Moon or Doom Price Moment, Will Solana’s (SOL) Golden Cross Help? Bitcoin (BTC) Price Explosion Coming – Crypto News

The price action of Shiba Inu is consolidating just above the $0.0000134 level, signaling a critical moment. SHIB tried to regain the $0.000015 zone following an aggressive surge earlier this month, but it was once more forcefully rejected close to the 200-day moving average, which led to a local correction. 

SHIB is currently making an effort to level off above the orange 100-day EMA, which serves as a soft support. With decreasing volume indicating a lack of buyer conviction, the momentum has obviously cooled off. There is no clear trend direction indicated by the Relative Strength Index (RSI), which remains neutral between 48 and 50. Investors are paying great attention because this is a classic SHIB decision point. 

The asset is likely to move lower toward $0.00001267 and possibly even the psychological support at $0.000012 if bulls are unable to use volume to push the price above the $0.00001449 resistance. The July breakout attempt would be effectively nullified by this deeper retracement.

However, if SHIB is able to break above $0.0000145 with fresh buying pressure, the door will open for $0.000016 and ultimately $0.00002. The development of a bullish continuation pattern would be validated by this upward move, which might also start a surge of speculation. 

SHIB is currently trapped between horizontal support/resistance zones and major moving averages, making market hesitancy evident. Retail traders and whales are waiting for a catalyst, whether macro or on-chain, that could bias either side. 

Solana’s small boost

With price action breaking through several resistance zones and moving toward the psychological mark of $200, Solana has been on a strong uptrend since the beginning of July. In keeping with its short-term bullish structure, the asset is currently trading at about $184 and is displaying indications of consolidation above $175.

More intriguingly, a technical configuration that could be a golden cross is approaching. This pattern, which is frequently taken as a bullish indication  is created when the 50-day moving average (orange line) crosses above the 200-day moving average (black line). In the case of SOL, that crossover is probably going to happen in the upcoming sessions regardless of whether the price continues to rise or stays unchanged.

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The unsettling reality is that this golden cross is currently all but worthless. The pattern is being formed following a huge rally even though it typically indicates longer-term bullish momentum. SOL has already exploded from below, $140 to almost $210, in a matter of weeks. 

Anyone betting on the golden cross at this time is just late to the party, as traders who are riding this trend have already reaped the benefits. As a lagging indicator, it serves more as a confirmation of the past than as a catalyst in this particular situation.

Volume has begun to taper down, suggesting that momentum is waning and the RSI has cooled off from overbought levels. The next significant support is located in the $162-164 zone, where all of the important EMAs are stacking up and a break below the ascending trendline and failure to hold $175 could lead to a more severe correction.

Bitcoin can blow up

Each candle closing within this range pushes the spring further, and Bitcoin is coiling tighter. Bitcoin has been consolidating just below the crucial resistance zone at $120,000, which it has repeatedly approached but failed to break through, and is currently trading at about $119,000. 

However this is a textbook example of a volatility squeeze. This structure is a classic example of a continuation pattern. Early in July, Bitcoin broke out of the descending triangle and began a gradual upward grind, but the momentum has since slowed. Low volume, compressed volatility and shrinking daily candles are all signs of an upcoming breakout. The RSI is still above 60, indicating that bulls are still in control. 

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This arrangement is made even more explosive by the multi-layered support that is developing underneath. At $116,000 the 20-day EMA is comfortably positioned, and the 50-day is not far below. Because of the strong floor these stacked moving averages provide for Bitcoin, there is less chance of a significant decline unless a black swan occurs. Combine that with the macro story, which includes historically bullish Q4 setups, declining exchange balances and ETF inflows. 

We may witness a sharp increase toward the $125,000-$130,000 range and potentially higher if momentum holds once Bitcoin convincingly breaks above $120,000, particularly on a daily close with a volume spike. There is a catch, though: the move will be more violent the longer Bitcoin remains flat. This is a when-and-where scenario rather than a maybe one. Bitcoin is about to make a decision as volatility returns. The trend indicates that the path of least resistance is still upward.