Shiba Inu (SHIB) Poised for Breakthrough, Solana (SOL) Facing Squeeze, Will Bitcoin (BTC) Follow Suit?

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Shiba Inu enthusiasts are thrilled as the cryptocurrency shows strong indications of shattering a descending triangle. The awaited retracement might finally be on the horizon.

In a breakthrough move, SHIB successfully escaped the confines of a descending triangle pattern. With the recent closure above the upper trendline of this pattern, a bullish breakout seems imminent. This positive momentum is buoyed by a surge in buying activity.

The 50-day moving average has crossed above the 100-day moving average, signaling a bullish trend in the medium term. However, the price remains below both moving averages, highlighting the need for sustained upward momentum by SHIB to confirm a longer-term uptrend.

Interactive SHIB/USDT Chart by TradingView

The Relative Strength Index (RSI) hovers around 45 at the chart’s lower end, reflecting a neutral stance.

Critical support levels to monitor are approximately 0.000021 and 0.00001817. Sustaining its position above these levels could lay a robust foundation for SHIB’s future advances.

Looking ahead, the immediate resistance stands at about 0.000024. A successful breach could pave the way for testing the next major resistance at 0.000026. A breakthrough beyond these resistance levels, accompanied by robust trading volume, could set the stage for a more substantial uptrend.

Solana’s Tight Situation

Solana finds itself in a squeeze between two pivotal moving averages, hinting at potential price volatility in the near term. Analysis of the daily chart reveals SOL’s price getting compressed between the 50-day EMA and the 100-day EMA. Such compression typically precedes a noteworthy price shift in either direction.

With SOL trading near $145, the 50-day EMA acts as resistance at $157, while the 100-day EMA offers support around $140. This squeeze signals a tightening trading range, often signaling an impending breakout upon the price’s decisive movement above or below these levels.

Currently at 48, the RSI indicates a neutral position for SOL. This neutrality allows flexibility for a potential move in either direction. Decreasing trading activity, reflected in the volume bars, is standard during consolidation phases. Upon breakout, an upsurge in trading volume is expected to confirm the direction of the price shift.

Vital support levels to keep an eye on are at $140 and $116. Of particular note is the latter, aligning with both a previous low and the 200-day EMA, indicating robust buying activity at this level. A breach below $140 might test the $116 support, potentially triggering further declines if this level fails to hold.

Regarding resistance, immediate attention should be on the $157 level, marked by the 50-day EMA. A successful breach could set the stage for testing the $170 region, followed by a potential rally towards the psychologically significant $200 level. For SOL to establish a bullish trajectory, it must break and sustain above these resistance levels with substantial volume backing.

Bitcoin’s Ascension

The world of Bitcoin is abuzz as the cryptocurrency hovers around a crucial descending resistance level of approximately $62,000. Breaking through this level is key for BTC to signal a possible end to its decline and the start of a fresh upward journey.

Following a series of lower highs and lower lows, BTC is consolidating around this pivotal resistance level. Trapped between the 50-day EMA (blue line) and the 100-day EMA (orange line), increasing pressure indicates an imminent significant price movement.

A breakthrough above the $62,000 resistance level could signify a bullish reversal, while failure to do so might lead to further correction within the current descending channel.

With the RSI at approximately 44.98, signaling neutrality, BTC has room for maneuver in either direction. Moreover, dwindling volume often heralds a major breakout or breakdown. A robust volume-supported breach above $62,000 would likely mark the beginning of a new bullish phase.

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