When Cryptos Go to the Dogs: SHIB, DOGE, and BTC’s Bizarre Ballet

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Shiba Inu (SHIB) has officially confirmed a death cross, a technical pattern that signals the continuation of a downtrend. The 50-day moving average has crossed below the 200-day moving average, a grim omen for those who dared to dream of SHIB’s resurgence. 🐶 As if the market wasn’t cruel enough, SHIB is already struggling to regain momentum, and this bearish formation only adds to its woes. The current price of SHIB is around $0.00001620, down about 4.71% over the previous day. A small recovery attempt was made, but strong resistance at important moving averages has thwarted any significant breakout. 🚀

Trading volume remains moderate, but the waning interest from institutional players and whales further supports the slowing momentum. The overall state of the market has a significant impact on SHIB’s price movement, leaving it vulnerable to further declines. After the finalized death cross, SHIB might find it difficult to turn around its current trajectory. In the past, these formations have led to protracted price drops that are challenging to recover from. The next critical support is located around $0.00001400, and a decline below this level might hasten losses and cause more declines. 📉

The lack of significant accumulation from major investors indicates that SHIB has a narrow recovery path. The asset might keep declining until there is a noticeable volume recovery. This bearish outlook confirmed by the death cross means that SHIB will have a difficult time regaining its lost momentum. 🙄

Cup pattern to help DOGE retrace

Dogecoin (DOGE) is beginning to form a traditional cup bottom pattern, a technical indicator frequently linked to a possible bullish reversal. After weeks of falling price action, this pattern, which consists of a rounded bottom followed by a breakout, suggests that DOGE may soon regain momentum. 🚀

DOGE has recently dropped 3% and is currently trading at about $0.256. The 200-day moving average, a historically important level for reversals, is where the price is consolidating. Despite modest trading volume, investors are keeping a close eye out for any possible breakout. A breakout above the crucial resistance level at $0.30 could initiate a robust upward move, confirming a change in the market’s mood and pushing DOGE toward $0.35 and beyond. 📈

However, if buying pressure remains weak, DOGE might struggle to hold onto support at $0.25, leading to additional declines toward $0.25. Should these levels fail to hold, the bullish pattern may be deemed invalid. For Dogecoin traders, the development of a cup bottom pattern offers an intriguing opportunity. A clear breakout could result in a sizable price increase, even though the asset is still consolidating. For confirmation of a bullish reversal, investors should keep an eye on trading volume and important resistance levels. 🕵️‍♂️

Bitcoin is stuck

Bitcoin (BTC) finds itself in a precarious situation, trapped between two crucial moving averages that could determine its next significant move. Currently trading close to $95,903, Bitcoin has had difficulty breaking out of this narrow range, leaving the market uncertain. Resistance at $98,700 continues to be a strong obstacle, while Bitcoin has been making an effort to hold support at $93,562. The asset’s inability to move decisively in either direction has left traders hesitant to commit to a definite trend. 🤷‍♂️

Bitcoin may be able to return to $104,000 and possibly reach new highs if it can overcome the resistance level of $98,700. However, if support at $93,562 is not maintained, BTC may drop to $90,000 or even lower, heightening bearish thoughts. 📉

Since Bitcoin is currently wedged between important moving averages, it is very difficult to predict where it will go next. Traders should keep a close eye on the breakout levels because the ability of Bitcoin to either hold support or break past resistance will probably determine its next course. 🚀

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2025-02-14 03:06