As a seasoned analyst with over two decades of trading experience under my belt, I’ve seen market cycles rise and fall more times than I can count. In the current landscape, Shiba Inu (SHIB) appears to be recovering after testing its 100 EMA support level, which is always an interesting development to watch. The next 48 hours are crucial for determining SHIB’s short-term trajectory, with the $0.00017 mark serving as potential resistance and a possible sign of bullish momentum if broken. If SHIB fails to reach this level, it might signal a consolidation phase, but the 100 EMA remains the key support for SHIB going forward.
Following the examination at the significant 100 EMA support line, Shiba Inu has shown a strong resurgence in its price. The bulls are vigorously maintaining key price barriers, as suggested by this rebound, and the upcoming 48 hours could hold crucial implications for SHIB‘s short-term direction.
After experiencing a drop, SHIB has found stability around the 100 Exponential Moving Average (EMA), a level often considered significant by traders. Holding this line suggests that despite the recent price drops, bullish sentiment remains strong. If market conditions become more stable, a robust rebound from this point could potentially initiate another surge in the near term. The chart suggests two key price levels to monitor over the next 48 hours. One of these might act as a short-term resistance at $0.00017.
If Shiba Inu (SHIB) surpasses its current level, it could hint at renewed buying strength and potentially a stronger rise. However, if this level remains unbroken, it might signal hesitation from buyers and the onset of a period of stability. Moving ahead, the 100 Exponential Moving Average (EMA) is expected to serve as the primary support for SHIB.
Moving forward, the 50 Exponential Moving Average could serve as the next line of defense. However, should prices decisively dip beneath this point, further declines may occur. The Shiba Inu (SHIB) could potentially lose momentum and reverse its direction if the bulls fail to maintain control in the upcoming days.
Solana ascending
After Solana’s recent progress along an upward trendline, traders are closely monitoring for signs suggesting a potential shift in direction. With several days of price drops behind it, Solana seems ready to bounce back, having discovered support around $138 – a significant level from its previous bullish surge.
Over the last few weeks, we’ve seen a gradual reduction in trading activity, evident from the downward-sloping triangle shape that has formed. This pattern might suggest that the bearish trend is starting to slow down because there are fewer sellers ready to push prices lower. As the price approaches significant support zones, less trading volume typically implies that bears are becoming less confident about the market.
If Solana manages to uphold its current support, there’s a possibility that the market’s sentiment could shift positively. If this upward trend persists, Solana might regain its footing in the $150-$155 range, where it may encounter its next resistance. It is advisable for traders to watch out for a potential drop towards $130 if the support level proves weak. The focus of the market will likely shift to whether the bulls can regain control and push prices up in the coming days.
At present, the decrease in trading volume for the descending triangle suggests that bears may be weakening, potentially indicating that the current downtrend might be nearing its end. To confirm the trend, traders should closely monitor Solana’s price movement near this significant support level.
Toncoin faces death cross
In simpler terms, the daily graph for Toncoin shows a “death cross” pattern, which is usually a negative sign suggesting an upcoming drop in price. Historically, a death cross represents potential market instability and prolonged falling trends. It occurs when a quick moving average line dips beneath a slower moving average line.
In simple terms, when the average price of Toncoin over the last 50 days falls below its average price over the past 200 days (known as the “death cross”), it often means a bearish trend is emerging and there’s a possibility for a more substantial decrease in its value. Given the current market conditions and Toncoin’s struggles to maintain its upward trajectory, it seems likely that its price might decline substantially.
It seems like the path to recovery might be tough due to low trading activity and a lack of immediate bullish triggers. TON may experience a significant drop and potentially return to the $5.00 range or lower if it fails to maintain crucial support points. The ‘death cross’ is a technical signal that traders closely monitor, although it doesn’t always accurately predict a sharp price decrease.
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2024-10-05 03:24