This is especially the case as Shiba Inu (SHIB), Bitcoin (BTC), and Toncoin (TON) become popular participants in an ever-growing rally. The market focuses on the recent surge in Shiba Inu prices because traders are looking for bigger gains.
High trading volume and relatively positive technical signals back up SHIB bulls as Bitcoin inches closer to $90,000. The China property crisis and the Fed’s tapering decision signal one of the greatest price booms in the digital currency’s recent history. The chart of Toncoin shows signs of a possible bullish reversal, boosting interest in the altcoin sector.
Shiba Inu Crosses Key Resistance Levels, Poised for Major Upside
Shiba Inu has been trending upward and has crossed key resistance levels and moving averages, which is a bullish signal. The coin has almost confidently risen above the $0.0000200 rate level, which is quite a high achievement for its market sentiment and investor interest.
Trading activity in the last month suggests that investors’ interest in SHIB is increasing and can take the token to greater heights. The strong $0.0000175 and $0.0000184 support levels had been identified where traders closely watched fluctuations for quick bounces. With these supports remaining unbroken, SHIB can try eyeing $0.0000230 as the resistance level if the bullish trend continues.
Therefore, considering the technical structure, upward trend in SHIB, and growing interest in the altcoins market, Shiba Inu seems likely to profit from this market situation. Investors searching for Bitcoin alternatives will likely turn their attention to this digital asset shortly, putting more pressure on them.
Nevertheless, Bitcoin’s dominance remains the key to the movements of the entire market. Bitcoin has been impressive after consolidation by rising past the $70,000 lever, which may lead to higher levels. The continuation of the bullish momentum, which is responsible for the propagation of Bitcoin’s inclination, is backed by a large trade volume.
New key areas of support for Bitcoin are now set at $70,000, and in the $66,000 region, that used to be a resistance level but which may provide a bounce now. Meanwhile, the Relative Strength Index (RSI) is approaching an overbought indication for Bitcoin, which points toward one more short-term consolidation or a correction phase.
Bitcoin’s moving average convergence is very high, and the trading volume is also constant, implying that the cryptocurrency is ready to hit new prices. Active players wait for such a continuation to deliver persistent volume and price trends, which is key to bullish analysis.
Toncoin (TON) seems to be forming bullish patterns as volumes increase
Several weeks ago, Toncoin was in a downtrend, but according to current technical analysis, TON can enter a bullish trend soon. In the short term, the Toncoin price has emerged above the 50-day EMA figure, evidence of an upward trend. Currently, the stock is near both the 100-day and 200-day EMAs, but a breakout above these averages would mean the reversal is on, and more traders would be inclined to buy the stock.
Even though the RSI is inching closer to the 70 mark, it is still above the 50 mark, which is the bullish area. This means that there will likely be continued buying pressure without much selling. Higher trading volume also contributes to the longer period of upward movement for Toncoin as the traders’ and investors’ bases continue to build.
To monitor Toncoin, the distinctive support levels include the 50-day EMA, which has a mean of $5.05, and the 100-day EMA, nearly $5.27. In the following outlook, TON may have started building the foundation for more appreciation if it can hold at these levels in the subsequent weeks.
However, investors are showing rising interest in the larger altcoin market as Shiba Inu, along with Bitcoin and Toncoin, makes significant gains. Year by year, traders search for a favorable cryptocurrency other than the still unrivaled Bitcoin. The altcoin market may experience further growth as Shiba Inu and Toncoin have shown positive signals in the coming weeks.
This news is republished from another source. You can check the original article here
