Shiba Inu Pattern Invalidated
#shiba⚡ Inu (#SHIB، ) lost its key momentum when the price failed to hold above the $0.000017 level. The symmetrical triangle pattern, which once indicated a potential breakout, now appears weakened. The bullish momentum needed to push the asset past this key resistance level wasn’t capitalized on. Although SHIB is struggling to maintain its position, the narrowing of the triangle suggests potential for increased volatility. The lack of strong buying pressure contributed to the asset’s inability to sustain its rally.
However, there is still a glimmer of hope for further growth, as the price remains above the upper line of the triangle. If SHIB can gather enough trading volume and break through the $0.000017 resistance, a significant upward movement could be possible. On the contrary, if bulls fail to push the price higher, SHIB may undergo further consolidation or retreat to lower support levels around $0.000015.
#bitcoin☀️ Holds Steady at $60,000
Investors can breathe a sigh of relief as Bitcoin (BTC) has once again maintained the critical $60,000 level. After reversing a recent downward trend, the price climbed above $62,000, signaling a potential recovery. The $60,000 level has acted as a significant psychological barrier, and the market's rebound suggests that bullish momentum may be returning. While Bitcoin’s price is strengthening, declining trading volume is worth noting. Lower volume often indicates less confidence in the price movement’s direction.
This could suggest that without an increase in volume, the current uptrend may not have enough momentum to last. Nonetheless, the low volume could work in favor of market sentiment, especially in light of the recent asset decline. The fact that Bitcoin bounced from this level indicates there may be buying interest that could protect the asset from further losses. However, for BTC to confirm this bullish reversal, sustained buying pressure is necessary.
Ethereum Faces Strong Resistance
The $2,400 price level has proven to be a significant barrier for Ethereum (#ETH🔥🔥🔥🔥 ). Since the start of October, ETH has repeatedly failed to break past this level, suggesting it is a point of strong resistance. Although ETH has shown short-term #BullishMomentum , its continued inability to overcome this major barrier suggests that the bulls lack conviction and strength.
Ethereum could see a more robust bullish reversal if it manages to break above $2,400. If this happens, the next important resistance levels to watch would be $2,600 and $2,800. A strong breakout could shift investor sentiment and spark a rally, potentially pushing ETH back toward $3,000. On the other hand, if Ethereum fails to gather sufficient buying momentum to overcome this barrier, it could face difficulties moving forward. If $2,400 is not breached, ETH might retrace and fall back to lower support levels, around $2,300 or even $2,200. Further losses could occur if ETH drops below these levels, turning the market bearish.
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