As an analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull and bear runs, moonshots, and market crashes. The recent activity displayed by Shiba Inu has caught my attention, particularly the 4.1 trillion SHIB transaction volume spike that almost reached its seven-day high. While this could be a sign of increased interest from whales, it doesn’t necessarily point to a specific direction for the price movement – think of it like a cat chasing its tail, going around in circles (and sometimes upside down).
Over the past day, Shiba Inu has shown considerable activity, with a substantial increase in large transactions of SHIB amounting to 4.1 trillion, approaching its highest level of the last seven days. Such high transaction volumes typically indicate growing interest from major investors, or “whales,” which could potentially influence price movements in the near future.
Notable shifts in on-chain trading activity often catch the eye since they might signal that market players are preparing for upcoming price fluctuations, whether upward or downward. Currently, Shiba Inu (SHIB) is demonstrating a symmetrical triangle pattern on its chart, which is usually followed by a breakout in either direction when market volatility reduces.
As a crypto investor, I’ve noticed that the pattern we’re seeing is typical – the volume tends to diminish as we approach the point of the triangle, which could signal an imminent increase in price volatility and a potential breakout. While a rise in major transactions might be viewed as a bullish sign, it’s important to remember that the symmetrical triangle itself carries no inherent bias. Should SHIB manage an upside breakout, it could suggest a stronger bullish trend and possibly surpass significant resistance levels like $0.000018.
If a drop occurs, it could push the price down to challenge or even fall below the $0.000016 mark again. It’s important to stay vigilant and monitor both the technical structure and on-chain statistics considering the overall market mood and SHIB‘s link to Bitcoin and major assets. Accumulation by big investors could potentially spark a long-term price recovery. However, if momentum weakens, SHIB might struggle to maintain its current value.
Bitcoin’s struggle
As an analyst, I’m observing that despite brief moments of stability, Bitcoin has yet to find a firm footing above the $60,000 mark due to persistent market uncertainty. The inability to initiate a substantial upward trend seems largely attributable to a lack of conviction among bullish investors. In other words, they’re not showing enough confidence to push Bitcoin out of this range and towards a potential reversal.
The chart demonstrates that Bitcoin continues to struggle against bearish trends since it hasn’t managed to surpass critical resistance points, suggesting a more stable upward movement or even further declines might occur. At present, key technical indicators for Bitcoin, including the 50-day and 200-day moving averages, are at a level where additional consolidation or continued bearish price action is plausible.
Bitcoin’s growth seems to have slowed down significantly due to insufficient bullish energy. Since the bulls aren’t pushing much to raise its value, Bitcoin remains vulnerable to further drops. Furthermore, based on the Relative Strength Index (RSI), it appears that the market is in a state of uncertainty as the asset hovers around a neutral zone.
In an attempt to profit from the market’s uncertainty, sellers are trying to push prices down further. This action is intensifying the bearish trend. If the present situation persists, Bitcoin might be forced to confront support levels around $58,000 and $59,000. Unless the bulls provide a strong counterforce, this could happen.
Solana has chance
After a tough week with disappointing results, Solana is currently situated at a vital increasing trendline support. For the past few weeks, the $138 range has served as Solana’s significant support point. Traders are closely monitoring Solana as it attempts to bounce back from this support level.
Despite increasing signs of bearish sentiment towards the asset during the last week, there’s a possibility that Solana could see a recovery, based on its ascending trendline support. In the past, such trendline supports have proven crucial in halting downward trends and paving the way for an uptrend.
If SOL continues at its current pace, there could be a potential reversal, signifying an effort to surpass higher barriers. The areas around $150 and $145 are crucial points to monitor because they represent previous resistance levels. A surge above these resistance levels might indicate a stronger comeback and pave the way for a sustained uptrend.
If the current support level ($130) gets breached, more selling could follow. At present, the Relative Strength Index (RSI) indicates that Solana isn’t yet oversold, implying there might be more room for price increases. However, the RSI is close to neutral, signaling that the market remains undecided.
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2024-10-11 03:20