Bitcoin May Attempt Breakout Amid Ethereum and Shiba Inu Showing Early Signs of Weakness

• Shiba Inu faces critical resistance challenges as market momentum fades, signaling potential breakdown risks ahead.

• Ethereum’s recent rally shows signs of exhaustion with declining volume and technical indicators hinting at a possible correction.

• Bitcoin maintains resilience with a bullish consolidation pattern, suggesting a potential breakout above $120,000 is on the horizon, according to COINOTAG analysis.

Shiba Inu struggles near key support, Ethereum shows correction signs, while Bitcoin eyes a breakout above $120,000 amid steady volume and bullish patterns.

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Shiba Inu’s Critical Test Near 200-Day EMA Signals Potential Breakdown

Shiba Inu (SHIB) is currently navigating a precarious phase as it hovers just above the 200-day exponential moving average (EMA), a pivotal technical indicator that often distinguishes bullish momentum from bearish trends. After briefly reclaiming the resistance level at $0.000015, SHIB has reversed course, losing over 5% on the daily candle and exhibiting increased selling pressure. This proximity to the 200 EMA is particularly concerning because a decisive drop below this level could trigger panic among bulls and accelerate a deeper retracement.

Volume analysis further compounds these concerns. The initial breakout was not supported by sustained buyer interest, as evidenced by declining bullish volume. This lack of demand has allowed sellers to regain control, undermining the rally’s strength. Additionally, the Relative Strength Index (RSI) suggests that SHIB’s recent surge was overextended, now rolling over from near-overbought conditions, which typically precedes further declines.

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Key support levels to watch include $0.000014, with a more critical demand zone near $0.0000135. Breaching these could trigger stop-loss cascades, intensifying the sell-off. The next 24 hours are crucial for SHIB bulls to defend the EMA and restore upward momentum; failure to do so may erase recent gains and lead to a prolonged consolidation or bearish phase.

Ethereum’s Rally Shows Signs of Weakening Amid Declining Volume

Ethereum (ETH) has experienced a notable parabolic rally, peaking above $3,900, but recent technical signals indicate that this momentum may be waning. The cryptocurrency has declined over 2% on the daily chart, accompanied by a steady decrease in trading volume—a red flag for the sustainability of any uptrend. Healthy rallies typically feature growing or stable volume, reflecting robust buyer participation, which is currently absent in ETH’s case.

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Chart patterns reveal a potential local top forming, highlighted by long upper wicks on recent candles, signaling repeated failed attempts to push prices higher. The RSI, while still near overbought territory, is beginning to decline, suggesting weakening bullish momentum. Critical support levels to monitor include the $3,682 mark and the psychologically significant $3,000 zone, which previously acted as strong resistance. A break below $3,600 could mark the onset of a more extended correction.

Despite appearing stable, Ethereum’s trend is showing early signs of exhaustion. Without renewed buying interest, the current correction could deepen, potentially mirroring the steepness of the preceding rally. Market participants should watch volume and price action closely for confirmation of either recovery or further decline.

Bitcoin’s Bullish Consolidation Points Toward Imminent Breakout

Bitcoin (BTC) is demonstrating resilience amid broader market uncertainty, forming a bullish consolidation pattern that suggests a potential breakout above the $120,000 resistance level. After a rejection near this key price point and a subsequent mild correction, BTC has stabilized, bouncing consistently off short-term support levels while tracing a descending trendline across recent highs. This pattern resembles a falling wedge, which often precedes upward price movements.

Unlike Ethereum and other major cryptocurrencies showing signs of fatigue, Bitcoin’s correction has been relatively shallow. Momentum indicators such as the RSI have cooled just enough to reset for another upward push without slipping into bearish territory. The 21-day moving average remains a respected support level, and trading volume, while muted, indicates that sellers have not seized control.

Maintaining price above the $114,000-$116,000 range is critical for preserving this bullish structure. Should Bitcoin break above the descending trendline and reclaim the $120,000 level, it could trigger a fresh wave of buying fueled by fear of missing out (FOMO), potentially driving prices higher in the near term.

Conclusion

In summary, Shiba Inu faces a crucial juncture as it tests the 200-day EMA, with risks of a significant pullback if support fails. Ethereum’s recent rally shows signs of fatigue, underscored by declining volume and technical indicators pointing to a potential correction. Conversely, Bitcoin stands out with a robust bullish consolidation pattern, suggesting that a breakout above $120,000 may be imminent. Market participants should monitor these key levels and volume trends closely to gauge the next phase of crypto market movements.