Shiba Inu (SHIB) has been struggling to maintain bullish momentum, particularly around the crucial $0.000017 level. The symmetric triangle pattern, once suggesting a breakout, now seems to be losing strength as SHIB failed to capitalize on the bullish momentum necessary for a meaningful breakout. The inability to sustain its rally has been attributed to weak buying pressure, which has left the asset in a tightening range, indicative of potential volatility but without a clear direction.
Despite the loss of breakout momentum, SHIB remains above the upper line of the symmetrical triangle. This keeps the door open for another upward attempt if the token can muster sufficient volume and break past the $0.000017 resistance. Without a successful breakout, however, SHIB could face continued consolidation or even a retracement to support levels around $0.000015. A further decline in buying pressure could increase the likelihood of this scenario, making $0.000017 a critical resistance level to watch for signs of recovery or further weakness.
Bitcoin Holds $60,000, Signals Potential Recovery
Bitcoin has managed to reclaim and maintain the psychologically important $60,000 level, providing some relief for traders and investors. After reversing a recent downtrend, BTC is now trading above $62,000, signaling the possibility of a recovery. This move suggests that bullish momentum may be returning, though the declining trading volume raises concerns about the strength of the current trend.
Lower volume often reflects weaker market confidence, and without an increase in trading activity, the upward trend may lack the momentum to sustain itself. Nonetheless, Bitcoin’s ability to rebound from $60,000 indicates underlying buying interest, which could shield the asset from further losses. For a more sustained bullish reversal, however, BTC needs to see a consistent increase in buying pressure. Should market sentiment shift negatively, Bitcoin could face another decline, but for now, the resilience around $60,000 is a positive sign for long-term bulls.
Ethereum (ETH) Struggles to Break Key Resistance at $2,400
Ethereum is facing a serious obstacle at the $2,400 level, which is aligned with its 50-day exponential moving average (EMA). This level has acted as a significant resistance since early October, with ETH failing multiple times to break above it. Although Ethereum has shown short-term bullish momentum, the repeated rejections at this level suggest that sellers are strong, and buyers have not yet built the momentum needed for a successful breakout.
The $2,400 resistance is both psychological and technical, representing a key battleground where sellers have consistently intervened. The 50 EMA, acting as dynamic resistance, further supports the bearish pressure. If Ethereum can break above this level, it could trigger a stronger bullish reversal, with potential targets at $2,600 and $2,800. A decisive breakout could shift market sentiment and spark a rally that might push ETH toward $3,000.
On the downside, if Ethereum fails to gather enough buying momentum, the asset could retrace to support levels at $2,300 or even $2,200. A break below these levels could lead to further losses, potentially turning the broader market sentiment bearish. In this scenario, Ethereum’s inability to breach $2,400 could result in continued downward pressure in the near term.
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