U.Today – A double reversal of a bullish chart pattern that could lead to a significant price bounce indicates the possibility of this happening. SHIB price is testing important levels near the 200 EMA, a crucial long-term support at its current price of $0.00002164, which supports the idea of a potential recovery.
With two tests and a bounce off the $0.00002079 level, SHIB price formed a double bottom pattern, indicating strong buying interest at this important support area. Since the 200 EMA looks very similar to this level, traders and investors should pay close attention to it. If this pattern goes well, it could pave the way for a reversal aimed at higher price levels.
SHIB may first target resistance at $0.00002294 and then $0.00002314 if the pattern continues. The price may move towards the $0.00002550 area, a crucial level where SHIB could regain momentum if these levels are broken, confirming a reversal.
However, trading volume is still relatively low, suggesting that greater market participation is needed to confirm the breakout. The Relative Strength Index is currently at 43, indicating that there is still opportunity for growth without entering the overbought zone. If the support at $0.00002079 is not maintained, the double bottom pattern may be deemed invalid, which could lead to additional declines.
SHIB may test lower levels in such a case, with $0.00002000 being the next important support. A pivotal moment for SHIB is presented by this formation around the 200 EMA and the double bottom pattern. If upward momentum increases, the meme symbol may recover, giving traders anticipating a reversal an opportunity. In the coming sessions, it will be necessary to closely monitor important levels and market conditions.
He wakes up
The market capitalization of Ethereum, the second largest cryptocurrency, has started to rise again after a long period of decline. ETH rose 2.83% in the past day and is currently trading at $3,310 after bouncing off important support levels. ETH's resilient nature is evident in its recent price action, which saw it successfully hold the 200 EMA at $3,108, a crucial long-term support level.
Bullish sentiment was revived by this bounce, pushing the price closer to the 100 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 longer-term recovery, $3,700 remains a crucial level to watch above there.
At 47 currently, the RSI indicates neutral momentum. However, the recent increase indicates a potential move towards bullish territory. Additionally, there was a slight increase in volume, lending credence to the idea that buyers are defending important support areas. The reversal comes after a broad market sell-off, with Ethereum testing pivotal levels after previous sessions were unable to maintain momentum above $3,700.
As it attempts to regain the confidence of traders and investors, this recovery is crucial for ETH. ETH may indicate a further decline if it is unable to sustain its upward trajectory and falls below the 200 EMA, with $3,000 serving as the next psychological support level. On the other hand, by reclaiming $3,500, the bullish sentiment will be strengthened, and Ethereum will be ready to challenge higher levels in the coming weeks.
The latest action highlights Ethereum's resilience to market turbulence 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 recent rally is encouraging — although the road ahead may still be difficult.
Activate?
After a period of bounce, rising trading volume has pushed the top cryptocurrency higher, and Bitcoin is gaining momentum. With its current price of $96,949, Bitcoin has risen by 2.41% over the past day, indicating a potential change in market sentiment. The increasing volume indicates renewed buying interest as price action shows that Bitcoin has recovered from critical support levels near $92,000.
As Bitcoin attempts to reclaim the $97,500 mark, which is currently acting as short-term resistance, there has been a spike in activity. Bullish confidence could increase if this level is successfully breached, as this could lead to a retest of the important psychological level of $100,000.
With the Relative Strength Index (RSI) at 48, Bitcoin is currently in neutral territory, meaning it has room to rise further without reaching overbought conditions. This is consistent with the increase in volume we have seen, which is a critical indicator of increased investor interest. On the downside, the first critical support to watch remains $92,000.
The $87,500 area may be retested, where the 100 EMA offers further support, if this level is not maintained. If the price breaks below this level, it could signal a more significant correction that could target $78,124, near the 200 EMA. Since volume often precedes major price movements, the recent rally is encouraging for Bitcoin.
