While the cryptocurrency market has witnessed sharp movements recently, the correction process in Bitcoin continues. In the altcoin market, meme coin Shiba Inu (SHIB) and Near Protocol (NEAR) are among the prominent headlines. Investors are closely monitoring critical support and resistance zones in both major and alternative crypto assets.
Shiba Inu (SHIB) tries to hold on to critical support line
Despite the intense sales pressure experienced in recent days, the search for a local base in the SHIB price continues. Shiba Inu, which is trying to hold on to the upward support line that has been formed since March, is trading at $ 0.0000055. It is stated that this support has paved the way for strong jumps before, and the latest reaction is especially important in terms of short-term direction search.
Technical analysis data shows that SHIB is still going through a difficult period. The selling trend for the asset, which is below the 50, 100 and 200-day moving averages, continues. The recent rejection, especially from the 100-day average, triggered a new selling wave, pulling SHIB all the way to the support line.
However, some indicators show signs of cautious optimism. In the past, such scenarios could result in short-term recoveries for SHIB, which is approaching the oversold zone, with the Relative Strength Index (RSI) falling to around 37. In addition, the fact that the transaction volume remains balanced despite the decrease in prices indicates that there is no panic in the market yet.
Market experts state that if SHIB remains permanent at the support line around $0.0000055, a new reaction rise may accelerate towards the 50 and 100-day averages. However, such an increase is not expected to reverse the long-term downward trend.
Mini dictionary: RSI (Relative Strength Index) is a technical analysis indicator that takes values between 0 and 100 and shows whether an asset is overbought or oversold. Below 30 is interpreted as oversold, and above 70 as overbought.
The level approaching the oversold zone in Bitcoin
Bitcoin, the market’s largest digital asset, is hovering around $74,000, falling more than 10 percent after reaching its historical peak of $82,000. While the momentum generated during the last rise period has disappeared significantly, it is questioned whether the downside risks have increased with a new correction wave.
On the technical side, the optimistic structure that was the basis of the latest rise in Bitcoin, which remained below the 50, 100 and 200-day moving averages, weakened with the breaking of the rising trend line from the April lows. Currently, the RSI indicator has fallen to the level of 38, indicating a lower value than has been seen for weeks. Although these levels are considered buying opportunities at various times, they do not guarantee a definitive direction change.
It was seen that Bitcoin could find buyers at critical support points in recent rallies. A possible larger decline has been prevented at this stage thanks to the strong support formed in the $ 72,000–74,000 band. If this line is effectively maintained, reactions towards the 50-day average around $76,000 and higher resistances may be seen again.
However, trading volume remained low compared to previous rallies, indicating that major players may have been waiting for further confirmation to re-enter the market. According to experts, whether Bitcoin can stay above this support line in the next few trading days could determine the market direction in the short term.
| Presence | Final Price | RSI | Critical Support | 50G Avg. |
|---|---|---|---|---|
| Bitcoin | $74,000 | 38 | $72,000–$74,000 | $76,000 |
| Shiba Inu | $0.0000055 | 37 | Current rising trend line | — |
| Near Protocol | $2.25 | 60+ | $2.20–$2.30 | $2.65 |
Near Protocol (NEAR) tests its first support
Near Protocol, which has shown a remarkable rise in the altcoin market in recent weeks, started to test its first significant support after the rapid jump. NEAR rose from $1.60 to $2.90 and then stabilized between $2.20 and $2.30.
The view that this correction is limited compared to the large rise in the near term and that it is healthy for the bullish movement to continue without losing strength stands out. Looking at technical indicators, NEAR is currently trading above both the 50-day and 100-day and 200-day averages. Especially the fact that the asset has broken the long-term 200-day average creates an optimistic picture for incumbent investors.
While the increase in transaction volume continues compared to the April and May periods, it is reported that the sales in the recent declines were mostly due to profit realization and there was no panic selling. If the RSI value still remains above 60, it is considered that the overbought levels have been moved away but the upside area is still open.
If NEAR can solidify the current support base, it may find an opportunity to regain near tops in the $2.80–$2.90 range. The continuation of the trend with buyers in this region may indicate that the rise is not only short-term, but may also be a longer-term trend change.
Mini dictionary: Near Protocol is a scalable and energy-efficient blockchain platform developed for decentralized applications. Founded in 2018, this network attracts attention with its high transaction speed and low cost.
