Solana
Bitcoin (BTC) Suffers Sharp Reversal to $60,000, Shiba Inu (SHIB) to Lose 13% in Coming Days, Solana (SOL) to Start New Growth from $135 by U.Today
U.Today – failed to regain its footing above $60,000. Unfortunately, this is a negative sign for the future of the asset and could significantly affect the pace at which BTC has been gaining in the market.
The daily chart shows substantial resistance amid Bitcoin’s recent attempts to break above the crucial $60,000 level. With Bitcoin currently trading at $57,409, it is struggling to stay above the 200 EMA, which is located at $58,165. This barrier has proven to be quite strong, and if Bitcoin is unable to overcome it, further declines could occur. Other resistance levels are provided by the 50 EMA at $60,487 and the 100 EMA at $62,667.
The failure to break above these exponential moving averages (EMAs) suggests that the market is currently in a bearish mood. With the relative strength index (RSI) at 37 right now, it appears that Bitcoin is close to being oversold. But a reversal may not materialize unless there is a notable increase in buying pressure. Bitcoin’s performance is also heavily influenced by the state of the market as a whole. Bitcoin’s failure to break above $60,000 raises questions despite the overall market recovery.
This level represents an important psychological resistance level that traders and investors are watching closely, so its importance cannot be overstated. Bitcoin price is affected by macroeconomic factors, in addition to technical ones.
The failure of
Shiba Inu price failed to break above the line, returning from $0.000017, ending the bullish streak we have seen in recent days. Trading volume has dropped and returned below Wednesday’s result. There is a strong possibility of a reversal to lower values.
According to a daily chart analysis, Shiba Inu is currently trading at $0.00001608, which indicates a decline from its most recent peak. From the way the market is behaving, it seems that SHIB has encountered significant resistance at the 50-day moving average, which has prevented it from maintaining its upward trend. Investor sentiment has been depressed by this inability to overcome the crucial resistance level.
The bearish outlook is also reinforced by current technical indicators. As the asset approaches oversold territory, the Relative Strength Index (RSI) is reading 40. Trading volume has also dropped drastically, indicating a lack of interest from buyers and the possibility of further declines. A worrying indicator is the decline in volume, which implies that recent price gains have not been supported by robust market activity.
SHIB’s immediate support level is at $0.000015, but if the bearish trend persists, the price could drop further to test the next support level, which is located at $0.000014. This potential 13% drop highlights SHIB’s vulnerability in the current market environment.
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Solana joined the market correction and dropped from the 100 EMA to around $146. SOL was unable to break above the $150 level, leaving us with potentially decreasing momentum in the market, which would likely lead to further decline.
Solana has shown resilience by maintaining a position above the 200 EMA at $131, even though it is currently trading at $136. Acting as a potential launchpad for another phase of growth, this support level has proven critical in stopping further declines.
At immediate resistance levels, SOL needs to overcome the 50-EMA at $141 and the 100-EMA at $146.35 in order to initiate a new uptrend. Solana’s price action indicates that it is consolidating and preparing for its next move despite the recent decline. The asset is neither overbought nor oversold, according to the Relative Strength Index (RSI), which is at 47.
In case of buying pressure, this neutral RSI position allows for an upward move. Although trading volume has fluctuated, it has remained relatively stable, indicating that market participants are cautiously optimistic about SOL’s prospects. If volume increases significantly, Solana could gain the momentum needed to overcome resistance and target the $150 mark again.