U.Today – Once the recovery momentum around the $0.000017 level was lost, the current price pattern was deemed invalid. It appears that the symmetrical triangle pattern that once suggested a breakout is now weaker. The bullish momentum needed to move the asset beyond this key resistance level was not utilized by him.
Although SHIB struggled to maintain its position, the extent of the tightening of the symmetrical triangle suggested a potential enhance in volatility. The token’s inability to sustain growth has been partially attributed to the lack of forceful purchasing pressure.
Still, there is a glowing spot in the technical picture. The asset may have another opportunity to strengthen even though the breakout momentum has not materialized as the price is still above the upper line of the symmetrical triangle. The asset could attempt a more significant move higher if SHIB is able to accumulate sufficient volume and overcome the $0.000017 resistance level. If this move does not materialize, SHIB could undergo more consolidation or perhaps return to lower support levels at $0.000015.
The likelihood of a short-term recovery could be further reduced if bulls are unable to push the price higher and the token is subject to increased selling pressure. Now, investors should keep an eye on whether SHIB can regain its momentum, with key resistance levels around 0.000017 serving as crucial indicators to keep an eye on. In the absence of consistent purchasing support, the path to economic recovery may become more complex.
secures 60 thousand
Investors and traders can now get some rest as Bitcoin has once again maintained its critical $60,000 level. Reversing the recent downward trend, the price has risen above $62,000, suggesting a possible recovery.
This level constitutes a significant psychological barrier, and the market recovery means that upward momentum may return. While the price of Bitcoin is rising, it is crucial to take into account the failing trading volume. Lower volume usually means less confidence in the direction of price movement.
This may indicate that in the absence of volume growth, the current uptrend may not have enough momentum to sustain. Nevertheless, this low volume could be beneficial given the sentiment across the market, especially in lightweight of the recent decline in asset values.
The fact that Bitcoin was able to rebound from this level indicates that there may be buying interest that could protect the asset from further losses.
However, for BTC to confirm this bullish reversal, there must be a steady enhance in buying pressure. If market-wide sentiment turns negative, there is always a chance for another decline. However, at $60,000, Bitcoin is currently showing resilience, which is good news for bulls who expect a long-term recovery.
a stern obstacle
The 50 price level, set by the EMA at $2,400, is currently a major headwind for Ethereum (ETH). Ethereum has failed to break this level several times since the beginning of October, indicating that it is a forceful resistance point. Even though ETH has shown near-term upside momentum, its continued inability to break through this significant barrier suggests that the bulls are not very compelling or forceful.
For Ethereum, the $2,400 mark appears to be both a psychological and technical barrier, serving as a tipping point where sellers have repeatedly intervened to stop further gains. This is supported by the 50 EMA, which technical analysts often see as a vigorous resistance line.
The market remains cautious, as evidenced by the fact that ETH has been rejected three times at this point, and a breakout seems unlikely in the absence of forceful buyer momentum. A stronger bullish reversal could be possible if Ethereum is able to break above $2,400. In such circumstances, the next crucial resistance levels to pay attention to are $2,600 and $2,800. A forceful 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 generate enough buying momentum to overcome this barrier, it may struggle to grow further. If $2,400 is not broken, a retracement may occur and ETH may return to lower support levels of around $2,300 or even $2,200. Ethereum may suffer additional losses if the price falls below these levels, which could cause the market to turn bearish.
