Bitcoin Near Key Support as Shiba Inu and Ethereum Show Signs of Potential Stabilization

• Shiba Inu forms a local bottom near $0.00001200 with RSI rebounding from oversold levels.

• Bitcoin maintains the crucial $112,000 support, aligned with its 50-day EMA, signaling a potential bullish continuation.

• Ethereum holds the 26-day EMA near $3,430, indicating a possible recovery toward $4,000 if resistance at $3,600 is overcome.

Shiba Inu stabilizes near $0.00001200 as Bitcoin and Ethereum hold key supports, signaling potential market recovery. Stay updated with COINOTAG’s latest crypto insights.

Shiba Inu Shows Early Signs of Price Stabilization Near Key Support

Shiba Inu (SHIB) is demonstrating resilience near the $0.00001200 support level, which aligns with multiple short-term technical zones and historical horizontal support. After pulling back from $0.00001500, SHIB has started to bounce, with price wicks rejecting further declines and the RSI recovering from oversold levels around 39. This suggests selling momentum is easing and a local bottom may be forming.

Technical Indicators Signal Potential Recovery for SHIB

The 100 and 200 exponential moving averages (EMAs) stand at $0.00001330 and $0.00001430 respectively, acting as significant resistance zones. A break above the 50 EMA at $0.00001315 would indicate a return of bullish control and could pave the way for a short-term recovery. Despite neutral volume and reduced whale activity, SHIB remains within a larger consolidation pattern, making a further price drop unlikely in the immediate term.

Bitcoin Holds Crucial $112,000 Support Amid Market Correction

Bitcoin (BTC) is currently testing the $112,000 level, a critical support zone intersecting with its 50-day EMA. This level has historically provided dynamic support during bullish trends. After surging to a local high of $123,000, BTC experienced a correction with decreasing volume, yet the RSI remains above 44, indicating it is not oversold and maintains bullish potential.

The $112,000 mark also represents the neckline of the latest breakout pattern. Traders are closely watching this level, as a breakdown could lead to a test of the 100 EMA at $107,800 or the 200 EMA near $100,000. Maintaining this support is essential for Bitcoin to resume its upward trajectory toward $120,000 and beyond.

BTC/USDT Chart by TradingView

Ethereum’s Capacity to Maintain Support Suggests Potential Upside

Ethereum (ETH) is holding the 26-day EMA near $3,430 after a healthy correction from above $3,800. This EMA has historically acted as a pivot point for continuation trends. The RSI at 53 reflects balanced momentum, allowing bulls room to push prices higher without immediate overextension.

Support Zones Provide a Safety Net for Ethereum’s Recovery

Below current levels, strong support exists between $2,700 and $3,000, anchored by the 50 EMA ($2,992), 100 EMA ($2,900), and 200 EMA ($2,704). Overcoming resistance at $3,600 is key for ETH to target the $3,950-$4,000 range, corresponding to previous local highs. Market sentiment remains largely bullish, with ETH well above mid-term trend supports.

Frequently Asked Questions

What factors contribute to Shiba Inu’s recent price resilience?

Shiba Inu’s price resilience is supported by technical factors such as strong support near $0.00001200, RSI recovery from oversold conditions, and neutral trading volume, which collectively reduce downward pressure.

Why is Bitcoin’s $112,000 level significant for traders?

Bitcoin’s $112,000 level is significant because it coincides with the 50-day EMA and a key breakout neckline, making it a pivotal point for determining whether the market will continue upward or face a deeper correction.

Key Takeaways

• Shiba Inu stabilizes near $0.00001200: Technical indicators suggest a local bottom and easing selling pressure.
• Bitcoin holds $112,000 support: This level is critical for maintaining bullish momentum and avoiding deeper corrections.
• Ethereum’s 26-day EMA support: Signals potential recovery with strong multi-layered support zones below.

Conclusion

Shiba Inu, Bitcoin, and Ethereum are currently holding key support levels that suggest potential bullish momentum in the crypto market. While SHIB shows signs of local stabilization, Bitcoin’s $112,000 support and Ethereum’s EMA levels remain critical for their respective upward trajectories. Monitoring these zones will be essential for traders and investors aiming to capitalize on possible recoveries.