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U.Today – A double-bottom reversal of a bullish chart pattern that could cause a major price move is an indication that it is possible. The price of SHIB is testing important levels near the 200 EMA, an important long-term support at the current price of $0.00002164, which supports the idea of a possible recovery.
With two retests and a decline from the $0.00002079 level, SHIB’s price has formed a double bottom pattern, indicating strong buying interest at this key support area. Since the 200 EMA closely resembles this level, traders and investors should pay close attention to it. If this approach works well, it could pave the way for a reform aimed at raising prices.
SHIB may first target resistance at $0.00002294 and then $0.00002314 if the pattern holds. The price is likely to move towards the $0.00002550 area, a key level where SHIB can regain strength if these levels are broken, confirming a reversal.
However, the volume is still very low, indicating that a larger share of the market is needed to ensure an explosion. The RSI is currently at 43, suggesting that growth potential remains without moving into overbought territory. If the $0.00002079 support is not observed, the double bottom pattern may be considered ineffective, which may cause further declines.
SHIB can test lows in such cases, and $0.00002000 serves as the next important support. The key moment for SHIB is generated by this setup around the 200 EMA and the double bottom pattern. In the event that the strength increases, the meme symbol can recover, giving traders who expect to return an opportunity. In the coming meetings, it will be important to monitor the key positions and market conditions.
get up
The market capitalization of Ethereum, the second largest cryptocurrency, is starting to rise again after a long period of decline. ETH has gained 2.83% in the past day and is currently trading at $3,310 after breaking through key support levels. The stable position of ETH is shown by the recent price action, which has seen that it managed to hold its 200 EMA at $3,108, an important long-term support level.
Bullish sentiment is dominated by this decline, which has moved the price near the 100 EMA at $3,265. The next major resistance level is $3,500, and a clear break above this level could pave the way for further upside. For a long-term recovery, $3,700 remains an important level to monitor above.
At 47 currently, the RSI is showing neutrality. The recent increase, however, indicates a possible move in the direction of bullish territory. In addition, there was a slight increase in volume, which provides evidence that buyers are protecting key support areas. The reversal comes after a major market selloff, where Ethereum tested key levels after previous sessions failed to sustain momentum above $3,700.
As it tries to regain the confidence of traders and investors, this recovery is important for ETH. ETH may show further declines if it cannot maintain its upward path and falls below the 200 EMA, with $3,000 serving as the next psychological support level. By retrieving $3,500, on the other hand, the bullish sentiment would be strengthened, and Ethereum would be ready to challenge the higher levels in the coming weeks.
The latest move underscores Ethereum’s resilience in the face of market turmoil as its growing adoption and network fundamentals continue to attract long-term investors. For those who hope for a long-term recovery in the main cryptocurrency market, the recent increase in ETH is encouraging – although the road ahead remains difficult.
restored?
After a period of retracement, the rise in the trading price makes the cryptocurrency very high, and Bitcoin continues to increase. With its current price of $96,949, Bitcoin has increased by 2.41% over the previous day, suggesting a possible change in market sentiment. The rising flow indicates renewed buying interest while the price action shows that Bitcoin has recovered from key support levels near $92,000.
When Bitcoin tried to recover the $97,500 mark, which currently serves as short-term resistance, there was a strong performance. Greater confidence can be increased even more if this level can be crossed successfully, since it can lead to a re-evaluation of the important mental level of $ 100,000.
With an RSI of 48, Bitcoin is currently in neutral territory, which means it has room to rise without reaching overvalued levels. This corresponds to the increase in volume seen, which is an important indicator of investors increasing their interest. On the other hand, the first key support to monitor remains at $92,000.
A re-examination of the $87,500 area, where the 100 EMA provides additional support, may occur if this situation is not observed. If the price breaks below this level, it could indicate a more significant correction that could lead to $78,124, near the 200 EMA. Since volume often precedes large price movements, the recent rally is encouraging for Bitcoin.
