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Shiba Inu’s Price Dormancy

Over the past few weeks, Shiba Inu has experienced little price movement, trading within a narrow range. Currently, SHIB hovers around the $0.000013 level.

The lack of momentum is highlighted by the divergence of the 50-day and 200-day moving averages, which usually indicate potential trends. Additionally, on-chain data shows minimal whale activity, suggesting that major investors are currently uninterested in SHIB, contributing to its stagnation.

Historically, breaking through this price level could spark increased buying interest and boost volatility. Market trends, particularly positive flows into Ethereum and Bitcoin ETFs, may also influence SHIB’s movement. If SHIB can surpass the $0.000015 resistance in the coming two weeks, it might see volatility surge towards the $0.000018 psychological level.

Solana Finds Support

Solana is currently at a critical support level around $140, represented by the 200-day exponential moving average (EMA). This level has historically indicated potential reversals or bounce-backs, making it significant for traders and investors.

While Solana is showing a potential for a pullback in the short term, its trajectory depends on overall market conditions. With Bitcoin hovering around $60,000 and low traction in other cryptocurrencies, Solana’s ability to rebound from $140 will rely on more optimistic market sentiment, targeting resistance levels at $151 or beyond.

If the market remains flat or bearish, Solana could struggle to hold above the 200 EMA, risking further losses toward the $130 mark. Its relative strength index (RSI) shows a neutral zone, indicating potential for movement in either direction based on market catalysts.

Bitcoin Surpasses $60,000

Bitcoin has recently breached the $60,000 mark, a psychological threshold closely monitored by traders and investors. This movement suggests resiliency, having recovered from volatility periods. However, several challenges may threaten Bitcoin’s stability at this level.

Despite trading above $60,000, the broader market sentiment remains uncertain. Low overall market activity and inconsistent altcoin performance contribute to caution, as unfavorable news could push Bitcoin below this critical threshold.

Moreover, there is significant selling pressure at the $60,000 level during tests, indicating traders’ skepticism about Bitcoin’s ability to sustain upward momentum. If Bitcoin fails to break the next resistance level at $62,000, it might decline to the $59,000 or even $58,000 range.

Originally published on U.Today