Crypto Market Starts the Week with a 1.88% Gain, Key Cryptos like Shiba Inu, Bitcoin, Solana, and Dogecoin Poised for Further Growth
Crypto News – The cryptocurrency market opened the week on a positive note, experiencing a 1.88% increase in its total market capitalization over the past 24 hours. According to data from CoinMarketCap, this surge brought the market’s valuation to approximately $1.41 trillion at the time of writing.
As a result of this upward momentum, several prominent cryptocurrencies, including Shiba Inu (SHIB), Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE), are poised for potential further gains in the coming week. Notably, all these digital assets have breached significant resistance levels on their respective charts and exhibit no immediate signs of slowing down.
Shiba Inu (SHIB)
SHIB briefly dipped below the critical support level of $0.00000847 during yesterday’s trading session but witnessed a resurgence in bullish activity, ultimately closing the session at $0.00000867. If the meme coin manages to conclude today’s daily candle above this threshold, it may pave the way for a short-term ascent toward the next substantial resistance level at $0.00000925.
However, the bullish outlook could be jeopardized if SHIB’s daily candle closes below the $0.00000847 support level today. In such a more bearish scenario, some traders may opt to liquidate their SHIB holdings, potentially leading to a decline in the altcoin’s value to as low as $0.00000775 over the course of the next week.
The cryptocurrency market leader, Bitcoin (BTC), successfully breached the $36,900 barrier over the past 24 hours. Consequently, a daily candle closure above $36,900 today could potentially sustain the cryptocurrency’s upward trajectory.
It’s noteworthy that on BTC’s daily chart, a positive price channel has formed following a series of higher highs and higher lows recorded over the past two weeks. This pattern suggests that Bitcoin has entered an upward trend. Should bullish momentum persist, BTC may ascend to as high as $39,200 in the coming days.
However, the bullish scenario may be invalidated if BTC closes today’s trading session below the $36,900 level. In such a bearish scenario, Bitcoin could be at risk of declining to as low as $34,100.
Similar to Bitcoin, Solana (SOL) has managed to surpass a significant resistance level in the past day, breaking through the $59.60 threshold. As of the latest data from TradingView, SOL continues to trade above this crucial level.
A daily candle closure above $59.60 could provide SOL with a solid foundation for potential further gains, targeting the next resistance level at $68.65. Conversely, a daily candle closure below $59.60 may cast doubt on this bullish thesis and could trigger profit-taking activity among traders, potentially causing SOL to retrace to $53 in the coming days.
After briefly testing the support level at $0.07755 yesterday, Dogecoin (DOGE) concluded yesterday’s candle at $0.08046. The extended lower wick on the current daily candle suggests that bulls are actively attempting to drive the cryptocurrency’s price higher. If buyers manage to maintain their dominance over bears in the next 24 hours, DOGE could potentially reach as high as $0.08270 within the next 48 hours.
A daily close above this significant resistance level may set the stage for further upward movement in the cryptocurrency’s price over the next few days, with the possibility of reaching as high as $0.08665.
However, if DOGE’s price falls below the $0.07755 support level in the next couple of days, the bullish thesis is likely to be compromised. Consequently, the cryptocurrency could undergo a correction, potentially dropping all the way down to $0.07240.