U.Today – Indicating that a double bottom reversal of a bullish chart pattern is possible which could result in a significant price rebound. SHIB price is testing important levels near the 200 EMA, a crucial long-term support at its current price of $0.00002164, supporting the idea of a possible recovery.
With two tests and bounces at the $0.00002079 level, SHIB price has formed a double bottom pattern, indicating strong buying interest in 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 pattern develops well, it may pave the way for a reversal targeting higher price levels.
SHIB could first target the resistance at $0.00002294 and then $0.00002314 if the pattern holds. The price may move towards the $0.00002550 region, a crucial level where SHIB could regain momentum if these levels are broken, confirming the reversal.
However, the volume remains comparatively low, indicating that further market participation is required to confirm the breakout. The RSI is currently at 43, suggesting there are still opportunities for growth without entering overbought territory. If the support at $0.00002079 does not hold, the double bottom pattern may be considered invalid, which could result in further declines.
SHIB could test lower levels in such a situation, with $0.00002000 as the next significant support. This setup around the 200 EMA and double bottom pattern presents a crucial moment for SHIB. Should bullish momentum pick up, the meme token may rally, giving an opportunity to traders hoping for a reversal. In the coming sessions, it will be crucial to closely monitor important levels and market conditions.
wakes up
The market cap of Ethereum, the second-largest cryptocurrency, is starting to rise again after a prolonged period of decline. ETH is up 2.83% in the last day and is currently trading at $3,310 after bouncing off important support levels. ETH's resilient nature is demonstrated by the recent price action, which allowed it to successfully hold its 200 EMA at $3,108, a crucial long-term support level.
Bullish sentiment has been rekindled by this bounce, which has brought the price closer to the 100-day 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 monitor above that.
At 47 right now, the RSI indicates neutral momentum. However, the recent rise points to a possible move towards bullish territory. Additionally, there has been a slight increase in volume, lending credence to the idea that buyers are defending important support zones. The reversal comes after a sell-off in the market, which saw Ethereum test crucial levels after previous sessions' inability to maintain momentum above $3,700.
As it tries to regain the trust of traders and investors, this recovery is crucial for ETH. ETH may indicate further decline if it fails to maintain its upward trajectory and falls below the 200 EMA, with $3,000 as the next psychological support level. On the other hand, by reclaiming $3,500, the bullish sentiment would strengthen 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 expanding adoption and network foundations continue to attract long-term investors. For those hoping for a long-term recovery in the larger cryptocurrency market, ETH's most recent rise is encouraging, although the road ahead may still be difficult.
revitalized?
After a period of pullback, increased trading volume is driving the leading cryptocurrency higher, and Bitcoin is gaining momentum. At its current price of $96,949, Bitcoin has risen 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 attempts to reclaim the $97,500 mark, which currently serves as short-term resistance, there has been an increase in activity. Bullish sentiment could increase further if this level is successfully broken as it could lead to a retest of the psychologically significant $100,000 level.
With an RSI of 48, Bitcoin is currently in neutral territory, meaning it has room to continue rising without reaching overbought conditions. This is consistent with the increase in volume that has been observed, which is a crucial indicator that investors are increasing their interest. On the downside, the first crucial support to pay attention to remains $92,000.
Failure to hold this level may result in a retest of the $87,500 region, where the 100-day EMA offers further support. If the price falls below this level, it could indicate a more significant correction that could target $78,124, near the 200 EMA. Since volume usually precedes major price movements, the recent rise is encouraging for Bitcoin.
This article was originally published on U.Today.
