Is Shiba Inu ready for a rebound?

Indra55

As cryptocurrencies approach key resistance levels, the market appears to be in a predicament, with Shib token once again in focus.

Investors are closely watching to see if the current price correction has ended and if SHIB is ready to rebound. However, with a lack of immediate support nearby, questions arise about the possibility of a random reversal. So far, SHIB's price has not established itself above any recognized support levels, bringing uncertainty to the token's near-term future. The next notable support level to watch is around $0.000020. The absence of nearby support could mean that prices may continue to drift until a more solid foundation is established.

A positive aspect is the relatively low trading volume at present, suggesting that it may take less trading activity to drive a significant price increase. However, low trading volume could also indicate a lack of interest, which could be a negative indicator for price growth. Additionally, there may be passive selling pressure not yet evident. If holders gradually lose confidence and wait to sell, this pressure could become a reality and affect SHIB's price. If SHIB manages to find buyers and initiate a rebound, the first resistance level to watch is around $0.00002271. If broken, the next resistance point could be around $0.00002590.

As for Ethereum, it is at a critical juncture. The price is slowly approaching the 50-day moving average, around $3,413, which is typically considered a significant resistance level. As the price nears this level, it may encounter selling pressure, as assets testing their key moving averages often do. A breakout above the 50-day moving average could lead to accelerated price growth, indicating that buyers are in control, surpassing sell orders waiting at this key level.

The recent breakout above the 26-day moving average is a positive signal for Ethereum. If this level can become a new support, it would indicate a shift in short-term momentum to the bullish side. To delve deeper into Ethereum's price outlook, according to chart analysis, if it can break above the 50-day moving average, the next resistance target would be around $3,510. Overcoming this obstacle could clear the path for testing higher resistance levels, possibly around the $3,600 area.

Yamini003

Dogecoin is still quite strong, isn't it?