U.Today has failed to regain its position above $60,000. Unfortunately, this is a negative sign for the future of the asset and could substantially affect the pace at which BTC has been gaining in the market.
The daily chart shows substantial resistance amid Bitcoin’s recent attempts to break above the crucial $60,000 level. With the Bitcoin price currently at $57,409, it is having a hard time staying above the 200 EMA, which is at $58,165. This barrier has proven to be quite strong, and if Bitcoin is unable to overcome it, further declines are possible. The 50 EMA at $60,487 and the 100 EMA at $62,667 offer other levels of resistance.
The failure to break above these EMAs suggests that the market is currently in a bearish mood. With the Relative Strength Index (RSI) at 37 at the moment, it seems that Bitcoin is approaching an oversold situation. But a reversal may not materialize unless there is a notable pick-up in buying pressure. Bitcoin’s performance is also significantly influenced by the state of the market as a whole. The fact that Bitcoin has not broken above $60,000 raises questions despite the overall market recovery.
This level represents an important psychological resistance level that traders and investors keep a close eye on, so its importance cannot be overemphasized. The Bitcoin price is affected by macroeconomic factors in addition to technical ones.
The failure of
Shiba Inu has failed to break through and retreated from $0.000017, ending the bullish streak we saw in the past few days. Trading volume fell and was back below Wednesday’s result. There is a strong possibility of a reversal to lower values.
According to a daily chart analysis, Shiba Inu is currently trading at $0.00001608, indicating a decline from its most recent peak. The way the market is behaving, it seems that SHIB has encountered significant resistance at the 50 EMA, which has prevented it from maintaining its uptrend. Investor sentiment has been depressed by this inability to break above the crucial resistance level.
The bearish outlook is supported by current technical indicators. As the asset approaches oversold territory, the Relative Strength Index (RSI) is reading 40. Trading volume has also fallen sharply, indicating a lack of interest from buyers and the possibility of further declines. A worrying indicator is the declining volume, which implies that recent price increases were not supported by strong market activity.
SHIB’s immediate support level is at $0.000015, but if the downtrend persists, the price could drop further to test the next support level, which is at $0.000014. This potential 13% drop emphasizes SHIB’s vulnerability in the current market environment.
back off
Solana has joined the market correction and has dipped below the 100 EMA threshold around $146. SOL was unable to break above the $150 threshold, leaving us with potentially declining momentum in the market, which would likely lead to another decline.
Solana has shown resilience by holding a position above the 200 EMA at $131, although it is currently trading at $136. Acting as a potential launch pad for another phase of growth, this support level has proven to be essential in stopping further declines.
At the immediate resistance levels, SOL needs to break above the 50 EMA at $141 and the 100 EMA at $146.35 to start a new uptrend. Solana’s price action indicates that it is consolidating and preparing for its next move despite the recent drop. The asset is neither overbought nor oversold, according to the Relative Strength Index (RSI), which is at 47.
Should buying pressure increase, this neutral RSI position allows for an upward move. Although there have been some fluctuations in trading volume, it has remained relatively stable, indicating that market participants are cautiously optimistic about SOL’s prospects. If volume increases significantly, Solana could gain the necessary momentum to break through resistance and target the $150 mark once again.
This article was originally published on U.Today
