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.

Cryptocurrency analyst and trader Jason Pizzino is leaning bullish on Bitcoin (BTC) but with a caveat.

In a new video, Pizzino tells his 349,000 YouTube subscribers that Bitcoin possesses more upside potential despite the negative sentiment occasioned by the crypto king falling to a three-month low earlier this week.

“…it’s just a countdown timer now for the end of the Bitcoin cycle, which could still have several months to go.

So for the untrained ear, it sounds like all doom and gloom but this is basically just preparing for something in the future and I’m looking out here for several months somewhere out towards August, maybe September of 2025…

…I still think that we’ve got further upside for BTC, to new higher highs because we haven’t seen any significant breakdowns…”

The widely followed analyst says that one of the factors that could contribute to the rise in Bitcoin’s price is the potential fall in Tether (USDT) dominance – the ratio of USDT’s market cap relative to the rest of the crypto assets. According to Pizzino, the USDT dominance is on the cusp of hitting a major resistance level and is potentially poised to fall.

“So the positive signs here are with the USDT dominance which has come out to test the upside levels [around 5.3%]…

…there might still be a little more upside here for USDT dominance which of course would mean you’d see further downside for Bitcoin and cryptos. But it doesn’t seem too far off…

…so we’re definitely closer towards the end of I guess the move to the downside and the stuff of something fresh…

… so the USDT dominance is looking relatively good here.”

Pizzino, however, warns that the price of Bitcoin and other crypto assets could be negatively impacted if the USDT dominance rises above the 5.5% level.

“The worst-case scenario is if it breaks past the diagonal downtrend which has held down the USDT dominance for the last several years going all the way back to 2023, so the last couple of years. That would be worrisome for the bull market if it started to find some support here and rise up. That would essentially mean that people have lost faith in Bitcoin and cryptos and are essentially taking profits. They’re just getting the hell out of all of the markets and primarily BTC.

So around the next couple of days to weeks, you’d want to see this [USDT dominance] get rejected at least very, very worst case somewhere up around 5.5%, 5.6% and work its way back down getting quickly under 4.75% as it currently stands. And that would lead us back to some sort of, I don’t know, positive, greedy FOMO [fear of missing out] times.”

Bitcoin is trading at $87,877 at time of writing, down by around 20% from the all-time high reached on January 20th.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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