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Shiba Inu's current price pattern was deemed invalid when the recovery momentum around the $0.000017 level was lost. The symmetrical triangle pattern that once signaled a breakout now appears to be weakening. The bullish momentum needed to move the asset above this critical resistance level is thereby not being leveraged.
SHIB is struggling to maintain its position, but the narrowing range of the symmetrical triangle signals a potential spike in volatility. The token’s inability to maintain its upward momentum is believed to be partially due to the absence of strong buying pressure.
Still, there are bright spots in the technological landscape. Since the price is still above the upper line of the symmetrical triangle, the asset may have an opportunity for further consolidation even if the breakout momentum has not materialized. If SHIB can gather enough volume to overcome the $0.000017 resistance level, the asset could attempt another significant rally. If this move does not occur, SHIB could undergo further consolidation or possibly fall back to lower support levels at $0.000015.
If the bulls are unable to push the price higher and selling pressure on the token increases, the chances of a short-term recovery may further decline. Traders should now focus on whether SHIB can regain momentum with the key resistance level near $0.000017 serving as an important indicator to watch. Without continued purchasing support, the road to recovery could become even more difficult.
Secure $60,000 in Bitcoin
Investors and traders can now relax a bit as Bitcoin once again held the important $60,000 level. Contrary to the recent downtrend, the price has risen above $62,000, suggesting a possible recovery.
This level is acting as a major psychological barrier, and a market recovery suggests that bullish momentum may return. While the price of Bitcoin is increasing, it is important to note that the trading volume is decreasing. Low volume usually indicates low confidence in the direction of price movement.
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This could indicate that the current uptrend may not have enough momentum to sustain unless volume increases. Nevertheless, this low volume could be advantageous given the overall market mood, especially given the recent decline in assets.
The fact that Bitcoin was able to recover from this level indicates that there may be buying appetite to protect the asset from further losses.
However, for BTC to validate this bullish reversal, buying pressure will need to increase steadily. If overall market sentiment turns negative, there's always a chance it will fall again. However, Bitcoin is currently showing resilience at $60,000, which is good news for bulls looking for a long-term recovery.
Ethereum’s major failure
The $2,400 price level designated by the 50 EMA is currently a serious obstacle for Ethereum (ETH). Since early October, Ethereum has failed to break out of this level several times, indicating that it is a strong resistance point. Even though ETH has shown short-term bullish momentum, its continued inability to overcome this key barrier suggests that the bulls are not very convincing or strong.
For Ethereum, the $2,400 mark appears to be a psychological and technical barrier, a turning point where sellers repeatedly intervene to prevent further gains. Supporting this is the 50 EMA, which technical analysts often see as dynamic resistance.
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The market remains cautious, as evidenced by the fact that ETH has been rejected three times to date, and a breakout seems unlikely without strong buyer momentum. If Ethereum can break above $2,400, a stronger bullish reversal could become possible. In this situation, $2,600 and $2,800 would be the next important resistance levels to watch. A strong breakout could change investor opinion and trigger a rally that could push ETH back towards $3,000.
On the other hand, if Ethereum is unable to gather enough buying momentum to overcome this barrier, it may struggle going forward. If $2,400 is not broken, there will be a retracement and ETH could fall back to lower support levels, i.e. around $2,300 or even $2,200. If the price falls below these levels, Ethereum could incur additional losses and the market could turn bearish.
