Crypto analyst Filip L says that Shiba Inu (SHIB) is facing upside resistance from last week’s high. According to the analyst, SHIB price is subject to bullish pressure. The analyst also notes that Solana (SOL) is at risk of falling as the weekly price action is not moving. We have compiled Filip L’s SHIB and SOL analysis for our readers.
“Shiba Inu (SHIB) price will rise!”
Shiba Inu (SHIB) price is set to rise quite sharply to $0.001708. This level is in a very tactical position above the R3 resistance level for this month. It is also an excellent level as a swing trade completion since mid-June. Therefore, a few technical elements provide tailwinds for SHIB price action. Withdrawal possible. However, we expect to see price action well supported by the 55-day Simple Moving Average.
AmkNews.comShiba Inu price is enjoying the summer as you follow. It is moving positively in a weak liquidity market with traders slowly but surely returning from summer vacation. SHIB price is again tied with gains. In fact, it looks like it will close August with a profit after July prints solid numbers. There are a few things to watch out for as the dollar’s continued strength and continued weakness this week is on the horizon. Some tail risks inflate again as trades resume where they left off.
SHIB price must first break the double top near $0.00001276, preferably with a weekly close. Once this is resolved, a straight line towards $0.00001708 is on the way with monthly resistances between all three. Since these are so close together they can be ignored as they prefer to confirm the breakout rather than try to use them as entry levels.
The downside risk is clear and simple. Another rejection against this double top at $0.00001276 is likely to trigger a pretty bearish fade. The bulls will push against the monthly pivot and the 55-day SMA. Also, it will put pressure on you. If this level is broken, it will quickly retrace the gains and drop to $0.00000507. This means that the losses will be 55%.
Why is Solana price action going nowhere?
Solana’s (SOL) price is bullish at first glance at the chart. So, he sets out to continue his rally and winning streak. However, on a closer look under the hood, we see that price action is not going anywhere on a weekly chart. It also reveals that it may collapse soon when the tail risk is reinflated. As the end of summer approaches, volume starts to rise again. It is possible that this rally will start to fade as easily as it did in July.
Solana is trying to hold onto its weekly gains, despite supporting the 55-day Simple Moving Average price action. It is also struggling to maintain its July rise after the increase last week. Let’s take a closer look at the bodies in which the candles open and close. We see that the SOL price action has gone nowhere since the end of July. It also reveals that price action is opening and closing at the same levels. Of course, there were up and down fluctuations. But SOL shows no real signs of rising or falling in three weeks.
While it may seem like an uptrend, SOL is likely to give a false sense of security. So, it could be caught in a bearish surprise. Watch the 55-day SMA closely. Because from now on, this is the key point. Once this level is given, expect to see support first around $33.63 per month S1 before it turns into a stab at $19 and continues to lose 55%.
An upside surprise is possible next week from more positive catalysts tied to US economic data. A rapid increase in price action will take place just above R1 monthly towards $50 for next week. Then $61.44 needs to be tested or even broken to the upside by the end of August.
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