Testing Support for Potential Surge

Shiba Inu (SHIB), the cryptocurrency with a canine-inspired twist, faces a crucial moment, as recent technical analyses reveal.

Following a robust rally, SHIB’s price is now revisiting pivotal support levels, pivotal in determining its near-future trajectory.

Notably, the SHIB/USDT daily chart indicates a consolidation above the 200-day Exponential Moving Average (EMA), a historically influential support level.

This level has often acted as a catalyst for upward momentum upon a successful retest.

Unexpectedly, SHIB is holding firm around the critical support at roughly $0.0000084.

Some observers view this consolidation as a potential launchpad for future gains. Predictions suggest a bullish continuation that might result in a 12% upswing in the weeks ahead.

The SHIB/USDT chart on TradingView underscores this narrative, depicting SHIB trading above both the 50-day and 100-day moving averages-a sign of a robust uptrend with growth potential.

Further reinforcing the optimistic outlook is the persistence of SHIB’s price above these moving averages and the potential formation of a “golden cross”-an indicator where the 50-day moving average crosses above the 200-day moving average.

While considered a lagging signal, investors often interpret it as confirmation of an impending strong bull market. Stable Relative Strength (RS) and increased trading activity add to the positive sentiment, hinting at a potential breakout that could trigger a significant surge, estimated at around 12%.

Meanwhile, Ethereum (ETH) experiences a temporary pause in its recent rally after surpassing the $2,000 milestone.

The ETH/USD chart on Kraken indicates stabilisation around $1,994.50, encountering resistance at $2,136.

Profit-taking by Ethereum whales at this critical level hints at a possible correction, but positive market developments, such as BlackRock filing for a spot Ether ETF, counterbalance these pressures.

Despite the momentary hesitation, Ethereum’s fundamental outlook remains robust.

Maintaining levels above the major resistance at $2,008.08, analysts speculate that bulls are gearing up for a second rally.

Overcoming resistance at $2,195.87 could propel Ethereum to climb significantly, with a potential target as high as $3,000.27, given the absence of major resistance levels in between.

While Ethereum hovers between immediate support and resistance levels at $2,014 and $2,112, respectively, the prevailing sentiment suggests a consolidation phase.

The recent rally pause raises caution, but optimism prevails, with factors aligning that could act as catalysts for Ethereum’s growth. The market watches closely for confirmations and breakthroughs, anticipating the next moves in both SHIB and Ethereum.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.

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