As a seasoned crypto investor with a decade-long journey through this digital jungle, I’ve seen more than a few market cycles, and let me tell you, this one has been quite the rollercoaster!
When the push towards the $0.000017 level fizzled out, the current price trend of Shiba Inu was considered invalid. The once strong symmetric triangle pattern, which indicated a potential breakout, seems to be weakening now. Unfortunately, the bullish force needed to surpass this significant resistance level hasn’t been utilized by Shiba Inu.
Even though Shiba Inu (SHIB) has struggled to maintain its level, the narrowing range within a symmetrical triangle indicates a possible surge in market activity. However, the token’s inability to uphold its upward momentum is partially due to a lack of substantial buying interest.
Despite the lack of immediate breakout momentum, there’s a possibility that the asset could see further growth. This is due to the fact that its price remains above the upper boundary of the symmetrical triangle, suggesting an upward push could be imminent. If Shiba Inu (SHIB) manages to gather sufficient volume and surpass the resistance at $0.000017, it might make a significant upswing. If not, SHIB may continue consolidating or even drop back to support levels around $0.000015.
If the bulls fail to push the price up and there’s increased selling, the chances for a quick recovery might diminish. It’s crucial for traders to monitor if SHIB can regain its momentum, as the levels around $0.000017 may signal significant resistance. Should buying support remain inconsistent, the path towards recovery could prove challenging.
Bitcoin secures $60,000
Bitcoin’s current position offers some relief to investors and traders, as it has managed to hold steady above the crucial $60,000 mark. Contrary to recent drops, the price has surged past $62,000, indicating a potential rebound might be on the horizon.
Overcoming this stage has been a major mental hurdle, and the market’s bounce-back suggests that positive market dynamics might be reemerging. As Bitcoin’s price gains traction, it’s crucial to keep an eye on the decreasing trading activity. Reduced volume usually indicates less conviction about the direction of the price trend.
It’s possible that without a boost in activity, the ongoing rise might not sustain its pace. However, the current low trading activity could work in our favor considering the overall market sentiment and the asset’s recent downturn.
It seems that Bitcoin’s ability to bounce back from this point suggests there might be substantial buying activity, potentially protecting it from additional declines.
As a crypto investor, I’m keeping a close eye on the market trends, and here’s what I see: For Bitcoin to confirm this bullish reversal, there should be a consistent buildup of buying pressure. If the overall market sentiment turns bearish, there’s always a possibility of another dip. However, with Bitcoin trading at around $60,000, it’s showing signs of resilience, which is encouraging news for us bulls who are hoping for a longer-term recovery.
Ethereum‘s serious obstacle
Currently, the $2,400 price mark designated by the 50 EMA is proving to be a substantial hurdle for Ethereum (ETH). For over a month, starting from early October, Ethereum has attempted multiple times to surpass this level but has been unsuccessful, indicating that it serves as a robust resistance point. Despite Ethereum showing some short-term bullish tendencies, its consistent inability to breach this significant obstacle implies that the bulls may not be particularly convincing or powerful at this time.
It appears that for Ethereum, the $2,400 level functions as a significant hurdle, combining psychological and technical aspects. This mark seems to be a pivotal point where sellers have often stepped in to halt any further price increases. Furthermore, the 50 EMA (Exponential Moving Average) is often perceived by technical analysts as a dynamic obstacle line, lending credence to this observation.
Currently, the market remains cautious as indicated by Ethereum being turned down thrice at this price level, suggesting a potential breakout might not happen without substantial buying pressure. However, if Ethereum manages to surpass the $2,400 mark, it could pave the way for $2,600 and $2,800 as potential resistance points to watch closely. A powerful surge past these levels could shift investor sentiment and ignite a bull run potentially driving ETH back towards $3,000.
If Ethereum fails to gather enough buying power to surpass the current resistance at around $2,400, it might face challenges advancing further. In this case, there’s a possibility of a pullback, sending ETH back towards lower support zones such as $2,300 or even $2,200. Should the price fall below these levels, Ethereum could potentially suffer more losses, which could lead to a bearish market sentiment.
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2024-10-14 03:18