U.Today – For the past few weeks, SHIB has been in a dormant state with little movement in its price. SHIB continues to trade in a tight range, making its lack of volatility increasingly apparent. According to the chart provided, SHIB is currently showing minimal deviation, hovering around the $0.000013 level.
Another aspect that highlights the lack of momentum in the market is the lack of convergence of the 50-day and 200-day moving averages, which usually points to potential bullish or bearish trends. Recent on-chain data highlights the lack of significant whale activity, which further implies that large investors are not interested in the asset at the moment, adding to the stagnation.
Due to the resistance that this price level has historically provided, a break above it may trigger a surge in buying interest and increase volatility. The overall state of the market, which is seeing positive flows into ETFs, could provide further momentum to altcoins like SHIB.
In terms of timing, we could witness a sharp increase in volatility that pushes the price towards the next psychological level of $0.000018 if SHIB breaks the $0.000015 resistance in the next two weeks.
reaches support
At $140, the 200-day exponential moving average (EMA) represents a critical support level that Solana currently finds itself at. It is important for traders and investors to keep an eye on this level because it has historically served as a reliable predictor of potential reversals or bounces.
The way the market is behaving right now indicates that Solana may experience a strong pullback in the coming days, but the magnitude of this pullback will largely depend on the overall state of the market. At present, the market is in a fairly stable state, with Bitcoin holding at roughly $60,000 and other cryptocurrencies like Solana not gaining much ground.
Solana could see a significant rally from the $140 mark if market sentiment turns more bullish, possibly targeting the next resistance levels at $151 or even higher. However, in case the broader market remains stable or turns bearish, Solana might struggle to maintain its current position above the 200-day EMA.
If this support breaks, further losses could occur with possible targets at or below $130. On the daily chart, Solana’s relative strength index (RSI) indicates that it is in a relatively neutral zone, indicating that it can move in either direction in response to market catalysts.
Bitcoin hits $60,000
The psychological threshold of $60,000, which traders and investors have been keeping a close eye on, has recently been breached by Bitcoin. But the question remains: Is Bitcoin really safe at the moment or is there some underlying problem that could jeopardize its stability?
According to the technical chart, Bitcoin has reclaimed the $60,000 mark after a period of volatility, proving its resilience. The 50-day exponential moving average (EMA), which has historically served as a major resistance level, coincides with this level. Bitcoin is facing several hurdles that may prevent it from staying above $60,000. This is true even with the recent price surge.
First, there is still uncertainty in the overall market sentiment. Although Bitcoin has continued to trade above $60,000, overall market activity remains low and altcoin performance is inconsistent. The market appears to be cautious due to the lack of strong buying momentum, and any unfavorable news or macroeconomic factors could easily cause Bitcoin to fall back below this critical level.
Secondly, there has been a lot of selling pressure at the $60,000 level during each test. This suggests that many traders are still doubtful about Bitcoin’s ability to continue rising after this. Bitcoin may start to fall back to the $59,000 or even $58,000 range if it fails to break the next resistance level at $62,000.
This article was originally published on U.Today
