As a seasoned analyst with over a decade of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market highs and lows. The recent surge of Ethereum has certainly caught my attention, but I can’t help but feel a sense of déjà vu when looking at the 100 EMA acting as a roadblock once again.
As a researcher, I’ve noticed an encouraging 15% surge in Ethereum’s price, sparking optimism for a potential rally towards $3,000. However, it seems that the upward trajectory has encountered a significant roadblock. The 100 Exponential Moving Average (EMA) for Ethereum has proven to be a robust resistance level, and currently, the asset’s recovery seems to have halted at this point, suggesting a possible pause in its progression.
After reaching a high of $2,820, the cost of Ethereum (ETH) is currently dropping, making it challenging to foresee its future direction. ETH’s upward trajectory has been unstable, with the price chart indicating this issue particularly when it remains within the range of $2,600–$2,700.
The 100 Exponential Moving Average (EMA) currently standing above Ethereum‘s price serves as a significant hurdle, hindering any further advance towards $3,000. If Ethereum fails to break through this barrier, it may struggle to regain its bullish momentum in the short term. At present, there seems to be a lack of robust support beneath the current price level, which is a cause for concern.
Currently, ETH is hovering around $2,622, and there aren’t many strong points where it could potentially stabilize if the price continues to drop. If Ethereum falls below its next significant support at $2,400, it might continue to slide further, potentially reaching as low as $2,200.
As trading activity decreases and market instability persists, the likelihood of a lasting recovery seems to be fading. For now, reaching Ethereum’s $3,000 goal could be postponed, despite its underlying strength remaining firm. In light of this situation, ETH traders should closely monitor critical support levels as the price may continue falling and potentially undo recent advancements.
Dogecoin‘s recovery
In recent times, Dogecoin has experienced a significant surge in trading activity, reaching billions of dollars, which could potentially signal a reversal or the continuation of its recovery process. This suggests that the asset might be facing temporary resistance at the current level. As a result, following a peak around $0.15, Dogecoin’s price has started to dip slightly.
Despite experiencing a pullback, the fact that trading volume remains high suggests there is still significant demand for this asset, potentially causing its price to rise soon. After a prolonged slump where Dogecoin’s value plummeted from record highs, it has been on a rebound path.
Based on the latest market movements and a surge in trading volume, it’s proposed that Dogecoin (DOGE) could be making a long-term comeback as investors re-enter the asset. However, there may be a minor pullback before DOGE resumes its upward trend, as it encounters resistance at local points. It’s crucial to monitor the immediate resistance level of $0.15, where Dogecoin is currently paused. If DOGE manages to breach this level, the next significant target could be around $0.18, where additional resistance might emerge.
In a nutshell, the price level of $0.12, which previously acted as a resistance barrier during the recent surge, might now function as support. The increased trading volume and price activity indicate growing enthusiasm for DOGE, making its future prospects appear optimistic. If DOGE manages to break through the resistance at $0.15, it could potentially continue ascending towards $0.18. However, if it fails to maintain above $0.12, some further consolidation might be expected.
Shiba Inu substantial surge
People looking for the next significant shift in the market are starting to pay attention to Shiba Inu, as it has experienced a substantial 40% rise in price recently.
As an analyst, I’ve noticed that following a prolonged phase of consolidation, the price of SHIB has been climbing consistently. We’re now in a critical stage that could determine whether this upward trend persists or not. From my chart analysis, SHIB is clearly displaying a bullish pattern and is within an ascending channel. At the moment, the price hovers around $0.000018, having risen steadily. A crucial level to monitor closely is the resistance at $0.000020.
If Shiba Inu successfully breaches its current barrier, it might surge towards the next significant resistance at around $0.000025. This breakout could cause SHIB to approach this level. However, it’s crucial to maintain the support levels at $0.000012 and $0.000015 to preserve the bullish trend. If these levels are not sustained, a potential reversal or correction might occur.
As an analyst, I find that Shiba Inu seems well-positioned for further growth based on the present momentum. Notably, its price is currently above all three moving averages (50 EMA, 100 EMA, and 200 EMA). This bullish alignment suggests a positive trend, as long as the broader market conditions remain favorable.
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2024-10-23 03:12