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 all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
Shiba Inu activity has been significant, as evidenced by a massive surge in trading volume of 4.1 trillion SHIB over the past day, reaching an almost 7-day high. High trading volumes often indicate increased interest from larger holders, i.e. whales, which can have a significant impact on future price movements.
Significant changes in on-chain trading volume typically attract attention as they may indicate that market participants are in a position to take advantage of an impending move, whether bullish or bearish. Based on available information, SHIB's price exhibits a symmetrical triangular pattern, which is a technical configuration that typically breaks out in either direction when volatility declines.
This is consistent with the normal behavior observed in these patterns, where the volume tends to decrease as the asset approaches the tip of the triangle. This indicates a potential spike in price volatility that could occur soon and cause a breakout. Although an increase in major trades may be seen as a bullish sign, there is no inherent bias in a symmetrical triangle. SHIB could cross key resistance levels like the $0.000018 mark on the upside breakout, indicating a more solid bullish trend.
However, if there is a downside break, the price could test the $0.000016 level or even lower. Considering the general market sentiment and SHIB's relationship to Bitcoin and other important assets, it remains important to continue to closely monitor technical patterns and on-chain data. Continued asset accumulation by large investors could fuel a long-term price recovery. On the other hand, if momentum weakens, SHIB may find it difficult to maintain its current price.
Bitcoin struggles
Bitcoin continues to struggle in the $60,000 range as market uncertainty continues. Despite temporary stabilization attempts, Bitcoin has not been able to establish a solid foundation for a significant rally. The main reason why the digital asset is still in this zone and not clearly moving in the direction of a reversal appears to be a lack of conviction among the bulls.
The price chart shows that Bitcoin is still battling bearish pressure as it has failed to break through the key resistance levels that would indicate a stronger recovery. Bitcoin technical indicators such as the 50-day moving average and 200-day moving average are currently in ranges that could lead to further price consolidation and further downward pressure.
related
Bitcoin is stagnant and one of the main reasons for this is the lack of bullish momentum. BTC is likely to fall further as the bulls are not putting much effort into pushing the price higher. Moreover, the relative strength index (RSI), which measures market indecision, shows that the asset is hovering around the neutral zone.
Sellers are trying to take advantage of market indecision to push prices lower, adding to bearish pressure. If the current situation continues, Bitcoin could test the $58,000-$59,000 support level unless there is a significant push from the bulls.
Solana has a chance
After a difficult week of underwhelming performance, Solana is currently located at key uptrend line support. Over the past few weeks, the $138 range has been a major support level for the cryptocurrency. Traders are keeping an eye on Solana as it tests this support for a possible rebound.
Bearish pressure has been building on the Solana asset over the past week, but support from the uptrend line suggests Solana could be due for a rebound. Such trendline support has historically been important in reversing negative trends and laying the foundation for upward movements.
related
If SOL can sustain this level, a rebound could begin, which would mean an attempt to break through higher resistance levels. The $150 zone and $145 mark, which correspond to recent resistance levels, are important levels to watch. A break above these resistance levels could usher in a more substantial recovery and provide the impetus for a long-term uptrend.
If the current support level is broken, a subsequent sell-off may occur. The next support will be around $130. At the moment, the relative strength index (RSI) suggests that Solana is not in oversold territory, suggesting there may be room for further upside. However, the RSI is almost neutral, indicating that the market is still uncertain.
