as a bullish reversal pattern indicating that a bullish move may be approaching and the downtrend may be coming to an end. Based on Ethereum’s recent price action, the peak of the pattern, which typically occurs before a breakout, is approaching. The blue line on the chart, the 50 EMA, has served as an important support level. The fact that Ethereum price has repeatedly recovered from this level suggests that there is significant buying interest in this area.
Yuri MolchanEthereum’s chances of a bullish breakout of the falling wedge pattern increase considerably if it can hold this support. The Relative Strength Index or RSI is currently trading near 46, suggesting that Ethereum is neither overbought nor oversold.
Ethereum has the freedom to break out of this neutral position without being under much selling pressure. Volume analysis indicates that buying activity is gradually increasing, indicating that traders are beginning to accumulate Ethereum at these prices. The possibility of a bullish reversal is further supported by the fact that this accumulation phase usually precedes a notable price movement.
Shiba Inu’s last hope?
Despite the massive 25% price drop we saw in Shiba Inu, there is still some hope for a reversal at around $0.000018. However, a quick look at Shiba Inu’s trading volume clearly shows that it is not the most favorable asset on the market right now.
Recently, the Shiba Inu price fell by 25%, indicating a significant drop. SHIB is now at a critical support level of $0.000018 due to the decline. This stage can serve as a potential turning point should buyers intervene. However, SHIB trading volume has been comparatively low, suggesting that there is not much buying interest currently.
Denys SerhiichukAn important element that could prevent a quick recovery is this low volume. Right now, the Relative Strength Index (RSI) is hovering around the oversold area. This may suggest that a reversal is imminent and that selling pressure may have been exaggerated. However, the RSI alone cannot guarantee a reversal: a higher buying volume is required.
The moving averages have made resistant moves, especially the 50 EMA. To verify a reversal, SHIB must achieve a significant volume breakout above these moving averages.
Although the Shiba Inu market is currently difficult, there is some hope due to the $0.000018 support level. We could witness a 20% rise if SHIB can hold this support and return to the moving average.
The large cryptocurrency market also plays an important role. SHIB may benefit if Ethereum and Bitcoin start to recover.
