As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen it all – from the dizzying heights of bull markets to the crushing depths of bear markets. And today, looking at the current state of Solana (SOL) and Shiba Inu (SHIB), I’m reminded of a classic game of chess – one player is making bold, aggressive moves, while the other seems content to hunker down and defend its position.
If current trends persist, Solana’s value might climb towards $200 by mid-November. The bullish market atmosphere is evident in the price fluctuations of SOL, as increasing investor enthusiasm propels it near this projected price point. In the past few weeks, Solana has shown remarkable growth, surpassing several resistance levels and currently trading around $175.
Keeping an eye on the prices $200, $163, and $180 is crucial for traders, since these points are significant psychological thresholds. If SOL’s price encounters any temporary pullbacks, the previous support level of $163 might serve as a potential pause or reversal point. To maintain a steady push towards $200, SOL must sustain its momentum above $180, considering the historical resistance at this level.
If SOL maintains its upward trend without significant selling, it could surpass a short-term peak at around $200. However, reaching this level may take some time as the asset needs to build a robust support system near its highs. This milestone is unlikely to be met within just a few days. On the chart, Solana’s upward trend is reinforced by its strong position above both the 50 and 100 Exponential Moving Averages (EMAs). In the long term, we might even see SOL targets exceeding $200 if it continues to grow at higher levels, especially if Bitcoin and other major assets continue their upward movement.
Shiba Inu stays relevant
“A significant reason behind Shiba Inu’s struggle to maintain a bullish trend consistently is the minimal interest from new investors. Data shows that less than 3% of SHIB holders are relatively new, indicating only a modest number of new buyers. With the market flooded by many popular and highly liquid meme coins with higher risk profiles, Shiba Inu’s appeal appears to be waning among potential new investors.
Rather than established meme coins, newer ones are capturing the attention of both seasoned and inexperienced investors who aim for fast profits by jumping on the bandwagon of market volatility and speculative excitement. These new tokens often resemble digital casinos, enticing temporary users seeking instant gains from price swings.
Because it doesn’t hold the same rapid expansion potential as before, the current market situation makes Shiba Inu less attractive. The latest price trends suggest that the asset struggles to rise significantly and appears to be confined within a limited range.
As a researcher examining the Shiba Inu (SHIB) market, I’ve observed that without an influx of new investor interest, SHIB appears to lack the power to surpass its 200-day moving average, as denoted by the black line on the chart. If SHIB fails to attract fresh investors, it may remain within a tight price range or even experience a decline, as current holders gradually dispose of their assets. In essence, the market performance of Shiba Inu is being stagnated due to its inability to entice new investors. Although SHIB was once the frontrunner among meme coins, it now faces intense competition from newer, unpredictable cryptocurrencies that cater to a market seeking swift speculative profits.
Bitcoin really close
Currently, Bitcoin’s price is only a few hundred dollars shy of hitting $73,000 again, approaching its old record high. The recent surge has been fueled by a robust short-term upward trend and increased trading activity. However, signs are pointing towards a possible market correction in the near future. One concern is that this rally, while impressive, may not be sustainable for the long term as it lacks stability.
Bitcoin has broken a long-term resistance line, as can be seen on the chart, which may mark the end of a months-long consolidation phase. However, such quick, sharp movements frequently draw speculative trading, raising the possibility of abrupt reversals as traders lock in profits. Bitcoin’s ascent to new all-time highs has always been erratic. As the market processes the quick gains, each breakout is usually followed by a consolidation or slight retracement. If Bitcoin runs into psychological resistance around or close to the previous high, this rally might follow a similar pattern.
Furthermore, the Relative Strength Index indicates that Bitcoin is approaching an overbought state, a situation often followed by a decrease in its pace. Should a pullback occur, Bitcoin could potentially reach new support levels within the next few weeks.
Looking at current trends, it’s worth paying special attention to the potential support levels around $67,000 and $64,500. If prices dip, these points might temporarily halt the decline before the market potentially resumes its upward movement.
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2024-11-01 03:23