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Shiba Inu's (SHIB) Price Explosion: Meme Coin Cracks Crucial Ceiling

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Thu, 7/12/2023 - 1:00
Shiba Inu's (SHIB) Price Explosion: Meme Coin Cracks Crucial Ceiling
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Shiba Inu (SHIB) has once again made headlines by soaring past the significant price threshold of approximately $0.00001. This move is not just a fleeting jump but a crucial breakthrough that should solidify the token's position on the market.

The latest chart analysis indicates that SHIB has not only approached but exceeded a historically challenging resistance level. This breakthrough is particularly noteworthy as it happened at least three times throughout the year. 

SHIBUSDT Chart
SHIB/USDT Chart by TradingView

The price movement has been underpinned by a rising trend line, indicating sustained buying pressure. In addition, the moving averages have formed a bullish alignment, providing a strong backdrop for the recent price action. However, it is paramount for SHIB to now establish support above this newfound peak to prevent a repeat of past patterns where gains disappeared quickly.

The current market sentiment shows a divergence from previous rallies, where SHIB’s surges were often short-lived. The broader bullish phase on the cryptocurrency market in 2023 could lay a more stable foundation for Shiba Inu's growth. If SHIB can maintain its momentum and keep its footing above the $0.00001 mark, it could be poised for further advances.

Traders will be looking for patterns such as consolidation or a continuation pattern to form above the current levels, which would indicate the likelihood of sustained upward movement. Additionally, the volume accompanying the recent price increase will be crucial to observe; higher volumes would lend credence to the breakout, suggesting strong conviction among buyers.

Cardano breaks through

Cardano (ADA) has made a significant leap, marking a price surge that has broken the trend in the past. A close look at Cardano’s price chart reveals a robust upward trajectory — a departure from its historical trend of rallying post-market surges.

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In a shift from its usual pattern, ADA is now synchronizing its gains with the wider crypto bull run, rather than spearheading or trailing behind. The flourishing DeFi ecosystem on Cardano's blockchain may be influencing this alignment. The burgeoning sector's promise on the platform suggests that ADA's value is increasingly reflective of its functional potential rather than purely speculative moves.

Cardano's technical indicators reflect bullish momentum, with ADA's price trajectory surpassing both the short-term and long-term moving averages — a conventional harbinger of positive price activity. The sequence of increasing peaks and troughs on the chart reinforces the prevailing buyer enthusiasm. Yet, ADA's RSI levels are nearing thresholds that typically presage a potential inversion or modest corrective phase in the immediate future.

Ethereum takes break

Recently, Ethereum's (ETH) price experienced a reversal, prompting the crypto community to ponder whether this is the start of a correction phase or merely a short pause before further gains.

The ETH chart shows a retreat from its recent highs, yet the price remains well above critical moving averages, suggesting the uptrend is still in play. The question on everyone's mind is whether Ethereum is gearing up for another leap or if we are witnessing the beginning of a broader correction. The market is eyeing support levels closely, as they could provide a springboard for another price increase if they hold strong.

One factor that cannot be overlooked is Ethereum's current position relative to Bitcoin. While Bitcoin has been correcting, it opens up a window for altcoins like Ethereum to shine. As funds typically flow from Bitcoin to altcoins during such times, Ethereum could potentially see an inflow of investment, sparking a blossoming of the price and activity on its network.

The RSI levels indicate that Ethereum is not yet in overbought territory, leaving room for a potential upside. 

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