Pakinomist – A double bottom reversal of a bullish chart pattern that could result in a significant price rally is what indicates that it is possible. SHIB’s price is testing important levels near the 200 EMA, a crucial long-term support at its current price of $0.00002164, supporting the idea of ​​a potential rebound.

With two tests and rejections from the $0.00002079 level, SHIB’s price has formed a double bottom pattern, indicating strong buying interest in this key support zone. Since the 200 EMA is very similar to this level, traders and investors should pay close attention to it. If this pattern plays out well, it could pave the way for a reversal aimed at higher price levels.

SHIB may first target resistance at $0.00002294 and then $0.00002314 if the pattern holds. The price may move towards the $0.00002550 region, a crucial level where SHIB could regain momentum if these levels are broken, confirming the reversal.

However, volume is still relatively low, indicating that more market involvement is required to confirm the breakout. The RSI is currently at 43, suggesting that there is still room for growth without entering overbought territory. If support at $0.00002079 is not sustained, the double bottom pattern may be considered invalid, resulting in further rejections.

SHIB may test lower levels in such a situation where $0.00002000 serves as the next significant support. A defining moment for SHIB is presented by this configuration around the 200 EMA and the double bottom pattern. In case the bullish momentum picks up, the meme token could recover, giving traders anticipating a reversal a chance. In the coming sessions, it will be crucial to closely monitor key levels and market conditions.

wakes up

The market value of Ethereum, the second largest cryptocurrency, is starting to rise again after an extended period of decline. ETH is up 2.83% in the past 24 hours and is currently trading at $3,310 after rejecting key support levels. ETH’s resilient nature is demonstrated by the recent price action which saw it hold its 200 EMA at $3,108, a crucial long-term support level.

Bullish sentiment has been revived by this bounce, which has moved the price closer to the 100 EMA at $3,265. The next major resistance level is $3,500 and a clear break above this level could pave the way for further upside. For a long-term recovery, $3,700 remains a crucial level to monitor above.

At 47 right now, the RSI indicates neutral momentum. However, the recent rise points to a possible move towards bullish territory. Additionally, there has been a slight increase in volume, lending credence to the notion that buyers are defending key support zones. The reversal comes after a major market selloff, with Ethereum testing pivotal levels following earlier sessions’ failure to sustain momentum above $3,700.

As it tries to regain the confidence of traders and investors, this recovery is crucial for ETH. ETH may indicate further decline if it is unable to sustain its upward trajectory and falls below the 200 EMA, with $3,000 serving as the next psychological support level. Regaining $3,500 on the other hand, the bullish sentiment would be strengthened and Ethereum would be ready to challenge higher levels in the coming weeks.

The latest action highlights Ethereum’s resilience to market turbulence as its growing adoption and network base continue to attract long-term investors. For those hoping for a long-term recovery in the larger cryptocurrency market, ETH’s recent rise is encouraging — though the road ahead may still be rough.

revitalized?

After a period of retracement, rising trading volume drives the top cryptocurrency higher and Bitcoin takes off. With its current price of $96,949, Bitcoin is up 2.41% over the past 24 hours, indicating a possible change in market sentiment. The increasing volume indicates renewed buying interest as the price action shows that Bitcoin has recovered above critical support levels near $92,000.

As Bitcoin attempts to regain the $97,500 mark, which currently serves as a short-term resistance, there has been an increase in activity. Bullish confidence could increase further if this level is breached as it could lead to a retest of the psychologically significant $100,000 level.

With an RSI of 48, Bitcoin is currently in neutral territory, meaning it has room to rise further without reaching overbought conditions. This is consistent with the increase in volume seen, which is a key indicator that investors are increasing their interest. On the downside, the first crucial support to watch is still $92,000.

A retest of the $87,500 region, with the 100 EMA offering more support, could occur if this level is not sustained. If the price breaks below this level, it could indicate a more significant correction that could target $78,124, close to the 200 EMA. Since volume often precedes big price moves, the recent surge is encouraging for Bitcoin.