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Solana (SOL) Set to Skyrocket to $150 Again, Ethereum (ETH) Huge Gains Ahead? A massive reversal pattern has formed, Shiba Inu (SHIB) Stealth 20% Surge
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Arman Shirinyan
There could be a potential turnaround, but the market needs more volume and liquidity
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Solana could target the $150 price mark once again as the price starts to show reversal potential after reaching the 200 EMA. Flattening of the trend is often one of the first signs of an impending price reversal. However, it is important to remain cautious as Solana is still in a downtrend in the medium term.
THE SOLThe /ETH chart indicates that Solana has been steadily declining over the past few months, but there may be a change of late. The price recovered slightly after touching the 200 EMA, which served as a support level. This suggests that bullish momentum may be developing.
Near the oversold area at around 35 is where the RSI is currently trading. This could mean that buyers are about to step in and selling pressure is easing. The MACD histogram also shows indications of a possible bullish crossover. An increase in buying activity is indicated by volume analysis, which could be good news for Solana.
Given the sharp rise in volume bars, it appears that traders are starting to accumulate SOL at these lower prices. Despite these encouraging indicators, it is crucial to recognize the difficulties Solana may face during the recovery.
The reversal potential of Ethereum
Ethereum could set the stage for a price surge as the second largest cryptocurrency enters the falling wedge pattern formation in addition to relying on the 50 EMA. At this technical threshold, Ethereum could easily make a reversal.
The descending wedge pattern is usually interpreted as a bullish reversal pattern indicating that an upward move may be approaching and that the downtrend may be coming to an end. According to Ethereum’s recent price action, the pattern’s peak, which typically occurs before a breakout, is approaching. The blue line on the chart, the 50 EMA, served as an important support level. The fact that Ethereum price has rebounded several times from this level suggests that there is significant buying interest in this vicinity.
Ethereum’s chances of a bullish breakout from the falling wedge pattern increase significantly if it manages to hold this support. The Relative Strength Index or RSI is currently trading near 46, suggesting that Ethereum is neither overbought nor oversold.
Ethereum has the freedom to exit this neutral position without being subjected to strong selling pressure. Volume analysis indicates that buying activity is gradually increasing, indicating that traders are starting to accumulate Ethereum at these prices. The possibility of a bullish reversal is further supported by the fact that this accumulation phase often precedes a notable price movement.
Shiba Inu’s last hope?
Despite the huge 25% price drop we saw Shiba Inu, there is still some hope for a reversal around $0.000018. However, a quick look at Shiba Inu trading volume clearly shows that it is not the most favorable asset on the market right now.
Recently, the price of the Shiba Inu dropped by 25%, indicating a significant decline. SHIB is now at a critical support level at $0.000018 due to the decline. This stage can serve as a possible turning point if buyers intervene. However, SHIB Trading volume has been relatively low, suggesting there isn’t much buying interest currently.
One significant element that could prevent a quick recovery is this low volume. At this moment, the relative strength index (RSI) is surrounding the oversold area. This may suggest that a trend reversal is imminent and that the selling pressure may have been too much. However, a turnaround cannot be ensured by the RSI alone: a higher buying volume is required.
Resistant moves were made by the moving averages, especially the 50 EMA. To verify a reversal, the SHIB must make a significant volume breakout above these moving averages.
Even if the Shiba Inu The market is currently difficult, there is some hope due to the support level at $0.000018. We could see a 20% increase if SHIB manages to hold this support and move back towards the moving average.
An important role is also played by the broader cryptocurrency market. SHIB could benefit if Ethereum and Bitcoin begin to recover.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, cryptocurrency enthusiast and SMM expert with more than four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be in constant use in the future. Currently he focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.