The cryptocurrency market is witnessing significant price shifts for assets like Shiba Inu, Solana, and Bitcoin. Investors are keenly observing these digital currencies for definitive signals.
Shiba Inu: Key Levels and Correction
Shiba Inu's price is stabilizing around the $0.0000134 level. After attempting to recover to the $0.000015 zone, the asset was once again forcefully rejected, leading to a local correction.
SHIB is trying to hold above the 100-day exponential moving average (EMA), which serves as soft support. However, decreasing trading volume indicates a lack of conviction from buyers, and the relative strength index (RSI) remains neutral, fluctuating between 48 and 50.
Some analysts believe that if SHIB can break above $0.0000145 with new buying pressure, the price may rise to $0.000016 and potentially reach $0.00002. However, if the asset fails to overcome resistance, there is a risk of a drop down to $0.00001267.
Solana: Potential Golden Cross Ahead
Solana has been on an upward trend since the beginning of July, breaking through several resistance levels and trading around $184. A 'golden cross' is anticipated soon, where the 50-day EMA crosses above the 200-day EMA. This pattern is typically seen as a bullish signal, but many experts consider this crossover unreliable, as it forms after significant increases.
Trading volume is beginning to taper down, suggesting a possible slowdown in momentum, with the next significant support located around $162-164, where important EMAs are stacking up.
Bitcoin: Pressure on Growth
Bitcoin continues to consolidate below a key resistance zone at $120,000, currently trading around $119,000. The observed volatility squeeze pattern may indicate a potential price surge. Despite slow volume growth, the RSI remains above 60, suggesting bulls are still in control.
There is multi-layered support building below at $116,000, reducing the risk of a significant decline. Investors expect that if Bitcoin can break through the $120,000 level, it may sharply increase into the $125,000-$130,000 range.
The cryptocurrency market is displaying intriguing trends, particularly for assets like Shiba Inu, Solana, and Bitcoin. Investors continue to monitor key levels and risks, evaluating potential scenarios for future price movements.
