U.Today - Shiba Inu’s daily chart has confirmed a death cross. When the 50-day moving average crosses below the 200-day moving average, it creates this technical pattern that signals investors about the continuation of the downtrend. SHIB is already having trouble regaining momentum, so this bearish formation points to more price weakness soon.
The current price of SHIB is around $0.00001620, down about 4.71% over the previous day. The asset made a small recovery attempt, but no significant breakout was possible due to strong resistance at important moving averages. Although trading volume is still moderate, institutional players and whales’ waning interest further supports the slowing momentum. The overall state of the market has a significant impact on SHIB’s price movement as well.
After the finalized death cross, SHIB might find it difficult to turn around its current trajectory. In the past, these formations have led to protracted price drops that are challenging to recover from. The next critical support is located around $0.00001400, if SHIB is unable to maintain above that level.
A decline below this level might hasten losses and cause more declines. The lack of significant accumulation from major investors indicates that SHIB has a narrow recovery path. The asset might keep declining until there is a noticeable volume recovery. This bearish outlook confirmed by the death cross means that SHIB will have a difficult time regaining its lost momentum.
Cup pattern to help DOGE retrace
A traditional cup bottom pattern, a technical indicator frequently linked to a possible bullish reversal, is beginning to form on Dogecoin. After weeks of falling price action, this pattern — which consists of a rounded bottom followed by a breakout—indicates that DOGE may soon regain momentum.DOGE has recently dropped 3%, and it is currently trading at about $0.256. On the other hand, the 200-day moving average, a historically important level for reversals, is where the price is consolidating. Since trading volume is still modest, it is clear that investors are keeping a close eye out for any possible breakout.
A breakout above the crucial resistance level at $0.30 could initiate a robust upward move if DOGE is able to successfully form the cup’s bottom. This might confirm a change in the mood of the market and push DOGE toward $0.35 and beyond.
DOGE might find it difficult to hold onto support at $0.25 if buying pressure is still weak, which could result in additional declines toward $0.25. Should these levels fail to hold, the bullish pattern may be deemed invalid. For Dogecoin traders, the development of a cup bottom pattern offers an intriguing opportunity.
A clear breakout could result in a sizable price increase even though the asset is still consolidating. For confirmation of a bullish reversal, investors should keep an eye on trading volume and important resistance levels.
Bitcoin is stuck
With two crucial moving averages that could determine its next significant move, Bitcoin is in a risky situation. Bitcoin, which is currently trading close to $95,903, has had difficulty breaking out of this narrow range, which has left the market uncertain. Although resistance at $98,700 continues to be a strong obstacle, Bitcoin has been making an effort to hold support at $93,562. Because of the asset’s inability to move decisively in either direction, traders are reluctant to commit to a definite trend.Bitcoin may be able to return to $104,000 and possibly reach new highs if it can overcome the resistance level of $98,700.
Dangers of bearishness: If support at $93,562 is not maintained, BTC may drop to $90,000 or even lower, which would heighten bearish thoughts.
Since Bitcoin is currently wedged between important moving averages, it is very difficult to predict where it will go next. Traders should keep a close eye on the breakout levels because the ability of Bitcoin to either hold support or break past resistance will probably determine its next course.