On June 18 2024, in one analysis is mentionedthat there is a possibility of a pattern forming double bottom on Ethereum. This pattern holds a signal, that the price of ETH is potentially getting ready to reverse direction, during a market correction brutal At the moment. Meanwhile there are interesting dynamics surrounding Shiba Inu (SHIB) burnapart from the referral system Furrever Token (FURR) which is currently taking place.
What is a Pattern Double Bottom on Ethereum?
Pattern double bottom is a price chart pattern in technical analysis that indicates a potential trend reversal of bearish (down) to be bullish (go on).
This pattern is formed when the asset price falls to levels certain, bounces up, then goes down again to levels the same thing, and finally rises again. This pattern resembles the letter “W.”
If the price manages to rise past the top of the first bounce after reaching the second low, the pattern double bottom confirmed, which is often followed by further price increases. This pattern shows that support levels A strong position has been found, and buyers are starting to take control of the market, indicating a possible reversal of the trend to the upside.
In the context of Ethereum crypto, Ethereum (ETH) recently retested support levels important, which hints at the possibility of pattern formation double bottom.
This technical pattern, is often considered a reversal signal bullishindicates that the asset has been discovered support levels strong after a downtrend and likely will rebounding.
The importance of formation double bottom Ethereum lies in its potential to reverse the trend bearish recently. When ETH retests levels support US$3,500, then traders and investors closely monitor this pattern.
When Ethereum was trading below US$3,550 and below Simple Moving Average 100-hourly, it seems the price could form a pattern double bottom and went up towards resistance US$3,700.
If there is a new increase, the price may face resistance around US$3,460. Observed on Friday evening at 22.32 WIB, the price of Ethereum was at US$3,504.
If Ethereum fails to pass resistance US$3,500, the price could continue to fall. Support starting on the downside is around US$3,380. Support The first major was at US$3,350. Clear movement below support US$3,350 might push the price towards US$3,250. A further decline could send the price towards US$3,120.
Scenario confirmation double bottom this could pave the way for a significant price rally, restoring confidence among market participants.
Historically, Ethereum has demonstrated resilience and the ability to bounce back from support levels important. Pattern double bottom reinforces these characteristics, making them an important point of interest for traders.
Additionally, broader market sentiment, including the SEC's ongoing consideration of an Ethereum Spot ETF, adds to speculation over ETH's future performance, including the recent SEC ending his investigation to this blockchain.
SEC Ends Ethereum Investigation, Good News for the Crypto Industry
Shiba Inu Burn Rate: Activity Surge
Parallel to that potential scenario of Ethereum's double botton pattern, burn rate Shiba Inu (SHIB) recently experienced a significant spike, namely 5,569 percent in just one day
A dramatic increase in the burn rate, where tokens are permanently removed from circulation, could have a significant impact on the SHIB ecosystem.
The main goal of token burning is to reduce supply, potentially increasing the value of remaining tokens.
For Shiba Inu, a high burn rate indicates a coordinated effort to increase the scarcity of the token and increase the market value of the token.
This strategy aligns with the broader goals of many meme coins and other community-based projects, to create long-term value for holders.
What is the Furrever Token Referral System?
Crypto market volatility, especially about patterns double bottom Ethereum and upgrades burn rate SHIB, parallel to the referral system news Furrever Token (FURR) which is currently still in progress presale.
The Furrever Token referral system is a system that allows users to get a FURR token bonus of 10 percent from deposits made via their personal referral link.
“This feature not only drives community growth but also provides opportunities for passive income. Users can share their referral link with friends, family, and social networks, creating a contagion effect,” its website states.
Total supply meme coins This cat-themed only 9 billion units, of which 65 percent is allocated to presale25 percent for decentralized exchanges to provide market liquidity, and 10 percent for the development team (locked for a year). So far presale has raised more than US$1.3 million, currently in stage 9 of a total of 10 stages. [ps]
