While Shiba Inu (SHIB) is gaining attention, the market trends of major cryptocurrencies are mixed. SHIB is currently trading at $0.0000133, down 4% on a daily basis. More concerning is that the 50-day moving average has been broken.
According to technical analysis, SHIB could test its early 2025 low in the range of $0.0000120-$0.000009. Bearish momentum is strengthening with increasing trading volume and declining RSI.
Bitcoin is testing the 26-day moving average as a support line around the $110,000 level. Recent candlestick patterns suggest an influx of buying pressure. Currently trading at $106,000, Bitcoin has secured the 26-day moving average at $104,000 and additional support lines between $99,800-$100,000.
Ethereum is trapped in an upward channel. ETH, trading at $2,690, is moving between the $2,850 resistance line and $2,500 support line. Decreasing trading volume is interpreted as a sign of traders' lack of confidence.
Overall, the cryptocurrency market is exploring its direction at critical technical levels. While SHIB and Ethereum are experiencing selling pressure, Bitcoin shows potential for a rebound.
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