U.Today – A double reversal of a bullish chart pattern that can lead to a significant price recovery is what shows that it is possible. SHIB’s price is testing significant levels near the 200 EMA, a critical long-term support at its current price of $0.00002164, which supports the idea of ​​a possible recovery.
With two tests and bounces from the $0.00002079 level, SHIB price has formed a double bottom pattern, indicating strong buying interest in this important support zone. Since the EMA 200 closely resembles this level, traders and investors should pay close attention to it. If this pattern plays well, it may pave the way for a reversal targeting higher price levels.
SHIB may first target resistance at $0.00002294 and then $0.00002314 if the pattern holds. The price may move towards the $0.00002550 area, a critical level where SHIB could regain momentum if these levels are broken, confirming the reversal.
Volume, however, is still comparatively low, indicating that more market participation is needed to confirm the breakout. The RSI is currently at 43, suggesting that there is still room for growth without going overbought. If the support at $0.00002079 does not hold, the double bottom pattern may be considered invalid, which could lead to additional declines.
SHIB may test lower levels in such a situation, with $0.00002000 serving as the next major support. A pivotal moment for SHIB is presented by this formation around the 200 EMA and the double bottom pattern. Should the bullish momentum build, the meme token may recover, giving investors expecting a reversal an opportunity. In the coming sessions, it will be critical to keep a close eye on important levels and market conditions.
wakes up
The market capitalization of Ethereum, the second largest cryptocurrency, is starting to rise again after a prolonged period of decline. ETH gained 2.83% in the past day and is currently trading at $3,310 after bouncing off major support levels. ETH’s resilient nature is demonstrated by its recent price action, which has seen it successfully hold the 200 EMA at $3,108, a critical long-term support level.
Bullish sentiment was rekindled by this bounce, which took the price closer to 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 is still a critical level to watch above.
At 47 right now, the RSI is showing neutral momentum. The recent increase, however, indicates a possible move in the direction of bullish territory. Additionally, there was a slight increase in volume, which reinforces the idea that buyers are defending important support zones. The reversal comes after a larger sell-off in the market, in which Ethereum tested key levels after the previous session’s failure to sustain momentum above $3,700.
As it tries to regain the confidence of traders and investors, this recovery is crucial for ETH. ETH may indicate additional downside if it is unable to sustain its upward trajectory and breaks below the 200 EMA, with $3,000 serving as the next psychological support level. With the recovery of $3,500, on the other hand, the bullish sentiment will strengthen and Ethereum will be ready to challenge higher levels in the coming weeks.
The recent action underscores Ethereum’s resilience in the face of market turmoil, as its expanding adoption and network foundations continue to attract long-term investors. For those hoping for a long-term recovery in the larger cryptocurrency market, ETH’s latest rally is encouraging – even though the road ahead may still be tough.
revived?
After a period of turmoil, increasing trading volume is driving the leading cryptocurrency higher and Bitcoin is gaining momentum. At its current price of $96,949, Bitcoin has risen 2.41% in the last day, indicating a possible change in market sentiment. The increasing volume indicates renewed buying interest as price action shows that Bitcoin has rebounded from critical support levels near $92,000.
As Bitcoin tries to recover the $97,500 level, which currently serves as short-term resistance, there has been a surge in activity. Bullish confidence could increase further if this level is successfully breached as it could lead to a retest of the psychologically important $100,000 level.
With an RSI of 48, Bitcoin is currently in neutral territory, meaning it has room to rise further without reaching overbought conditions. This is consistent with the increase in volume that has been observed, which is a critical indicator that investors are increasing their interest. On the downside, the first critical support to watch out for is still $92,000.
Failure to sustain this level may result in a retest of the $87,500 area, where the 100 EMA offers more support. If the price breaks below this level, it could indicate a more significant correction that could target $78,124, near the 200 EMA. Since volume often precedes significant price movements, the recent rally is encouraging for Bitcoin.
This article was originally published on U.Today