Markets
Shiba Inu (SHIB) Delivers Devastating Performance, Solana (SOL) Takes a Huge Step Forward, Is Ethereum (ETH) Ready for a Bull Market?
Arman Shirinyan
The market is clearly seeing some strength, but it definitely needs more inflows
Continue reading U.TODAY
Google News
The Shiba Inu one Failure to break above the 50 EMA is a problematic situation for the asset as it limits the SHIB potential in the current market recovery phase. Unfortunately, the lack of trading volumes and inflows suggests that we will not see any changes in the foreseeable future.
Looking at the chart, Shiba Inu has struggled to maintain upward momentum. The 50 EMA, which serves as a significant resistance level, has proven to be a formidable barrier. The SHIB’s repeated failures to break above this level indicate weak buying pressure, which is crucial to any sustained rally.
Furthermore, the Bollinger Bands prove it SHIB trades within a narrow range, reflecting low volatility. This lack of movement is further exacerbated by low trading volumes, as seen in the volume bars. The MACD histogram is also in red, indicating bearish momentum.
One of the critical problems for Shiba Inu is the absence of significant influxes. The market seems to have no faith in SHIB, which is key to driving the price higher. Without new capital entering the market, the asset is unlikely to post substantial gains.
Solana gains strength
Solana finally broke through the local resistance level at $172, signaling a potential impending rise for the cryptocurrency. Fortunately, current market conditions appear favorable for a lasting reversal. This breakthrough could set the stage for further bullish momentum in the coming days.
The graph shows it Solana is steadily ascending, with strong support from the 50 EMA and 200 EMA, which act as significant support levels. The recent price action indicates a strong bullish trend, with SOL gaining momentum by breaking through the $172 resistance level. This move is crucial as it opens the door for Solana to aim for higher targets, possibly reaching $200 in the next future.
The volume profile also supports this bullish outlook, with increased purchasing volume accompanying the price surge. This indicates strong demand for SOL, which is essential to maintain the upward trajectory. The RSI is currently in the neutral zone, suggesting that there is still room for further price appreciation before entering overbought territory.
Bitcoin and Ethereum are also showing strength. This overall bullish sentiment may provide additional tailwinds for Solana, helping support her move higher. Potential targets for SOL are $190 and $200.
Ethereum needs another push
Ethereum has not delivered the performance that most expected from it, but it is actually very close to entering a substantial uptrend if the 50 EMA is finally broken out. Obviously, this requires a significant influx of purchasing power.
Analyzing the graph, Ethereum has struggled to maintain bullish momentum for several weeks. The 50 EMA acted as a significant resistance level, preventing ETH from reaching a more substantial uptrend. The current price level is hovering around $3,100, which is crucial for Ethereum to break through and signal a strong bullish move.
Bollinger bands indicate that Ethereum is trading within a relatively narrow range, reflecting low volatility. However, recent green candles suggest that there is some buying interest, although not yet enough to push ETH above the 50 EMA. For Ethereum to enter a bull market, a significant increase in trading volume is needed.
The RSI remains in the neutral zone, suggesting that there is still room for buying pressure without the asset becoming overbought. The MACD (Moving Average Convergence Divergence) histogram shows a slight bullish divergence, which could indicate a potential upward move if buying interest continues.
Ethereum’s performance fell behind expectations, especially compared to Bitcoin. The lack of significant inflows and investor confidence continued ET from reaching its full potential during the recent market recovery phase. However, technical indicators suggest that Ethereum is on the verge of a breakout.
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.