Date: Wed, Dec 25, 2024, 04:36 AM GMT
Over the past 24 hours, the cryptocurrency market has shown encouraging signs of recovery following recent corrections. Bitcoin (BTC), which briefly fell to $92,000, has regained strength, climbing above $98,000 with an impressive gain of over 4%.
This positive momentum has extended to memecoins like Shiba Inu (SHIB) and Bonk (BONK), both of which have surged with noticeable gains, approaching key breakout levels that could signal further upward moves.
Source: Coinmarketcap
Shiba Inu (SHIB):
Shiba Inu (SHIB) is currently trading at $0.00002330 and is nearing a critical resistance level, defined by the upper boundary of a falling wedge pattern and a horizontal resistance zone. The token has been consolidating within this wedge for several weeks, but recent bullish momentum hints at an imminent breakout.
Shiba Inu (SHIB) 4H Chart/ Coinsprobe
If $SHIB breaks above the wedge's resistance and surpasses $0.0000242, it could trigger a significant rally toward $0.0000348, a potential gain of 43% from its current price. On the downside, failure to break out may lead to a revisit of the lower support level at $0.0000209.
The technical indicators are aligning with a bullish outlook. The RSI is showing strong buying momentum, while the MACD has recently crossed into bullish territory, suggesting a continuation of the upward trend.
Bonk (BONK):
Bonk (BONK) is following a similar pattern, trading at $0.00003363 and inching closer to the upper resistance of its falling wedge formation along with horizontal resistance.
Bonk (BONK) 4H Chart/ Coinsprobe
A successful breakout above this level and the horizontal resistance at $0.000035 could set $BONK on a trajectory toward its next targets at $0.000040 and $0.000045. This move could result in gains of up to 45% from its current price.
However, if BONK fails to break through the resistance, it may retreat to its lower support at $0.000030. Despite this possibility, the technical indicators remain optimistic. The RSI is trending upward, signaling increased buying interest, and the MACD is showing positive momentum, further strengthening the case for a bullish breakout.
Conclusion:
Both Shiba Inu and Bonk are at crucial junctures in their price trajectories. The broader cryptocurrency market's stabilization and improved sentiment provide a favorable backdrop for potential breakouts. Traders should monitor key resistance levels closely and wait for confirmed breakouts before making any decisions. Failure to clear these levels could lead to temporary pullbacks, offering opportunities for accumulation.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research and consult with a professional before making investment decisions.
