- BTC and SHIB are positioned for rallies as they find support at critical EMA levels.
- Bitcoin tests Daily 200MA and EMA for the fourth time, signaling a potential bullish rebound.
- Shiba Inu finds support at the 200-week EMA, indicating a possible 18% rally ahead.
In recent market developments, both Bitcoin and Shiba Inu have shown promising signs of a potential bullish rally. According to a recent post by Daan Crypto Trades, Bitcoin has tested the Daily 200 Moving Average (MA) and Exponential Moving Average (EMA) for the fourth time in this cycle. This is a rare occurrence during a bull run that often precedes a bounce. This technical indicator could signal a strong upward movement for Bitcoin. Concurrently, Shiba Inu (SHIB) has found support at its 200-week EMA, suggesting a possible 18% rally after a three-month downtrend.
Bitcoin’s repeated testing of the Daily 200MA and EMA indicates a critical juncture in its current bull cycle. Historically, when Bitcoin tests these levels, it often signifies a strong support zone leading to a swift bounce back. The chart shared by Daan Crypto Trades shows Bitcoin’s price movement around the $60,755 mark, where the 200MA and EMA converge. This convergence is a critical support level, and its successful hold could trigger a significant upward momentum.
Shiba Inu’s price action also presents a compelling case for a bullish rally. After a prolonged downtrend, SHIB has found support at the 200-week EMA, trading at $0.00001692, 3.72% above this critical level. On-chain data reveals that SHIB experienced a capitulation event on June 24, with a significant decrease in supply on exchanges. This decline indicates that investors are moving their tokens to wallets, reducing selling pressure and expressing confidence in SHIB’s future performance.
The technical indicators for SHIB are aligning with this bullish sentiment. The Relative Strength Index (RSI) and the Awesome Oscillator (AO) need to maintain positions above their mean levels to support the recovery rally. Additionally, the Global In/Out of the Money (GIOM) metric shows that approximately 60,110 addresses accumulated 58.85 trillion SHIB tokens at an average price of $0.000016. This accumulation forms a strong support zone, enhancing the potential for a price reversal.
Cryptocurrency Insights: SHIB’s Journey Amidst Market FluctuationsFurthermore, the Network Realized Profit/Loss (NPL) indicator from Santiment shows significant losses realized by SHIB holders on June 23 and 24, coinciding with a price decline. However, the decrease in supply on exchanges during this period suggests that investors are holding onto their tokens, anticipating a price increase.
