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Cryptocurrency News Articles
Bitcoin, Shiba Inu and Ethereum Price Analysis: BTC Bulls Not Ready to Give Up, SHIB Eyes $0.00002, ETH Unsure
Oct 02, 2024 at 08:01 am
Bitcoin is still rising even though there are indications that selling pressure may be increasing. September is usually a bearish month for Bitcoin
Bitcoin price analysis: BTC still rising despite increasing selling pressure
Bitcoin is still rising, despite some indications that selling pressure may be increasing. After a strong rally in September, the leading cryptocurrency is exhibiting resilience, indicating that bulls are not ready to give up just yet. Usually, September is a bearish month for Bitcoin, but this year is different.
A look at the price chart reveals Bitcoin's steady ascent, surpassing significant resistance levels that had previously kept the price low for several months. Although there appears to be a brief correction, the price has recently retraced slightly from the $65,000 level. It appears that the recent dip was a necessary correction that let Bitcoin cool down before maybe starting to rise again.
Bitcoin has managed to maintain above important support levels like the $62,000 and $61,000 thresholds, which is a major factor in its strength. These levels keep the asset stable and limit any significant short-term decline because of the support provided by significant moving averages. As long as BTC continues to trade above these levels, the bullish outlook is sustained.
Despite recent selling pressure, Bitcoin's upward trend is sustained by growing confidence in global markets. Investors are increasingly considering Bitcoin as a hedge and a high-performing asset as a result of the ongoing global monetary easing and risk-on sentiment. Even though some volatility is to be expected, the price action of Bitcoin indicates that the bulls are still in charge.
Currently, there is a setup that appears ready for more gains, particularly considering that October — dubbed Uptober by the cryptocurrency community — has historically been a strong month for Bitcoin.
Shiba Inu price analysis: SHIB price target of $0.00002 as meme coin gains momentum again
Shiba Inu is setting its sights on a price target of $0.00002, which may act as a crucial psychological and technical barrier for the meme coin. After a recent price spike, driven by rekindled investor interest and expanding on-chain activity, SHIB has recovered from lower levels. Reaching the $0.00002 mark, which is thought to be the asset's next major target, may happen sooner than anticipated.
Multiple factors are contributing to SHIB's upward momentum. Initially, the solid support it discovered between the $0.000015 and $0.000016 levels serves as a basis for additional expansion. These ranges are essential to preserving the present bullish attitude. Shiba Inu is in a good position to aim for higher highs if it can maintain above these levels.
In addition, the recent spike in trading volumes and increasing interest from institutional and retail investors lend credence to the $0.00002 price target. As SHIB continues to garner attention, the market is being infused with more liquidity in order to facilitate smoother price movement and a possible breakout. Shiba Inu may reach the elusive $0.00002 level sooner than many may have predicted, thanks to this infusion of capital.
Technically speaking, SHIB appears to be strengthening and recovering. A bullish reversal was indicated by the asset's recent crossing of a number of significant moving average, including the 26-and 100-EMA. The upward trajectory will not change as long as these moving averages serve as support. But there are still difficulties.
To fully validate its trajectory toward $0.00002, SHIB must overcome the immediate resistance levels at $0.000018 and $0.000019. Reaching the $0.00002 mark in the near future becomes quite possible once those levels are cleared.
Ethereum price analysis: ETH at a critical juncture as bulls, bears clash at $2,638
A critical level on the price chart, where bulls and bears are engaged in a pivotal battle, is where Ethereum is currently trading at $2,638. The asset is making an effort to rebound following a significant decline earlier in the year, but the fight to keep momentum going is ongoing.
Ethereum is at a turning point, where bulls and bears are clashing to determine the next price move. How ETH performs in the coming days will determine its next significant move.
One of the most important price levels to keep an eye on is the $2,600 mark, which serves as immediate support. Since it has been tested several times recently, ETH needs to stay above this level in order to keep its bullish outlook. The next target where the 200-EMA and other resistance levels converge is approximately $2,800 - if Ethereum is able to maintain its current level above this barrier.
Reaching this threshold might pave the way for a bigger comeback. Ethereum may retreat to the $2,500 region or even lower, toward $2,400, where stronger support is located, if it is unable to hold
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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