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Recently, an important technical event occurred in Bitcoin. It is a crossover between the 50-day and 100-day Exponential Moving Average (EMA). This crossover is significant, even though it is not the well-known golden cross of the 50-day crossover of the 200-day EMA.
When the 50-EMA rises above the 100-EMA, it often indicates that the market is moving in a positive direction and that the short-term outlook for the asset is improving compared to the medium-term trend. Although it doesn't have as much hype as the Golden Cross, this hidden cross can foster bullish sentiment.
Such crossovers typically indicate a change in momentum when short-term buying interest outweighs the long-term trend. Traders looking for entry points during consolidation periods may pay more attention to this change. Bitcoin is currently holding a level above the upper bound of the previous descending price channel and is currently turning into support while holding firm above the key resistance level near $65,000.
If Bitcoin can sustain above this range, it could start to gradually move towards higher goals. The positive developments surrounding Bitcoin extend beyond its technical aspects. Demand for Bitcoin ETFs is increasing internationally, which is contributing to the market's growing interest in digital assets. Institutional investors, large shareholders, and individual investors are closely monitoring these potential catalysts when evaluating their market position.
The recent 50-100 EMA crossover indicates increasing bullish momentum in Bitcoin's price structure, which is a subtle but encouraging sign. If Bitcoin maintains this upward momentum and trading volumes increase, the price could eventually support more significant upside and move closer to the next key resistance level at $70,000.
Shiba Inu getting ready
The Shiba Inu is showing signs of a potential volatility explosion, with yesterday's price movements becoming even more significant. The convergence of key moving averages, a technical construct that frequently predicts future price movements, may be responsible for this spike in volatility.
SHIB price is currently negotiating in the area where the 50-day, 100-day, and 200-day exponential moving averages are approaching. These moving averages typically indicate a tightening in the price trend when they converge and can act as a breakout or pressure point for a breakout.
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This convergence serves as an important signal for SHIB and could portend a significant retracement or further upside. The bulls seem to want to maintain the upward momentum as recent buying activity has pushed the price higher. However, if the buyers lose momentum, a rebound becomes more likely as the EMA converges near the current price level.
Pressure is mounting due to the fact that the entire crypto market is showing contradictory sentiments, with some assets rising while others are having difficulty sustaining gains. SHIB's price is volatile and can be significantly affected by changes in the overall market.
A possible retrace could send SHIB towards lower support levels, as the $0.000017 and $0.0000163 price zones act as immediate fallback points. Conversely, if SHIB is able to maintain its current strength and overcome resistance, it may attempt to reach previous highs, even despite significant opposition.
Solana needs this spike
Surprisingly resilient, Solana has been steadily rising and is approaching the crucial $200 mark. After breaking out of the resistance at $160, SOL seems to want to reach $200 as the next important target. This milestone is more than just symbolic, as the asset has struggled to regain this territory since its last peak. It represents an important psychological and technical level.
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Based on an analysis of SOL’s recent price trend, the upward momentum appears unabated, supported by the recent breakout of the key resistance levels at $150 and $160. Solana's recent bullishness suggests the market has strengthened, but these areas have acted as strong barriers for several weeks.
Still, reaching $200 will be difficult. Many significant obstacles can impede SOL growth. The immediate barrier where historical price trends indicate significant selling pressure is the $185 level. A clear break above this resistance would put $200 within reach, but the bulls will need to maintain volume and buying interest to win.
Another encouraging factor is that the moving averages, especially the 50-day and 100-day EMA, are converging below the current price level. This placement creates a base that allows the SOL to gain strength and potentially break through overhead obstacles.
