Recent technical analysis points to the cryptocurrency (SHIB) as being at a key juncture. Following a strong rebound, the price of SHIB is retesting important support levels that might influence its short-term trend.
The meme currency is reportedly stabilising above the 200-day Exponential Moving Average (EMA), a key dynamic support level that has typically driven prices upward following a successful retest, according to the SHIB/USDT daily chart.
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Some see the consolidation around this crucial support level at about $0.0000084 as a launching pad for further gains, projecting a bullish continuation that would lead to a 12% spike in the upcoming weeks.
Shiba Inu’s Crucial Support Test: Anticipation of a 12% Climb,Shiba Inu’s Crucial Support Test: Anticipation of a 12% Climb
SHIB’s trading above the 50-day and 100-day moving averages, which indicates a robust uptrend with room to increase, lends more credence to this.
The likelihood of an impending price rebound is strengthened by the fact that price has remained above these moving averages and that a possible “golden cross”—a bullish signal when the 50-day moving average crosses above the 200-day moving average—is developing.
Although the golden cross is generally a trailing indication, investors view it as a sign that a robust bull market is about to emerge.
To further reinforce the bullish outlook, the consistent Relative Strength (RS) and elevated trading activity have been emphasised as advantageous circumstances for SHIB’s prospective price increase.
This implies that the coin is exhibiting strong indications of a bullish breakout, which may culminate in a significant spike, approximated at 12%.
Support levels and technical trends imply that could be getting ready for a big upswing. Despite the famed volatility and unpredictability of the meme coin market, recent evidence point to a cautiously positive future for SHIB.
Traders and investors will be keeping a close eye out for a verified breakthrough over the 200-day SMA, as this might indicate the beginning of the expected rise.
Ethereum’s paused rise
Ethereum is facing resistance at $2,136, a crucial level when profit-taking by Ethereum whales has been noticed, which is when the price starts to stabilise.
This selling pressure suggests a possible correction, although it is offset by encouraging market moves like BlackRock’s (NYSE:BLK) registration of a spot Ether ETF, which may greatly improve Ethereum’s standing in the market.
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Ethereum’s year-to-date high of $2,139 is also a result of the recent engagement of major investors like BlackRock, indicating strong attitude on the market that might drive the price over $3,100.
According to technical analysis, the market is currently trading between its immediate resistance and support levels, which are $2,014 and $2,112, respectively. This indicates that if these levels are broken to the upside, the rally may gain speed once again.
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