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As it hovers just above the crucial psychological support zone close to $0.00001100, Shiba Inu is in perilous territory. The strength of any short-term bullish attempts is called into question by the recent recovery bounce off the local bottom, which was shallow and had low volume.
The bearish pressure is still very much in place because the price is below all of the major moving averages, including the 50, 100 and 200-day EMAs. SHIB has been locked in a consistent downward trend since early June, as the chart makes evident, with the asset failing to regain important resistance levels at $0.00001214 and $0.00001339. These thresholds are now effective overhead obstacles.
The declining volume, on the other hand, indicates a more concerning picture: investor interest is waning and SHIB is especially susceptible to abrupt declines due to the lack of buying activity. It is possible that the asset will add another zero to its price if the current support gives way and SHIB is unable to stay above $0.00001100. In addition to being emotionally devastating for retail holders, this would also signify a general decline in trust in SHIB's recovery story in the face of a fiercely competitive meme coin market.
That being said, there is still hope. There is still a chance for a short-term recovery that targets $0.00001350 and even $0.00001499 if bulls can hold the current level and reclaim the 26 EMA near $0.00001214 with significant volume. But since the market is currently exhibiting few signs of life, the onus of proof is on the bulls.
Solana has chance
After recovering from the $130 support level and regaining some short-term momentum, Solana (SOL) is beginning to show early signs of life once more. At $144, SOL is edging closer to a possible golden cross, a bullish technical pattern in which the 50-day moving average crosses above the 200-day moving average. The asset may experience a major trend reversal if this materializes, particularly following weeks of uncertainty. Currently, SOL is battling resistance in the $145-$149 range.
The next important levels to keep an eye on are $149-$152 and particularly $150, which is consistent with previous consolidation and is not just a round psychological number. The conditions for a fresh rally toward the $160 mark might be met by a clear breakout above $150. There is a significant disclaimer, though: volume. In the past few sessions, trading volume has virtually stopped, indicating that market participants are either losing interest or waiting for confirmation, both of which can stall momentum.
In the absence of heightened buying pressure, even the most technically bullish setups run the risk of fading immediately. A little below 50, the RSI indicates neutral momentum and captures the market's hesitancy. A golden cross, however, might serve as a tailwind for a breakout if bulls are able to produce some significant volume and overcome the adjacent resistance.
To put it briefly, Solana is preparing for something big. The move may stall unless volume returns to support the price action, but it has a bullish technical edge due to the convergence of major moving averages and a possible golden cross. The most obvious indication of SOL's next bullish phase would be a breakout above $150 with high volume.
Dogecoin reaching breakpoint
Dogecoin is on the verge of a meltdown as it gets closer to a crucial support level at $0.15, which has historically been the last stand for bullish sentiment. With a string of lower highs and lower lows since early June, the asset has been trapped in a persistent downward trend and the pressure is obviously getting stronger. Every attempt to break above the descending trendline that was drawn from the most recent peak has failed because it is functioning as stiff resistance.
The 26 EMA, 50 EMA, 100 EMA and 200 EMA are among the major moving averages that DOGE is still well below. From a technical standpoint, this is a strong bearish signal. Around 36, the RSI is trapped in the lower zone, volume is decreasing and momentum is almost nonexistent. Unless a significant reversal or high-volume catalyst steps in, all indications suggest that the weakness will persist.
Right now the price is consolidating just above the $0.15 mark. If that support breaks, there will not be much structure to catch it until much lower levels. For bulls, a bounce from the $0.15 level is their only hope. However, the odds are in favor of more declines given the general weakness among meme coins and DOGE's failure to regain any significant resistance. The price may plummet toward the $0.13-$0.125 range if it breaks below $0.15.
Dogecoin is right at the end of its technical leg. If buyers do not intervene right away and push DOGE back above $0.17, breaking the downtrend line and taking back short-term EMAs, the asset is probably going to go down again. The only thing keeping the floor in place is the $0.15 support. You can anticipate a decline if that breaks down.