Shiba Inu, Polkadot Price Analysis Today: October 27, 2021
Bitcoin pulled back to $60,000 due to rising overhead pressure toward $64,000. As reported, this is the second time in a week; the flagship cryptocurrency has retested support at $60,000. However, these dips are attractive to investors who speculate BTC is eventually rising above $70,000 and paving the way for gains toward $100,000 as the year ends.
Despite Bitcoin’s retreat, Shiba Inu has kept the uptrend intact, lifting above $0.00005 for the first time in its existence. The meme-based coin has become an investors’ favorite after Dogecoin slowed down.
At the moment, Shiba Inu trades slightly above $0.000053 while bulls continually push for more gains. The primary goal is to see the Dogecoin spinoff ‘delete’ another zero and trade above $0.0001.
For now, the trend favors the bulls, with the Moving Average Convergence Divergence (MACD) rising higher above the mean line. A buy signal has been sustained since the beginning of October, hinting that bulls have the upper hand.
Higher support, preferably above $0.00005, will help bulls plan and execute the next mission to $0.0001.
SHIB/USD Four-Hour Chart
Polkadot bulls are still working on the plan to crack the supply barrier at $50 and launch another price discovery mission. The smart contracts token teeters at $45 at the time of writing, paving the way for an assault on the immediate resistance, as highlighted in red.
DOT’s overall technical picture is bullish, with the Relative Strength Index closing the distance to the overbought area. As this upward movement occurs, bulls become more aggressive.
Realize that failure to crack the supply zone would leave DOT dancing between a rock and a hard place, considering the demand area in green.
DOT/USD Daily Chart
The MACD must confirm a buy signal to validate the uptrend. It is worth noting that 100 SMA has recently crossed above the 200 SMA, adding optimism to the bullish narrative.Source