Despite having seen negative trends in the past, the market structure is shifting towards a bull market.
Dogecoin broke through the key resistance level of $0.24, smashing bearish sentiment and reigniting bullish momentum. Many traders have been closely monitoring this breakout level, as they anticipate it to be a crucial threshold marking the start of a more thorough price reversal. A breakout above $0.24 implies a potential long-term correction, rather than a psychological victory for the bulls.
In previous weeks, this level had acted as a resistance, attempting to rise multiple times. After breaking this level, Dogecoin may face stronger resistance; the next significant target is in the $0.27-$0.28 range. A potential golden cross—if the upward momentum continues, the 50-day moving average is expected to break above the 200-day moving average—is one of the most favorable technical developments on the horizon.
Such crossovers are typically associated with long-term upward trends and are considered bullish signals. This breakout gained credibility due to steady increases in trading volume. Strong market participation is confirmed through increased trading activity, thereby reducing the likelihood of false trends. The increase in volume indicates that the upward movement is driven by genuine buying pressure, rather than speculative short-term trading.
From a technical standpoint, Dogecoin is also solidly above its three main moving averages—the 50, 100, and 200-day EMAs, indicating that the current trend is broadly supported. If momentum persists, these levels should be able to maintain the bullish structure, serving as a buffer against brief declines.
To confirm a breakout in the near future, Dogecoin must stay above $0.24. If the bulls can gather enough momentum and set a target at $0.27 and above, the market is expected to fully recover from the recent downturn and possibly pave the way for a long-term bullish cycle.
Shiba Inu shows its teeth
After breaking through the descending triangle pattern (indicating the end of the consolidation phase and the start of a new upward trend), the price of Shiba Inu has shown strong momentum in the market. This breakthrough comes at a timely moment, with the price rebounding from the ascending trend line that has acted as stable support since early July. The 200-day moving average is currently one of the key levels to watch.
Historically, this long-term moving average has been a decisive barrier for SHIB's price action. If the bulls can push the price above this level with sustained volume, the likelihood of a larger rebound will significantly increase. A successful breakout at this level could open the path towards the $0.000015 or even $0.00002 region.
Recent on-chain data supports this bullish outlook. Within a few days, SHIB's daily unique wallet activity increased from around 3,000 to nearly 4,000, growing by about 30% at the beginning of this month. Although activity has since returned to normal levels below 3,000, this brief surge indicates renewed market interest in SHIB, with new liquidity possibly entering the system.
Such wallet growth periods often coincide with significant price increases. The 50-day moving average is about to break above the 100-day moving average, further supporting an optimistic outlook. This crossover could attract more buying interest from technical traders and validate the improvement in mid-term momentum. A price increase of 10% based on current activity would trigger this signal, thereby supporting the current rebound.
The unexpected rise of Solana
Solana is one of the most resilient altcoins in the market, regaining attention after soaring above the $200 mark and maintaining its recent bullish momentum. This trend aligns with the recurring market pattern seen since 2021, coinciding with a strong rebound in Ethereum while the overall cryptocurrency market tends to cool down. Ethereum typically experiences a price surge first, followed by a correction phase, after which Solana also follows suit.
SOL is currently trading at $205, slightly below its next significant resistance level. If the market strongly breaks through this level, it may retest higher ranges earlier this year, as this level holds historical significance as an important resistance. Compared to the market's thin rise, the recent surge is supported by strong trading volume, indicating real buying pressure. Since the decline in late July, Solana's technicals have remained above the 200-day moving average.
After successfully retesting the 50-day moving average, buyers stepped in to protect the important support level, triggering the recent upward trend. The market tends to shift funds from Ethereum to other high-performance Layer-1 blockchains, and Solana often benefits from this, aligning with the recent bullish price trend. Although momentum indicators are nearing overbought territory, there has not been a sudden selling pressure, indicating that the bulls still hold the dominant position.
The battleground will be at $205, and a significant breakout in volume could lead to a rapid rise, potentially reaching $220 or even higher. However, if Ethereum fails to break above $205, especially if it starts an upward trend again and re-attracts market attention, it could trigger a short-term consolidation.
The price trend of Solana currently aligns with its historical market rhythm, and traders are closely monitoring whether this rebound will continue in a cycle pattern similar to that of 2021-2022.
