Shiba Inu (SHIB) Gains Bullish Traction as the Meme Coin Continues Its Remarkable Short-Term Rally

With more than four days in a row of increasing momentum, Shiba Inu is gaining bullish traction as the meme coin continues its remarkable short-term rally

Shiba Inu is continuing to gain bullish traction with more than four days in a row of increasing momentum, as the meme coin continues its impressive short-term rally.

After a prolonged period of consolidation and decline, bulls are beginning to assert dominance, as indicated by the recent price action that clearly indicates a shift in market sentiment. Now, trading between the 50-day and 100-day Exponential Moving Averages, SHIB has managed to break above key local resistance zones and is currently trading around $0.00001444 USDT.

This positioning is crucial because it puts the asset in a technical transition zone that is often viewed as the battleground between short-term and mid-term trend reversals. SHIB has pushed above the $0.00001350 support area and into a zone that could enable further bullish continuation due to the sustained buying pressure over the last few days.

Shiba Inu price chart (data by TradingView)

A rally toward the $0.00001793-$00.00001800 region where the 200 EMA is located might be possible if SHIB can break above the 100 EMA, which is currently close to $0.00001655. This would confirm a midterm trend shift. With the Relative Strength Index (RSI) currently trading at around 59, it indicates that bullish momentum is building but has not yet reached overbought conditions, which is another indication that, should buying continue, there is still room to run.

The volume is gradually increasing, which supports the validity of the present upward trend. Although it is not yet showing signs of explosiveness, the rising interest is enough to keep things moving upwards, at least temporarily.

The market is now awaiting confirmation in the form of a clean breakout above the 100 EMA, as bulls are in control and SHIB is still rising toward its next technical targets. If that occurs, the meme token might be about to experience a much bigger rally.

Bitcoin's grind continues

Bitcoin is displaying strong signs of strength and is continuing to gain momentum in a slow and controlled manner. Currently trading at around $87,390, it has touched several higher lows in recent weeks, indicating that sellers are regularly intervening and bolstering price action.

What's particularly encouraging is the steady trading volume that has accompanied this shift. Despite a lack of explosiveness, it showcases robust participation and a developing base of support for Bitcoin's ascent. Unlike rapid, overextended rallies that can quickly reverse, this slow and steady movement often paves the way for lasting breakouts.

Having already reclaimed the 200-day EMA and now nearing a crucial technical resistance: the 100-day EMA, with its current position just above $89,500. A clean breakout above this level would be a powerful bullish confirmation and might pave the way for a short-term retest of the $90,000-$92,000 range.

With the Relative Strength Index comfortably sitting at 52, Bitcoin has plenty of space to move higher before reaching overbought territory. This lends further credence to the idea that the asset is evolving toward a healthier and sturdier upward trend. Taking a broader angle on Bitcoin's chart structure, it appears to be getting more positive.

It seems that the market has reset after a period of volatility and consolidation earlier in the year. Bitcoin is currently in an excellent technical position, with a rising trendline still in place, encouraging moving averages and rising sentiment.

Ethereum's possible reversal

A failed attempt to break above the 26-day Exponential Moving Average (EMA), a crucial dynamic resistance that has been stifling price action for several weeks, has resulted in fresh selling pressure on Ethereum.

Trading at about $2,095, ETH is still below this critical level, and its failure to recover has raised fears of a possible reversal. Ethereum has been pushed lower after each test by the 26 EMA, which has essentially served as a ceiling for the asset. Its significance is again highlighted by this most recent rejection, especially considering that the asset recently began to recover.

Now, if it does not close above it, the recent bullish momentum might stall or even reverse. The 50-day EMA, which is currently trading close to $2,310, presents a bigger obstacle. For Ethereum's midterm prospects, this level is a make-or-break moment. The $2,500 goal might stay out of reach for the time being if ETH is unable to gain enough momentum to break and stay above that zone.

However, there is a silver lining. Despite the bearish rejection, Ethereum is still above the crucial psychological support level of $2,000,