Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe that all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
With a 20% increase in profitability, Shiba Inu has emerged as a potential recovery, which could be a bullish sign for the asset. Data shows that 55% of SHIB holders are now profitable, which is an increase from previous levels. This improved profitability could attract more investors who believe that SHIB has new growth potential.
The fact that 73% of SHIB is held by large holders further suggests that whales still hold a significant amount of assets. Although whale activity has become a little bearish recently, if the upward trend continues, there is a possibility that the bullish view of Shiba Inu will become stronger. The 20% increase in profitability is significant because it signals a change in market sentiment that is trending more positively for SHIB.
79% of holders have held SHIB for more than a year, so long-term recovery is likely. This committed holder base provides stability and if the uptrend continues, these holders could be stimulated to buy more, pushing SHIB's price higher. From a technical perspective, SHIB is trading above the 50-day, 100-day, and 200-day EMAs, indicating a strengthening trend.
A breakout of the symmetrical triangle pattern developing on the chart could trigger a more significant price rally. Additionally, a long-term bullish signal, a golden cross, could form and confirm a long-term uptrend. However, overall sentiment remains bearish due to a decline in large transactions and minimal network growth, as indicated by on-chain bearish signals.
ethereum path
Ethereum is forming a troubling chart pattern and is at a pivotal point in its history. A head-and-shoulders pattern is usually a bearish formation that can signal an impending reversal of an uptrend, and it appears to be developing on the daily chart.
This pattern is even more concerning as Ethereum has failed to overcome significant resistance levels, raising questions about the short-term viability of the asset. Let's consider both bullish and bearish scenarios when considering possible price targets for Ethereum. This price target would be the first meaningful milestone if Ethereum can break above the 100 EMA, currently at $2,650.
related
This kind of breakout could indicate that ETH is gaining momentum once again, paving the way for a test of the next psychological level at $2,900. This price range is important considering that it coincides with the subsequent resistance level from early August. If Ethereum gains enough traction and moves above $2,900, the next possible target would be $3,100.
This level is important because it falls under the long-term 200 EMA, which is represented by a black line on the chart.
On the downside, if Ethereum price fails to sustain above the current support level, the price could fall back to around $2,400. This target is bearish because it is the lower bound of the ascending channel that Ethereum has been trading in for the past few months and that is important. If the price falls below this mark, it could indicate further weakness and perhaps a deeper correction.
Solana is in trouble
Solana is about to face a significant test as it reaches the $160 price level, a key resistance zone that could determine the asset's next big move. Technical indicators point to a possible reversal if buyers do not step up their efforts, as SOL has historically struggled to maintain momentum beyond this point.
When we look at exponential moving averages, their profiles give us different pictures. A cautious outlook for the market is indicated by the 50 EMA falling below the 100 EMA. Not only is Solana not fully in a bearish phase, but it is also not in a clear uptrend, as evidenced by the fact that the 50 EMA is still above the 200 EMA. This setup suggests indecision as the market waits for a stronger push in either direction. It is important to keep an eye on the $160 resistance level.
related
If SOL fails to break and sustain this level, a price reversal could occur soon. Another worrying sign of declining buying interest is the decline in trading volume over the past few days. If rejected at this point, SOL could retreat to support levels at $147 or below, depending on overall market conditions.
On the contrary, a significant break above $160 could pave the way for further profits, especially if purchase volumes increase. SOL could retest a stronger resistance zone in this scenario and head towards the $180-$200 area.
