Finally Shiba Inu (SHIB) on the verge of a breakout, Solana (SOL) will be squeezed, will Bitcoin (BTC) break out of the downtrend?

Featured in:

U.Today – has recently shown promising signs of breaking through the descending triangle. We may finally see the return we’ve been waiting for.

SHIB managed to break out of the descending triangle pattern. The price recently closed above the upper trendline of this pattern, suggesting a possible bullish breakout. This move is supported by increased purchase volumes.

The 50-day moving average is currently above the 100-day moving average, indicating a bullish transition over the medium term. However, the price is still below both moving averages, suggesting that SHIB needs to maintain its upward momentum to confirm the long-term bullish trend.


The relative strength index (RSI) at the bottom of the chart is around 45, which indicates the neutral zone.

The key support levels to watch are around 0.000021 and 0.00001817. If SHIB can maintain its position above these levels, it could represent a sturdy foundation for future earnings.

On the resistance side, the immediate resistance level is around 0.000024. A successful break above this value could open the door to a test of the next significant resistance at 0.000026. If SHIB manages to break through these resistance levels on ponderous volume, it could lead to a more sustained rally.

get squeezed

SOL is trading at around $145, with the 50-day EMA offering resistance around $157 and the 100-day EMA offering support at around $140. This tightening indicates a narrowing trading range, which usually leads to a breakout when the price significantly exceeds or falls below these levels.

Third party advertising. This is not an offer or recommendation of See the disclosure Here Or
Remove ads

The RSI is currently at 48, which indicates a neutral bias. This means that SOL is neither overbought nor oversold, giving it room to move in either direction. Volume bars show a decline in trading activity, which is common during consolidation phases. When a breakout occurs, we can expect trading volume to augment, confirming the direction of the move.

The key support levels to watch are $140 and $116. The latter is particularly significant as it coincides with the previous low and the 200-day EMA, suggesting sturdy buying interest at this level. If SOL falls below $140, it could test the support at $116, potentially leading to further declines if this level is not held.

On the resistance side, the closest level to watch is $157, marked by the 50-day EMA. A successful break above this level could lead to a test of the $170 region, followed by a potential rally towards the psychological $200 level. For SOL to establish a bullish trend, it must break and hold above these resistance levels with sturdy volume support.

gains more strength

BTC is consolidating around this resistance level after a series of lower highs and lower lows. The price is sandwiched between the 50-day EMA (blue line) and the 100-day EMA (orange line), suggesting increasing pressure for a significant move.

A break above the $62,000 resistance level could indicate a bullish reversal, while failure to do so could result in a further correction within the existing bearish channel.

Third party advertising. This is not an offer or recommendation of See the disclosure Here Or
Remove ads

The RSI is around 44.98, which is in the neutral zone, suggesting there is room for a move in both directions. Additionally, volume declines, which often precedes a major breakout or crash. If the price can break above the $62,000 level on ponderous volume, it will likely confirm the beginning of a fresh phase of growth.

This article was originally published on U.Today


Find us on

Latest articles

Related articles

See more articles

‘Rich Dad Poor Dad’ Author Lists Easiest Way to...

U.Today - Here are the top three news stories presented by U.Today. The author of the book "Rich...

Bullish News: Top Analysts Predict Altcoin Bottom Today, Market...

In a recent social media post, renowned cryptocurrency analyst Michael Van de Poppe shared his predictions about...

“Retail is not yet a key factor”: Raoul Pal...

U.Today – The cryptocurrency market has been abuzz with speculation about price stagnation, which some attribute to...

Bulls take control: XRP price undergoes short-term recovery

XRP has recently experienced a momentary revival amid continued market volatility. After a period of sustained... and DeFi.Gold Forge Groundbreaking Partnership to Integrate Native...

Roadtown, British Virgin Islands, June 12, 2024, Chainwire, the pioneering team behind the LIF3 multi-chain decentralized...

Cardano (ADA) heading into retreat? The analyst considers...

Cardano (ADA), a intelligent contract platform known for its precise development process, is on... critical moment. ...