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As Shiba Inu successfully breaks above a significant resistance level, it is indicating that a potential reversal may be imminent. After struggling under a descending trendline, the meme coin is now making an effort to break out of its bearish trend, giving investors new hope. According to the most recent price action, SHIB is trying to break above the descending trendline that has been limiting its growth in order to establish a bullish reversal.
If the asset receives strong volume support, a clear move above this resistance level may open the door for additional gains. SHIB is currently trading at about $0.0000156, fighting against the resistance level of $0.0000165, which is essential for maintaining upward momentum. The next target, which is where stronger resistance is located, is probably going to be $0.0000170 and then $0.0000185 if bulls are able to break through this barrier.
To prevent further drops, SHIB needs to maintain a strong hold on the $0.0000145 support level. The resurgence of whale activity is one of the most positive indicators for SHIB. Big investors have started buying tokens once more, which is usually a sign of optimism about the asset's future price movement.
Historically, liquidity rises and volatility tends to favor bullish traders when whales enter the market. It is more likely that SHIB will fully recover to pre-downtrend levels around $0.0000200 if it maintains this breakout. Bulls must however keep pressure on the market and steer clear of a false breakout scenario in order to solidify a trend shift.
Solana's increasing pressure
After weeks of intense selling pressure brought on by meme coin outflows and a rise in scam activity within its ecosystem, Solana has today finally stopped its protracted downward spiral. Once experiencing a notable surge thanks to a flourishing meme token culture, the asset experienced setbacks as investor confidence faltered.
But as SOL starts to level off in a critical support range, recent price action indicates that the worst may be over. The mass departure of speculative traders that had previously driven the network's explosive growth was one of the main causes of Solana's recent decline. Record-high transaction volumes were fueled by meme coin speculation, but as the excitement subsided and rug pulls increased in frequency, many investors left the market, which caused SOL's price to drop precipitously.
Arman ShirinyanSolana remains a significant player in the blockchain space despite the brief setbacks brought on by scams and short-term traders' withdrawals. Solana has shown some stability in the $170 range and indications of a possible recovery after falling below the $180 support level. The next resistance to keep an eye on if buying momentum picks back up is around $192 and then $201.
The downside is that SOL might retest its recent lows around $150 if pessimism strikes again. Although there is still uncertainty in the larger cryptocurrency market, Solana's tenacity and solid foundation imply that its long-term course is unaffected. In the upcoming weeks SOL may see a resurgence in demand as scam activity declines and legitimate builders return, which could pave the way for a long-term recovery.
Ethereum dodges bullet
Ethereum's price has risen significantly, suggesting that investors may find some respite after the recent market turbulence. The question of whether the harm caused by earlier declines has been completely undone is still crucial though. After plunging to its lowest points, ETH has steadily recovered to $2,817. This price movement is occurring in the midst of ongoing institutional accumulation and a wider market shift.
The partial restoration of confidence after the Bybit security incident in which over $1 trillion in Ethereum was compromised seems to have been a major driving force behind this upswing. Because of Bybit's prompt action and openness in handling the matter, market players feel more at ease, which has decreased sell-offs sparked by panic. The 50-day and 200-day EMAs are the main moving averages that Ethereum is still below on the technical front.
Tomiwabold OlajideThis positioning implies that although there is positive short-term momentum, a complete trend reversal has not yet been verified. The confirmation required for a more robust bullish continuation could be given by a clear move above the $3,000 resistance level. Because Ethereum's trading volume has increased recently, indicating renewed interest from both retail and institutional investors, market sentiment is also changing.
After a protracted oversold situation, ETH may be heading toward neutral territory as indicated by the Relative Strength Index (RSI), which is currently hovering around 48. Ethereum may encounter challenges in spite of the recovery.
Dan Burgin
Vladislav Sopov