Shiba Inu (SHIB) put an end to its four-day losing streak on Thursday as bullish sentiment prevailed, preventing a breakdown below a crucial support level. This minor recovery coincided with a marginal 0.25% uptick in the global cryptocurrency market cap at the time of this report, with Dogecoin (DOGE) also experiencing gains.
Shiba Inu (SHIB)
Shiba Inu (SHIB) managed to halt its four-day decline on Thursday, with crypto bulls making a comeback after a brief standstill earlier in the day.
After reaching a low of $0.000007164 on Thursday, SHIB/USD saw an intraday high of $0.000007287 during the current trading session.
This rebound occurred as traders continued to push the price away from a recent support level around $0.00000710.
SHIB/USD – Daily Chart
A closer look at the chart reveals a somewhat bullish momentum, as the 10-day (red) moving average approached a potential cross with its 25-day (blue) counterpart.
However, for this cross to materialize, the relative strength index (RSI) must surpass the resistance at the 44.00 mark.
At the time of reporting, the RSI stands at 42.14, with SHIB trading at $0.000007256.
Dogecoin (DOGE) also put an end to its recent losing streak on Thursday, as the meme coin rebounded following two days of declines.
DOGE/USD reached its peak at $0.06117 earlier in the day, following a low of $0.06027 the previous day.
Similar to Shiba Inu, this upward movement occurred as DOGE bounced back from a recent support level at $0.0600.
DOGE/USD – Daily Chart
Analyzing the chart, it appears that the next target may be around the $0.0625 zone, which was last achieved exactly one week ago.
To attain this level, price strength will need to rise from its current reading of 42.52, moving closer to the resistance at 44.00.
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Do you anticipate that Dogecoin will reach this level in the days ahead? Feel free to share your insights in the comments section.
Frequently Asked Questions (FAQs) about Cryptocurrency Rebound
What is the significance of SHIB breaking its losing streak?
Shiba Inu (SHIB) breaking its losing streak is noteworthy as it suggests renewed bullish sentiment in the cryptocurrency market. This rebound indicates that SHIB may have found support and could potentially see further price increases.
How did DOGE perform during this period?
Dogecoin (DOGE) also saw a positive turnaround during this time, ending its losing streak. DOGE’s price increased, and it appears to be heading toward a specific price level.
What is the importance of the mentioned support levels?
Support levels, such as $0.00000710 for SHIB and $0.0600 for DOGE, are significant as they represent points where buyers are stepping in to prevent further price declines. Breaking below these levels could indicate a more extended bearish trend.
What do the moving averages and RSI indicate in the charts?
The moving averages and RSI (Relative Strength Index) on the charts provide insights into the momentum of these cryptocurrencies. A potential cross between the 10-day and 25-day moving averages suggests a bullish trend. The RSI value, which is below or above certain thresholds like 44.00, can signal overbought or oversold conditions.
Will Dogecoin reach the $0.0625 level in the near future?
The text suggests that DOGE may target the $0.0625 level in the future. However, achieving this level depends on factors like market sentiment and trading volume. Predicting specific price movements is challenging, and it’s essential to monitor market conditions for accurate assessments.
More about Cryptocurrency Rebound
- SHIB Coin Price
- DOGE Coin Price
- Crypto Market Analysis
- Relative Strength Index (RSI)
- Moving Averages in Trading