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

Ethereum recently experienced one of the biggest daily volume spikes in recent memory. This kind of movement would typically excite traders and could be a sign of a breakout or trend reversal. But even with the sharp spike in activity, ETH was unable to overcome the 50-day Exponential Moving Average (EMA), which is presently trading close to the $1,820 mark. 

Market participants are taking notice of this rejection at a significant technical resistance. Despite being noteworthy, the volume spike was not followed by a sustained push above resistance. Indeed, bulls’ lack of follow-through is suggested by the rejection just below the 50 EMA, which could be a sign of either weak momentum or aggressive profit-taking by short-term traders. 

Because of this, the price may become very volatile, especially while traders process the sudden spike in activity. This is important because high volume usually indicates a strong level of interest and conviction. It may be a red flag when the price is not fulfilled. It indicates that the market is not dedicated enough to maintain a breakout or start a new trend, even with all the work put in by buyers and sellers. 

Ethereum is currently in a very sensitive area as its price is still trapped in a downward channel and is having difficulty recovering its moving averages. If the price continues to hover below $1,820, bearish pressure may mount again, especially if broader market sentiment weakens.

However, unpredictability is also made possible by the volume explosion. Bulls and bears can be caught off guard by abrupt and sharp movements in either direction that frequently result from this type of market setup. Now, everyone is watching for ETH’s next attempt to overcome resistance; if it does not, the risk of a decline could rise. However, the move could be explosive if it works.

Shiba Inu stalls

Just now Shiba Inu struck a wall. The meme coin failed to establish a position in the uptrend zone after being swiftly rejected close to the $0.000014 level, despite displaying indications of a possible breakout. Due to the rejection, SHIB’s price experienced a steep retracement, moving back toward the 50-day Exponential Moving Average (EMA), which is currently serving as crucial short-term support. 

SHIB failed to generate sufficient momentum to breach the 100 EMA in spite of several bullish attempts, indicating that buyers lacked conviction or wider market support. More troubling is the fact that there was no significant technical resistance at the top of the price action, suggesting that market optimism rather than SHIB’s own fundamentals or buying pressure was the primary driver of the company’s upward move.

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The rejection is increasing in volume, suggesting that the pullback was more than a small fix. A breakdown below the 50 EMA, which is currently under pressure, might lead to a more substantial drop toward $0.00001250 or even lower if bears take control. Technically the RSI has also retreated from the overbought area, suggesting that bullish momentum is waning. The possibility of a more significant correction would be further confirmed if the RSI keeps declining. 

All things considered, Shiba Inu is still lagging behind other significant assets in terms of recovery. SHIB seems to be highly reliant on general market sentiment to rise in the absence of a distinct fundamental catalyst or a surge in interest. Before contemplating bullish entries, traders should wait for a confirmed bounce from the 50 EMA as the trend is still unclear at this time. For SHIB holders, the upcoming weeks may turn increasingly bleak if that level does not hold.

Dogecoin not giving up

Dogecoin appears to be gaining momentum and may finally have some breathing room for a full recovery for the first time in weeks. The 50-day Exponential Moving Average (EMA), which has historically served as a trustworthy trend indicator, was successfully breached by DOGE following weeks of consolidation and slow price action.

This breakthrough is a clear indication that the bulls are gaining ground. More encouragingly, DOGE is not currently facing any major technical obstacles in its direct course. The $0.208 mark is the next significant resistance level, and DOGE may have a smooth run toward it unless sellers intervene forcefully.

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Slowly increasing volume suggests that the recent move was driven by increased buying pressure and renewed trader interest. From the perspective of market behavior, Dogecoin is trading with greater assurance, maintaining above its short-term EMAs and demonstrating resilience even in the face of slight corrections. 

The price is still comfortably above important support levels like $0.165 and $0.155, and the recent retracement, albeit slight, has not undone the breakout. This bullish narrative is also supported by the Relative Strength Index (RSI), which is currently hovering around 55, indicating that there is still potential for growth before reaching overbought territory.