U.Today – Recent price movements highlight how difficult it is to reach the elusive $100,000 threshold. Due to the massive market liquidation that totaled $1.58 billion in the final day, Bitcoin was unable to maintain its momentum above this important psychological threshold. Short-term corrections remain subdued, even though the long-term outlook for this asset remains promising.
The main factor in this setback was liquidation. Over-leveraged positions, especially in Bitcoin, have forced market corrections. As evidenced by the $172 million worth of Bitcoin liquidations alone, selling pressure from leveraged longs is creating a difficult environment for further gains. The dangers of unmanageable leverage in the cryptocurrency market are highlighted by this type of liquidation cascade.
Technically speaking, Bitcoin is currently receiving support at the 26 EMA, a key level that often acts as a rebound point during corrections. Nevertheless, the inability to sustain above $100,000 or retest indicates a lack of bullish belief. Compared to the previous sharp rise, trading volume remains low, indicating that buying interest has declined.
Despite these challenges, Bitcoin's overall structure remains bullish. Rather than indicating a complete reversal, the ongoing consolidation pattern on the chart indicates that Bitcoin is entering a break. If tested, the key support levels at $94,000 and $85,000 could serve as the foundation for a more solid recovery. The biggest hurdle on the resistance side remains $100,000, and a break above it could generate new momentum.
The path to $100,000 has been postponed for a while, but it hasn't been forgotten. The current correction is a normal phase in a larger market cycle for Bitcoin, so it provides the market with an opportunity to reset and build on stronger footing. Investors will need to be patient until Bitcoin passes this important stage.
get beaten
Dogecoin suffered a severe setback, losing its upward momentum and crashing out of the ascending channel it was trading in. This action pushed Dogecoin below the important $0.40 level, which served as technical and psychological support. Amid growing bearish pressure, the cryptocurrency is currently trading around $0.39, indicating a change in sentiment.
The breakdown of the ascending channel suggests that Dogecoin’s bullish rally may have slowed, at least temporarily. Furthermore, the volume trend shows waning interest as trading activity does not sustain further gains. The decline is in line with a larger crypto market correction where overleveraged positions and profit taking have fueled declines in various assets.
From a technical analysis perspective, the next support levels to look at are $0.31 and $0.27. Dogecoin needs to stay in these areas to prevent further losses and possibly regain footing. Any attempt at recovery must first overcome the $0.40 level, which is currently acting as resistance, before focusing on higher targets such as $0.45 or $0.50.
Dogecoin’s recent actions highlight how vulnerable it is to fluctuations in market sentiment and speculative trading. While large gatherings have historically been encouraged by their community-driven nature, caution is advised in the current situation. The need for correction in the larger market increases uncertainty about DOGE's immediate direction.
In the meantime, Dogecoin traders and holders should pay close attention to key support and resistance levels. Failure to maintain $0.31 could result in a further decline, but a recovery above $0.40 could reignite bullish optimism. As always, perseverance and a clear plan are required to overcome the volatile nature of this famous meme coin.
Break through the major level
The price of Shiba Inu has fallen sharply and broken through an important support level, putting the company in a dangerous situation. After exhibiting a bullish trend in recent months, Memecoin is currently under further bearish pressure as it approaches lower support levels.
SHIB is currently trading at around $0.00002648, and its failure to sustain recent highs highlights growing investor concerns. The recent consolidation pattern on the chart has clearly broken, indicating a loss of momentum. Notably, SHIB fell below $0.00002700, an important support level that served as a stronghold for the bull market. This failure raises the possibility of further downside pressure if the bulls are unable to regain control in a timely manner.
SHIB is more vulnerable as volume analysis shows a decline in buying interest. If this decline in momentum fuels selling activity, the asset could come under further pressure. Given the current trajectory, the next important support levels to watch are $0.00002430 and $0.00002200. Once these levels are broken, the decline will become more severe and could even test the $0.00002000 threshold. However, all is not lost for SHIB.
After significant corrections, this asset has historically demonstrated the ability to recover quickly, often driven by speculative trading and community-driven hype. To regain bullish momentum, SHIB needs to recover above $0.00002800 and continue to move steadily higher supported by increased volume.
This article was originally published on U.Today