Crypto Cliffhangers! 😲

by

Dogecoin, that mutt of a crypto, is scrapin’ by in a tight little corner. Three walls closin’ in, see? Support, they call it, and resistance. Sounds like a bad marriage, don’t it? 🤔 Currently goin’ for $0.173, a sliver less than yesterday. Sittin’ right in the middle, can’t make up its mind. Indecision, like a fella starin’ at two bottles of rotgut, wonderin’ which one’ll give him the worst headache. 🤕

First wall, that support at $0.160. Been tested more times than an old mattress. Supposed to be Dogecoin’s launchin’ pad, but seems more like a rusty springboard. Next floor, $0.145. Fall below that, and it’s tumbleweed time. On the other side, that $0.207 mark. Tried to climb it in March, couldn’t get a grip. Like tryin’ to climb a greased pole at the county fair. 🤣

That $0.207 is sittin’ right on top of the 50-day movin’ average. Fancy talk for a line on a chart. Break through that, and maybe, just maybe, Dogecoin’ll find some pep in its step. Right now, it’s just consolidatin’ in the middle, around $0.185. Neutral zone, like no man’s land. 🏜️

That midline, it’s the whole shebang. Hold above, strength. Slip below, trouble. No big money movin’ in, just the usual riffraff. Volume’s normal, whatever that means. And the RSI, that Relative Strength Index, is sittin’ on its hands. Market’s waitin’ for somethin’, anything, to happen.

Shiba Inu consolidates

Shiba Inu, the other mutt, is huddlin’ around $0.000012. Support level, they call it. Sounds like a crutch for a three-legged dog. Currently fetchin’ $0.00001245, strugglin’ to stay afloat. Psychological threshold, whatever that is. Means folks are thinkin’ about it, I reckon.

Break below that line, and it’s a freefall. Headin’ back to $0.000010-$0.0000095. The charts show a downard trend. Each day lower then the day before. All those fancy moving averages are keeping it down.🤔

The candles are generally red and the trading activity has modest increases. Individual investors tried to create short rallies, but the bears still control the market. RSI is hovering close to neutral, so movement is still possible. The $0.000012 support level is currently the focus of attention. 

If Shiba can recover from this area, that might mean a trend reversal. If it breaks, the price could drop to another floor. SHIB needs to hold and recover $0.00001375 in order to gain a signal strength. Until then, caution is advised.

Solana stays sharp

Solana, the quick one, is showin’ signs of life despite its recent troubles. Down more than 2% today at $126, continuin’ it’s correction phase since December 2024. But wait, a closer look, and there might be something else going on. 🤔 The price of Solana is lower, but so is the volume.

The price is down, but the volume is dropping at the same time. This could mean that the bears are losing ground and that the bulls are getting ready to charge back. Volume-price discrepancy suggests weak selling conviction.

SOL is still trading above the $120 support zone. It has managed to stay relatively stable. The RSI is neutral. Solana is neither overbought nor oversold.

This is the perfect place for a possible recovery in the event that buying pressure rises. Solana must first recover the $134 resistance and then break above the 50-day moving average at about $145. In the short term, it is crucial to hold the $120-$125 range because a break below it might trigger a retest of the sub-$110 range.

Read More

2025-04-03 03:08