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Finally Shiba Inu (SHIB) on Verge of Breakthrough, Solana (SOL) to Get Squeezed, Is Bitcoin (BTC) Getting out of Downtrend?

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Wed, 15/05/2024 - 0:30
Finally Shiba Inu (SHIB) on Verge of Breakthrough, Solana (SOL) to Get Squeezed, Is Bitcoin (BTC) Getting out of Downtrend?
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Shiba Inu has recently shown promising signs of breaking through a descending triangle. Finally, we might see the retrace we have been waiting for.

SHIB has managed to break out of a 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 buying volume.

The 50-day moving average is currently above the 100-day moving average, indicating a bullish crossover in the medium term. However, the price is still below both moving averages, which suggests that SHIB needs to maintain its upward momentum to confirm a longer-term bullish trend.

SHIBUSDT
SHIB/USDT Chart by TradingView

The Relative Strength Index (RSI) at the bottom of the chart is around 45, which is in the neutral zone. 

Key support levels to watch are around 0.000021 and 0.00001817. If SHIB can maintain its position above these levels, it could signal a strong foundation for future gains.

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

Solana getting squeezed

Solana is currently experiencing a squeeze between two crucial moving averages, indicating potential price volatility in the near future. The daily chart shows that SOL's price is getting compressed between the 50-day EMA and the 100-day EMA. This squeeze often precedes a significant price move, either upward or downward.

SOL is trading around $145, with the 50-day EMA providing resistance around $157 and the 100-day EMA offering support at approximately $140. This squeeze signifies a narrowing trading range, which typically leads to a breakout once the price moves decisively above or below these levels.

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

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

On the resistance side, the immediate 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 toward the $200 psychological level. For SOL to establish a bullish trend, it needs to break and sustain above these resistance levels with strong volume support.

Bitcoin gains more strength

Bitcoin is currently trading around a key descending resistance level of approximately $62,000. This level has become an important threshold that BTC needs to break to signal a potential end to its downtrend and the beginning of new upward movement.

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BTC has been consolidating around this resistance level after a series of lower highs and lower lows. The price is getting squeezed 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 a failure to do so may result in a further correction within the existing descending channel.

The RSI is around 44.98, which is in the neutral zone, suggesting there is room for movement in either direction. Additionally, the volume has been declining, which often precedes a major breakout or breakdown. If the price can break above the $62,000 level with strong volume, it would likely confirm the start of a new bullish phase.

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