U.Today – The triangle pattern formation currently visible on its daily chart could pave the way for significant price action. In the case of the SHIB, triangle patterns often signal a period of stability before a clear market move, which can provide the basis for a strong upward rally.
The Shiba Inu, which is currently trading at around $0.00002526, is moving within the boundaries of a triangle, with a lower high and a higher low forming a typical pattern. According to the pattern, the asset is gaining steam in preparation for its next major move. A bullish signal for the token would be a breakout from this formation, especially to the upside. A key resistance level to watch for a potential breakout is around $0.00002700.
If it successfully closes above this level, SHIB could move towards its recent high of $0.00003100. Support levels at $0.00002233 and $0.00001971, which traditionally serve as a safety net during pullbacks, are located on the downside. SHIB’s trading volume has declined throughout the consolidation, which is a typical feature of a triangle pattern. However, since volume often spikes during such events, it may signal that a breakout is imminent.
As SHIB is currently in a neutral zone with scope for upward movement without overbought, the RSI (Relative Strength Index) is at 61. A breakout above the upper trendline of the triangle could initiate a strong bullish momentum, enabling a retest of the SHIB. And surpass its most recent highs. However, if the lower trend line is broken, there may be a return to the previously indicated support levels.
Commitment level
As Bitcoin approaches $100,000, it is about to reach an important milestone. This technical and psychological level is more than just a statistic. This could pave the way for a complete recovery in the cryptocurrency market and represents a possible long-term shift in market sentiment.
Currently trading near $97,300, Bitcoin has shown significant bullishness in recent weeks. Strong buying pressure and rising market confidence have helped the asset break key resistance levels like $72,000 and $82,000. Although the RSI shows overbought conditions at 80.67, the rally has not slowed, as volume is still rising, indicating over-participation in the market.
Bitcoin has been on an upward trend since breaking out of the descending channel earlier this year. The 50-day exponential moving average (EMA) is comfortably above the 100-day and 200-day EMAs, confirming the strength of the current trend. EMAs are linked in bullish order.
Achieving $100,000 would not only mark a new peak, but also a significant shift in the way people view Bitcoin as a long-term store of value. A major cycle of adoption and a new wave of institutional interest could result from such a move. This level is often regarded as a psychological barrier that could take price targets even higher if broken.
Higher goals
With steady gains over the past month, Solana is currently trading at around $245. The asset broke the key resistance levels of $175 and $200, and it has risen sharply above the $150 range.
With the 50-day exponential moving average (EMA) sitting significantly above the 100- and 200-day EMAs, EMAs continue to indicate bullish momentum and continued market strength. A possible cooling-off period could be indicated by the RSIs hovering in an overbought zone at 74.42. However, due to high trading volumes that suggest active market participation, Solana has proved resilient in maintaining its bullish momentum. As the asset approaches key psychological and technical levels, an optimistic pullback is possible.
This will consolidate profits and provide an opportunity for new buyers to enter the market if there is a healthy pullback to support the zone around $210 or $180. Whether Solana can continue to climb or experience short shocks will depend on these levels. If Solana maintains its current rate, it will reach the $300 milestone.
Strong volume above $250 can serve as a launching pad for additional gains. Investors should monitor bitcoin’s performance and market conditions more broadly, though these factors could have a significant impact on Solana’s future.
This article was originally published on U.Today.
