Several crypto assets extended the bullish action from June’s crucial support at $20 despite the sluggish price action in the market. Bitcoin stepped above $40,000 but failed to sustain the jump. Meanwhile, most crypto assets are in the red as the week’s trading enters its last mile.
The smart contract token, Polkadot (DOT), swung toward $30 but did not accomplish this bullish goal due to the resistance at the 200 Simple Moving Average (SMA) on the four-hour chart. A correction followed immediately amid an increase in overhead pressure.
Meanwhile, the 50 SMA prevented declines from stretching to $20. The buyer congestion at this level ensured market stability sustained. Hence, Polkadot jumped above the 100 SMA while targeting another attempt at gains toward $30.
The Relative Strength Index (RSI) shines a light on the improving bullish outlook. The trend momentum indicator recoiled at the midline and is currently pointing toward the overbought. Note that a sustained upward motion will call more buyers into the market as Polkadot nurtures the uptrend.
DOT/USD four-hour chart
Shiba Inu (SHIB) spiked remarkably following the listing on Coinbase Pro. The support at $0.000054 allowed buyers to take the bull by the horns, riding on the new exposure. SHIB brushed shoulders with $0.00001 but ran out of steam, allowing a correction to come into play.
Meanwhile, the meme coin trades at $0.0000084 after securing another higher support slightly above the 100 SMA. Note that Shiba Inu’s short-term technical picture seems stable; thus, bulls can focus their efforts on pulling the price above $0.0001.
SHIB/USD four-hour chart
Consequently, the Moving Average Convergence Divergence (MACD) hints at a sideways trading action taking precedence in the near term. As the momentum indicator levels above the zero line, bulls have ample time to increase their entries, which means that the slightest resistance path is still upward.
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