The cryptocurrency market has been in retreat mode for almost two months, following a strong uptick in October and early November. Major cryptos suffered significant losses during this period, with the Shiba Inu token losing around 65% of its value. However, the situation could change now after the Cryptocurrencies have increased in value in the past few days. But that is not yet clear, hence the Shiba- and Solana-Coins now before the up test.
Shiba Inu Daily Chart Analysis – Will Buyers Climb Above 50 Daily SMA?
Earlier this week, I released an update on Shiba Inu that, despite continued buying pressure for more than a month, showed buying interest of around $ 0.000030. Buyers continued to buy Shiba around these levels and even after breaking below it on Monday, buyers immediately jumped back, pushing the price above it. Well, it looks like the trend is going to be bullish after three daily bullish candlesticks.
Shiba Inu has a strong SHIB army that supports them, which signs an online petition and calls for a massive coin to be burned soon. If that happens, it will continue to support the price as it would create deflation. The SHIB army is also calling on crypto exchanges, Shiba. to list coin as it has tremendous popularity.
SHIB / USD
Its increasing popularity has resulted in various exchanges listing Shiba in the past few months, with Bit2Me, BitoEX and Unocoin being the most recent. However, SHIB / USD needs to rise above the 50 SMA (yellow) on the daily chart for the trend to be bullish, otherwise we could see a rejection and a reversal into support. We’re tracking the price action to decide where to buy the coin when it is backing around $ 0.000030 or when there is a break of the 50-day SMA.
Solana Weekly Chart Analysis – Bounce From 20 Daily SMA?
Solana finds support at the 20 SMA
Solana held up well in the crypto market during this bearish period as it lost less than half of its value. Although it broke the $ 215 and $ 185 support areas. We have been waiting for the price to drop to the next support level around $ 130 but it appears the pullback has ended at the 20 SMA (gray).
This moving average was broken last week, but the price closed above it forming a hammer candle which is a bullish reversal signal. We are seeing a slow continuation on the upside this week so this looks like a bullish reversal. This seems like a good opportunity to buy SOL / USD.
Source: Crypto News Deutsch