© Reuters Shiba Inu (SHIB) turns bullish, Ethereum (ETH) price screams continuation of the rally, Bitcoin (BTC) does not relinquish market dominance
U.Today: Currently showing an ascending triangle pattern on the SHIB/USDT chart. This technical formation is widely recognized and could be a sign of a significant rise in the meme price.
An ascending triangle is characterized by a flat upper resistance line and a rising lower support line. This pattern suggests that buyers are gradually gaining ground against sellers as each dip is bought at a higher level than the previous one, indicating building pressure for a bullish breakout.
SHIB/USDT Chart by TradingView For Shiba Inu, which has remained in a period of relatively non-existent activity, this pattern could serve as massive fuel for volatility in the near future. Recent market conditions have seen a decline in interest in legacy meme coins, and SHIB is no exception. The lack of significant developments within the Shiba Inu network has contributed to the quiet activity around this cryptocurrency.
By contrast, most of the action in the meme coin sector has taken place online. This platform has become a hotbed for the deployment of new meme coins, which show much greater volatility than those on the network, where Shiba Inu resides. The intense activity on Solana stands in stark contrast to the sluggishness seen in the Ethereum meme coin space, attracting traders and investors looking for quick profits and great excitement.
Ethereum correction is temporary
The Ethereum market is currently showing a correction and there are patterns that suggest that a rally may not only be on the horizon but could also continue. The asset has recently experienced a sharp decline, a move that is easily evident on intraday timeframes. However, such sharp moves are often precursors to reversals, indicating that Ethereum could be gearing up for a rally.
A closer look at the charts shows Ethereum's price action against a number of key technical indicators that together create a case for potential bullish momentum. The asset has been re-basing its moving averages, a behavior that is typically followed by a bounce as these levels can act as dynamic support zones.
This corrective phase is noteworthy, especially considering the solid rally that Ethereum enjoyed in the previous weeks. Corrections are a natural and healthy part of any asset's price trajectory, allowing for consolidation before the next bull leg. For Ethereum, the current pullback could be shaking out weak hands, setting the stage for a stronger rally driven by a more engaged investor base.
The domain of is not going anywhere.
After a brief break below the 50-day EMA, a critical indicator of medium-term market sentiment, Bitcoin has managed to recover above this fundamental level. This move indicates a bullish signal to market watchers, suggesting that Bitcoin is not yet ready to give up its dominance in the market.
However, the rise above the 50 EMA has not been met with the type of vigorous momentum that the bulls would expect. Growth has been moderate, suggesting Bitcoin could encounter selling pressure as it climbs. This is not unusual in cryptocurrency markets, where major moves often face immediate resistance as traders take profits and skeptics cast doubt.
The recent price action has been a rollercoaster for Bitcoin, which fell in value from highs around $47,000 to lows near $41,000. This recession briefly diverted attention to altcoins, which took advantage of the moment to organize local demonstrations. Diversifying profits across the crypto spectrum during periods of Bitcoin weakness is a trend that has become more pronounced as the broader market matures.
However, Bitcoin's ability to pull back above the 50 EMA serves as a reminder of its underlying strength and the confidence investors have placed in it. Despite the opportunity for altcoins to rise, Bitcoin remains the anchor of the cryptocurrency market, and its movements often dictate broader market sentiment. This recent bounce above a crucial technical level could be interpreted as Bitcoin's silent assertion that it is not ready to give up the throne just yet.
This article was originally published on U.Today.
