Shiba Inu recently showed good signs of breaking out of a descending triangle. Finally, we might see the retracement we have been waiting for. SHIB has successfully broken out of a descending triangle pattern.
The price recently closed above the upper trendline of the pattern, indicating a possible bullish breakout. This move was supported by an increase in buying volume.
The 50-day moving average is currently above the 100-day moving average, indicating a medium-term bullish crossover. However, the price remains below both moving averages, which suggests that SHIB needs to maintain its upward momentum to confirm a long-term bullish trend.
The relative strength index (RSI) at the bottom of the chart is around 45, which is in neutral territory. The key support levels to watch out for are around 0.000021 and 0.00001817. If SHIB can maintain its position above these levels, it could signal a solid foundation for future gains.
On the resistance front, an immediate resistance level is found around 0.000024. A successful break above this level could open the doors for a test of the next important resistance level at 0.000026.
If SHIB can break through these resistance levels on strong volume, it could lead to a more sustained rally. Solana is Squeezed Solana is currently experiencing a squeeze between two key moving averages, which suggests that price action could be in the near future.
The daily chart shows that the price of SOL is being squeezed between the 50-day and 100-day moving averages. This squeeze usually precedes a large price move, either to the upside or downside.
SOL is trading around $145, with the 50-day moving average providing resistance around $157 and the 100-day moving average providing support around $140. This squeeze means a narrow trading range, which usually leads to a breakout once the price moves significantly above or below these levels.
The RSI is currently at 48, indicating a neutral stance. This means that 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 a consolidation phase. Once a breakout occurs, we can expect a surge in volume, confirming the direction of the move.
The key support levels to watch are $140 and $116. The latter is particularly significant as it coincides with the previous low and the 200-day moving average, suggesting strong buying interest at this level.
If SOL falls below $140, it could test the $116 support level, which could lead to further declines if it loses.
In terms of resistance, the immediate level to watch is $157, marked by the 50-day SMA. A successful break above this level could see a test of the $170 area, followed by a possible rally to the $200 psychological level.
For SOL to establish a bullish trend, it needs to break and sustain above these resistance levels and be supported by strong volume. Bitcoin Gains More Strength Bitcoin is currently trading around a critical descending resistance level of around $62,000.
This level has become an important threshold that BTC needs to break to indicate that its downtrend may end and start a new uptrend.
Bitcoin has been consolidating around this resistance level after a series of lower highs and lower lows. The price is squeezed between the 50-day SMA (blue line) and the 100-day SMA (orange line), indicating increasing pressure for a large move.
A break above the $62,000 resistance level could indicate a bullish reversal, while a failure to break above the $62,000 resistance level could result in a further correction within the existing descending channel. The RSI is around 44.98, which is in neutral territory, suggesting room for fluctuations in both directions.
In addition, volume has been declining, which usually occurs before a major breakout or breakdown. If the price is able to break above $62,000 with strong volume, it could confirm the start of a new bullish phase.
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