The post Ethereum (ETH) Price Finally Retraces, Shiba Inu (SHIB) Double-Bottom Reversal In, Bitcoin (BTC) Volume Spike Propels Bullish Moves appeared on BitcoinEthereumNews.com.

A double-bottom reversal of a bullish chart pattern that might result in a significant price rebound is what Shiba Inu is indicating is possible. SHIB’s price is testing important levels close to the 200 EMA, a crucial long-term support at its current price of $0.00002164, which supports the idea of a potential recovery. With two tests and bounces off the $0.00002079 level, SHIB’s price has formed a double-bottom pattern, indicating strong buying interest at this important support zone. Since the 200 EMA closely resembles this level, traders and investors should pay close attention to it. If this pattern plays out well, it may pave the way for a reversal that aims for higher price levels. SHIB/USDT Chart by TradingView SHIB might first target resistance at $0.00002294 and then $0.00002314 if the pattern holds. The price may move toward the $0.00002550 region, a crucial level where SHIB could regain momentum if these levels are broken, confirming the reversal. Volume, however, is still comparatively low, indicating that greater market involvement is required to confirm the breakout. The RSI is currently at 43, suggesting that there is still opportunity for growth without going into overbought territory. If support at $0.00002079 is not maintained, the double-bottom pattern may be deemed invalid, which could result in additional declines. SHIB might test lower levels in such a situation, with $0.00002000 serving as the next significant support. A pivotal moment for SHIB is presented by this configuration around the 200 EMA and the double-bottom pattern. In the event that bullish momentum increases, the meme token may recover, giving traders who are expecting a reversal a chance. In the upcoming sessions, it will be crucial to closely monitor important levels and market conditions. Ethereum wakes up The market capitalization of Ethereum, the second-largest cryptocurrency, is beginning to rise…

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Filed under: News - @ January 11, 2025 5:27 am