Shiba Inu pattern invalid, Bitcoin rebounds, Ethereum struggles at $2,400
From Investing.com
October 14, 2024 2:00:21 am:
Shiba Inu’s current price pattern around $0.000017 has been deemed invalid, losing recovery momentum and weaker breakout potential from a symmetrical triangle pattern. Limited buying pressure has hindered sustained rallies for SHIB, despite a bright spot with chances for further strengthening and upward movement if key resistance levels are surpassed.
Bitcoin has managed to secure the critical $60,000 level, showing signs of recovery by surpassing $62,000. However, the declining trading volume may signal a lack of momentum to sustain the upward trend. Nevertheless, the rebound from $60,000 suggests potential buying interest to prevent further losses, requiring steady buying pressure to validate bullish reversals.
Ethereum faces a significant obstacle at the $2,400 price level, repeatedly failing to break above the 50 EMA-designated mark. This resistance point serves as a psychological and technical hurdle where sellers intervene, undermining bullish momentum. A breakout above $2,400 could signal a rally towards $3,000, but failure to overcome this barrier may lead to retracement to lower support levels and a possible bearish turn for ETH.
Read more at Investing.com: This Shiba Inu (SHIB) Pattern Just Got Invalidated, Bitcoin (BTC) Secures Critical Price Level, Ethereum’s (ETH) Massive Struggle at $2,400 By U.Today