Shiba Inu (SHIB) is currently at a crucial point, as per recent technical analyses. Following a strong rally, the coin is now testing important support levels that could shape its short-term path.
On the daily SHIB/USDT chart, it’s observed that the meme coin is consolidating above the 200-day Exponential Moving Average (EMA), a substantial support level. In the past, a successful retest of this level has often led to upward price movements.
SHIB: Potential 12% Surge with Technical Bullish Signals
The current consolidation phase around the critical support level near $0.0000084 is being viewed by some as a platform for future gains in Shiba Inu (SHIB). Analysts predict a bullish continuation that could lead to a noteworthy 12% upswing in the upcoming weeks. This optimism is reinforced by SHIB’s trading position above both the 50-day and 100-day moving averages, indicating a robust uptrend with room for further expansion.
SHIB/USDT Chart: Source – TradingView
Moreover, the sustained pricing above these moving averages and the potential formation of a “golden cross” — a bullish signal where the 50-day moving average surpasses the 200-day moving average — adds weight to expectations of an imminent price rally. Although the golden cross is typically considered a lagging indicator, investors often interpret it as confirmation of a robust bull market on the horizon.
In addition to these factors, the stability of the Relative Strength (RS) and increased trading activity are being highlighted as favorable conditions for SHIB’s potential price rally. These indications suggest that the coin is displaying compelling signs of a bullish breakout, with the potential for a substantial surge estimated at around 12%.
While the meme coin market is known for its volatility, the current technical patterns and support levels contribute to a cautiously optimistic outlook for SHIB. Investors and traders are closely monitoring the situation, particularly for a confirmed breakout above the 200-day SMA, which could mark the beginning of the anticipated climb.
Ethereum’s Rally Takes a Break at $2,000: Market Dynamics and Future Outlook
Ethereum (ETH) has recently attracted market attention as its rally takes a momentary pause following a surge beyond the $2,000 threshold. On the ETH/USD chart at Kraken, the price has stabilized around $1,994.50, encountering resistance at $2,136, a critical level associated with profit-taking by Ethereum whales.
The current price stabilization aligns with resistance at $2,136, signaling a potential correction. However, positive market developments, such as BlackRock’s filing for a spot Ether ETF, contribute to Ethereum’s overall strength.
Despite the temporary pause, Ethereum’s fundamental outlook remains robust. The asset has maintained a level above the significant resistance at $2,008.08, with analysts anticipating potential strength for a second rally. Breaking the $2,195.87 resistance could propel Ethereum to a substantial climb, possibly reaching $3,000.27, given the absence of major resistance levels in between.
The recent involvement of investment giants like BlackRock has played a role in Ethereum’s year-to-date high of $2,139, indicating bullish sentiment that could drive the price to $3,100. Technical analysis positions ETH between immediate support and resistance levels at $2,014 and $2,112, respectively, suggesting a potential resurgence in the rally if these levels are breached to the upside.
In summary, Ethereum is currently in a consolidation phase, preparing for its next move. While caution is warranted due to the temporary pause in the recent rally, overall market sentiment leans toward optimism, with various factors aligning as potential catalysts for Ethereum’s growth.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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