Ethereum (ETH) Volume Explosion, Shiba Inu (SHIB) Skyrocketing Brutally Ended, Dogecoin (DOGE): Is $0.20 Still Possible?

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Ethereum recently experienced a significant daily volume surge. While such activity usually excites traders and suggests a potential breakout or trend reversal, ETH failed to surpass the 50-day Exponential Moving Average (EMA), currently near $1,820.

This rejection at a key resistance level is noteworthy. The volume spike wasn't followed by sustained upward pressure, indicating weak momentum or aggressive profit-taking by short-term traders.

Ethereum remains in a precarious position, trapped within a downward channel and struggling to reclaim its moving averages. Sustained trading below $1,820 could intensify bearish pressure, particularly if broader market sentiment weakens. However, the volume surge introduces unpredictability, with potential for sharp moves in either direction. The market awaits ETH's next attempt to overcome resistance; failure could increase the risk of a decline, while success could be explosive.

Shiba Inu Stalls

Shiba Inu recently encountered resistance. Despite showing signs of a potential breakout, it was swiftly rejected near $0.000014, failing to establish a position in the uptrend zone. This rejection led to a sharp retracement toward the 50-day EMA, a crucial short-term support level.

Despite several bullish attempts, SHIB lacked the momentum to break the 100-day EMA, suggesting a lack of buyer conviction or broader market support. The absence of significant technical resistance at the price peak indicates that the upward movement was driven more by market optimism than SHIB's fundamentals or buying pressure.

The increasing volume of the rejection suggests this pullback is more than a minor correction. A break below the pressured 50-day EMA could trigger a more substantial drop toward $0.00001250 or lower if bears gain control. The RSI has also retreated from overbought territory, signaling waning bullish momentum. Continued RSI decline would further confirm the possibility of a significant correction.

Overall, Shiba Inu lags behind other major assets in its recovery. Without a distinct fundamental catalyst or surge in interest, SHIB appears heavily reliant on general market sentiment. Traders should await a confirmed bounce from the 50-day EMA before considering bullish entries, as the trend remains unclear. For SHIB holders, the coming weeks could be challenging if this support level fails to hold.

Dogecoin Shows Resilience

Dogecoin appears to be gaining momentum, potentially poised for a full recovery after weeks of consolidation and slow price action. DOGE successfully broke through the 50-day EMA, a reliable trend indicator.

This breakthrough signifies strengthening bullish pressure. Furthermore, DOGE faces no immediate significant technical obstacles. The next key resistance level is $0.208, and DOGE could see a smooth run towards it unless sellers aggressively intervene.

Slowly increasing volume indicates increased buying pressure and renewed trader interest. Dogecoin is exhibiting greater confidence, trading above its short-term EMAs and showing resilience during minor corrections.

The price remains comfortably above key support levels like $0.165 and $0.155, and the recent, minor retracement hasn't negated the breakout. The RSI, currently around 55, further supports this bullish narrative, suggesting further growth potential before reaching overbought territory.