Possible scenarios: – SHIB Could See Rapid Growth if Certain Conditions are Met; DOGE Drops 15% but Remains Stable; BTC Poised for $70,000 Surge OR – Is SHIB Set to Soar? DOGE Slides 15% while BTC Eyes $70,000 Recovery
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Shiba Inu in Recovery Mode
Following a notable uptick in September, Shiba Inu has been in recovery mode for the past few weeks. Important moving averages on the chart have converged, putting SHIB on traders’ radars as they watch for an impending volatility spike. In the past, moving averages have often indicated an approaching spike in price volatility when they begin to converge. Looking at the current chart, we can see that SHIB’s moving averages, especially the 50-100 and 200-day EMAs, are getting closer together to form a technical setup that typically comes before a breakout.
When the market builds up enough momentum to push past predetermined resistance levels or decline toward support, such a pattern frequently serves as a prelude to a significant price movement. There could be a significant price increase for SHIB if this convergence is successful in producing an upward breakout. Crucial resistance levels are located around $0.000018 and $0.000019.
A bullish rally might be fueled if these levels are broken, encouraging more buying pressure. However, if the volatility spike causes SHIB to decline, the asset must remain above the most recent trendline support at $0.0000168 to preserve the bullish structure. The Relative Strength Index (RSI) is presently in a neutral zone, indicating that SHIB has potential for upward momentum without hitting overbought territory right away.
Dogecoin Correction
There’s no reason to panic even though Dogecoin recently dropped 15% from its recent highs. This correction can actually be advantageous for the asset’s overall trajectory, providing a stronger basis for future gains. Price retracements like this are typical during robust uptrends, allowing the asset to establish a more sustainable growth pattern.
As seen on the chart, Dogecoin has experienced a significant upswing in recent weeks, breaking through multiple resistance levels. A price pullback is necessary for a more sustainable growth pattern, especially after such a rapid ascent that could result in overbought conditions. The existence of support around the 50-day and 100-day EMAs adds to the positive perception of this correction.
Bitcoin Recovery Potential
Bitcoin has recently faced a decline after briefly reaching the $70,000 mark, with attention now on a possible recovery point near its 26-day Exponential Moving Average (EMA). The 26 EMA typically serves as a dynamic support level in uptrends, drawing buying interest during corrections. Bitcoin’s reaction to this support level could determine its short-term course, potentially sparking a short-term rally if it bounces back from this level.
Investors should be prepared for any scenario, as further declines could lead to retesting lower supports such as the 50 or 100 EMAs. However, a strong close above the 26 EMA might rekindle optimism and push Bitcoin to test its prior all-time highs, making it a psychological barrier for the asset.
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