U.Today: As the altcoin rally continues, it is attracting market attention with a notable price recovery. Many traders have turned their attention to promising altcoins like SHIB as a result of this upward move, which coincides with Bitcoin’s dominance approaching a crucial 60% level. Shiba Inu’s recent price momentum and resurgence of interest in altcoins paved the way for what could be one of the largest price increases for the asset in recent memory.
According to chart analysis, SHIB has confidently moved above the $0.0000200 range after breaking through significant resistance levels. The asset has broken through important moving averages, indicating strong bullish momentum and a possible foundation for long-term growth. An increase in SHIB volume also suggests increased investor interest and trading activity.
Price and volume increases together can often serve as a launching pad for additional gains; $0.0000175 and $0.0000184 are important support levels to pay attention to as they should help contain any brief decline in SHIB price.
With these supports holding, SHIB has a solid foundation on which to build its rally. Traders on the resistance side should keep an eye on the $0.0000230 level as it may be the next target if the bullish sentiment remains strong. Shiba Inu’s recent performance indicates that it could be well positioned to benefit from the growing popularity of the altcoin market as a whole. Investors looking for high-yield opportunities outside of Bitcoin can increase their inflows into SHIB if the altcoin rally gains momentum.
Bitcoin strength is back
Recently, Bitcoin has shown notable strength as it emerged from a prolonged period of consolidation and approached the psychological mark of $80,000. Since Bitcoin’s bullish momentum remains strong, investors are paying close attention to this price action. Given the substantial volume reinforcing the current trend, Bitcoin appears poised to maintain its upward trajectory.
Examining the chart, it can be seen that Bitcoin has broken through previous resistance levels around $70,000, paving the way for a possible move towards $80,000. Since Bitcoin broke out recently, it has once again entered uncharted territory and there are currently no significant resistance levels up to that target. However, key support levels to watch are near $70,000 and $66,000, which were previously resistance but could now provide strong support if Bitcoin experiences a decline.
Technical indicators also support Bitcoin’s bullish outlook. Although leaning towards overbought levels, the Relative Strength Index (RSI) is still in bullish territory, indicating that although there is still room for Bitcoin to rise, investors should keep an eye out for any consolidation or slight corrections. An uptrend is also indicated by the moving averages aligning with shorter-term averages, such as the 50-day EMA, which sits significantly above longer-term ones.
A more important consideration is volume. The strong buying interest is indicated by the recent increase in trading volume, which often encourages additional price increases. To confirm the current bullish momentum, investors should keep an eye on sustained volume in addition to price action.
The return of Toncoin
Toncoin price has not moved much in recent weeks, spending weeks in a consolidation range. However, the current chart points to a possible bullish reversal that could position TON for a bullish rally.
TON has successfully broken above the 50-day EMA, a crucial short-term indicator that traders frequently use to determine the beginning of bullish momentum in recent days. Furthermore, the 100-day and 200-day EMAs, which are often considered crucial levels for identifying medium- and long-term market trends, are approaching TON. A strong reversal could be confirmed with a break above these levels, attracting more buyers hoping to benefit from an altcoin rally.
There are still opportunities for growth even though the Relative Strength Index (RSI) is close to the overbought zone with a reading of around 60 degrees. This indicator points to a positive setup for a long-term bullish move by implying that there is continued buying interest without indicating an imminent sell-off. Volume, a crucial confirmation factor for price movements, has also increased, lending further support to the current rally.
This increase in volume suggests that investors and traders are actively investing in this bullish reversal, strengthening the possibility of further momentum if Toncoin can maintain its current positioning. The 100-day EMA at around $5.27 and the 50-day EMA at around $5.05 are important support levels for investors to keep an eye on. Toncoin can indicate strength and stability in the current uptrend and set the stage for future gains if it maintains these levels.
This article was originally published on U.Today.