Solana (SOL) to Rally $150 Again, Ethereum (ETH) Primed for Gains, Amid Reverser Pattern and Shiba Inu (SHIB) Ready For a 20% Surge
It is observed that Solana may be targeting the $150 price threshold once again after showing signs of potential reversal following a recent price decline. Although the overall trend for Solana remains bearish in the midterm, the recent flattening of the trend indicates a potential price reversal on the horizon. The SOL/ETH chart suggests a possible shift in the market as the price has rebounded from a key support level after a prolonged decline.
SHIB/USDT Chart
Technical indicators such as the RSI approaching the oversold area at 35 and the MACD histogram showing signs of a bullish crossover indicate a potential decrease in selling pressure and an increase in buying activity for Solana.
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Ethereum Potentials and Market Trend
Similarly, Ethereum is displaying signs of a potential price surge, with the cryptocurrency forming a falling wedge pattern and finding support at a critical level. The falling wedge pattern typically signifies a bullish reversal and the potential end of a downtrend. Ethereum’s RSI, currently around 46, reflects neutrality in buying and selling pressure, while an uptick in buying activity indicated by volume analysis further supports the possibility of a bullish reversal.
Shiba Inu Market Trend
Conversely, Shiba Inu has experienced a significant 25% price drop and is currently at a critical support level. Despite the potential for a reversal at this level, the low trading volume for Shiba Inu suggests limited buying interest. The RSI hovering around the oversold area and the resistance from moving averages, particularly the key one, indicate the need for higher buying volume and a significant breakout above the moving averages to confirm a reversal for SHIB. While the current market conditions for Shiba Inu present challenges, the support level at $0.000018 offers a glimmer of hope for a potential 20% increase if maintained, especially if supported by a rebound in the larger cryptocurrency market involving Ethereum and Bitcoin.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
