As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen more than my fair share of bull runs and bear markets. While the recent rally in Shiba Inu (SHIB) is certainly impressive, it still has a long way to go before reaching its all-time high (ATH). Given the current market conditions and renewed interest in altcoins, achieving a 250% price increase might not be impossible, but it will require a lot of momentum.
Despite the recent surge, Shiba Inu coin is still quite far from reaching its all-time peak (highest value ever recorded). To attain that level, which it last touched during the previous bull market’s peak, Shiba Inu would require a further increase in price by approximately 250%. Considering the growing interest in alternative cryptocurrencies and favorable market conditions, this significant goal might not be entirely out of reach. However, achieving such growth would demand substantial momentum.
Looking at SHIB’s price trend, it’s clear that a surge in buying has propelled the token above several crucial moving averages, which often hints at further growth. Notably, SHIB is approaching resistance near its peak values, having successfully breached both the 50-day and 100-day Exponential Moving Averages (EMAs). However, before we see another upward push, there might be a period of stabilization or a slight decrease, as the Relative Strength Index (RSI) shows signs of being overbought.
To maintain its upward trajectory, SHIB needs to hold its ground near the recent breakout points, particularly around $0.000021. If it does, it might attract more buyers and potentially sustain its recovery. The level at $0.000030, a significant psychological milestone and an important step towards its all-time high (ATH), hosts further price targets. Achieving a 250% increase to reclaim the ATH requires a favorable market mood and possibly additional triggers such as increased on-chain activity or positive news in the broader cryptocurrency sector.
The current surge in SHIB’s value is promising, suggesting that if this altcoin growth persists, it could lead to a substantial rebound. At present, investors are closely monitoring SHIB to determine whether it can maintain its upward trajectory and approach its all-time high (ATH).
Strategic Ethereum threshold
Lately, Ethereum surpassed the $3,000 threshold, but sustaining at this level is proving challenging due to heightened selling pressure from influential traders. Whether Ethereum manages to keep its grip on this pivotal price range could significantly influence its short-term trajectory considering the significant whale activity observed in unloading ETH over the past few days.
On Ethereum, the $3,000 level has traditionally been a significant hurdle, attracting both buying and selling actions. However, the progression upward is currently being hindered due to noticeable selling pressure from whales, with ETH trading around $3,134. This market behavior has led to increased caution among investors, as they tread carefully amid the recent large-scale sales by prominent holders, and some may be wary of potential overinflated gains.
As an analyst, I’ve observed that Ethereum’s latest surge beyond crucial moving averages has fueled this ongoing rally, as suggested by the daily chart. At present, the 50, 100, and 200-day Exponential Moving Averages (EMAs) lie below the current price, which could potentially act as a safety net should ETH experience a pullback from its high point. However, it’s important to note that the Relative Strength Index (RSI), nearing overbought territory, suggests that the upward trajectory may be losing steam. This trend often signals an impending price correction or consolidation.
If Ethereum cannot sustain its price above $3,000, it could potentially find a supportive level near $2,770, which aligns with the 200-day Exponential Moving Average (EMA). In case of a price drop, this area might act as a buffer. On the bright side, maintaining Ethereum’s value above $3,000 could spark renewed optimism. If the momentum improves, Ethereum may challenge higher resistance levels, potentially reaching the $3,500 region again.
Solana’s correction incoming
Although Solana has reached prices over $210 after impressive gains, there are signs suggesting a possible price drop might be coming soon. The graph shows that Solana’s momentum is slowing down after a massive rally, which could mean the market may be running out of steam. This trend could lead to a short-term pullback before another rise, as the overall trend remains bullish. By analyzing the daily chart, it can be observed that Solana has surpassed crucial moving averages; the 50-day and 100-day EMAs are currently around $162 and $158 respectively.
In simpler terms, if there’s a price drop (pullback), these levels could act as strong points of support. For Shiba Inu Coin (SOL), taking a step back to these levels might be useful, enabling investors to buy back at lower prices with better opportunities. Also, when the demand for buying decreases temporarily, assets often go through consolidation or a decline in overbought areas, which is where the RSI indicator currently stands.
If Solana experiences a dip instead of continuing its upward movement, the previous consolidation point at $177 might serve as a safety net or temporary stop. If it falls below this point, it may touch the 50-day Moving Average at $162, which is an important area to prevent a bearish trend. However, since Solana has been trending upwards quite strongly, falling below the 50-day EMA could signal a more significant correction, but that seems less probable.
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2024-11-12 03:28