“Shiba Inu Support Test: Is the Meme Coin Poised for a 12% Surge?”
Shiba Inu is poised for another price surge as it unexpectedly demonstrates strong support levels following a significant surge.
The price of SHIB is currently in a critical stage, according to recent technical analysis, as it retests key support levels that could determine its short-term trajectory.
The daily chart for SHIB/USDT indicates that the meme coin is holding above the 200-day Exponential Moving Average (EMA), a crucial dynamic support level historically known to propel prices higher upon successful retesting. Some consider this consolidation around the crucial support level at approximately $0.0000084 as a launching point for future gains, with expectations of continued upside that could lead to a 12% increase in the coming weeks, supported by SHIB trading above the 50-day and 100-day moving averages, indicating a strong upward trend with the potential for further growth.
Additionally, trading above these moving averages and forming a potential “golden crossover” – a bullish signal where the 50-day moving average crosses above the 200-day moving average – enhances the likelihood of an imminent price hike. While the golden crossover is typically a lagging indicator, investors consider it a confirmation of a strong bullish market on the horizon.
In addition to the bullish sentiment, stable Relative Strength (RS) and increased trading activity serve as favorable conditions for a potential SHIB price surge, suggesting that the coin exhibits compelling signs of an impending bullish breakout, estimated to be around 12%. Investors and traders will closely monitor a confirmed breakthrough above the 200-day Simple Moving Average, which may indicate the beginning of the expected uptrend. The technical patterns and support levels indicate a cautiously optimistic view for SHIB, despite the volatility and unpredictable nature of the meme coin market.
Meanwhile, Ethereum’s recent price stall has caught the market’s attention, with its temporary halt after surpassing the $2,000 mark. The chart for ETH/USD on Kraken reflects this notable uptrend, with the price stabilizing around $1,994.50. The price stability comes as Ethereum faces resistance at $2,136, a critical level where profit-taking activities by Ethereum whales have been observed. This selling pressure suggests a potential correction, but it is met with positive developments in the market, such as BlackRock’s imminent launch of an Ether ETF fund, which could significantly bolster Ethereum’s position in the market.
Despite the current hesitancy in the upward trend, fundamental expectations for Ethereum remain strong. The asset has successfully maintained levels above the key resistance at $2,008.08, with analysts pointing to bullish speculators gathering strength for a second upswing. If the uptrend surpasses the resistance at $2,195.87, Ethereum may seek a substantial increase, potentially reaching $3,000.27, given the absence of major resistance levels in between.
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The asset is traded between direct support and resistance levels at $2,014 and $2,112, respectively, indicating that the uptrend may regain momentum upon breaking through these levels in the upward direction. Furthermore, recent participation from investment giants like BlackRock has contributed to the price increase of Ethereum to its highest level in a year at $2,139, pointing towards bullish sentiments in the market that could propel the price to $3,100. The primary conclusion drawn from the current price action and market sentiments is that Ethereum is in a consolidation phase, gathering strength for its next move.
Despite caution due to the recent uptrend halt, overall market sentiments lean towards optimism, with several factors that could serve as catalysts for Ethereum’s growth.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
