The article explores the current changes in the cryptocurrency market, focusing on XRP, Shiba Inu, and Bitcoin. It analyzes price movements and trend dynamics based on recent data.
Current Situation of XRP
XRP continues to show weakness, lingering near the critical $2.00 mark. Today's slight recovery from the decline does not provide much comfort, as the asset remains within a bearish structure. The recent rejection at the 26 and 50 EMA zone leaves XRP in a downward trend until this range is broken decisively. The main support stands at the 200 EMA, around $1.94, and a breakdown below this level might trigger a significant correction toward $1.75. However, a reversal is possible if it holds above $2.00 with increased buying volume. RSI at 43 suggests a potential rebound if trading volume strengthens.
Shiba Inu Drops Back
Shiba Inu has lost nearly 10% of its value, returning to pre-rally levels. At $0.00001273, the token finds a key support level, indicating its recent surge was a classic fakeout. Despite optimism after breaking the 50 EMA, Shiba Inu couldn't maintain momentum. Currently, the challenge lies in generating sustainable trading volume, and its absence points to a liquidity shortfall. If the current support doesn't hold, a move down to $0.00001200 is likely. RSI at 43.91 confirms declining momentum and offers little hope for a quick recovery.
Bitcoin: Losing Balance
Bitcoin is trading near $83,358, just above the crucial $80,000 mark. Signs of weakness are evident after breaking the rising trendline. Bitcoin failed to stay above the 100 EMA, indicating difficulty in maintaining upward momentum. Should the price fall below $80,000, the recent bullish structure may be invalidated. Volume confirms a lack of buying interest at current levels. RSI near 44.17 shows a bearish bias. If Bitcoin breaks below $80,000, the next supports are $76,000 and $72,000. A correction to $68,000 might be possible if these supports break. A move towards $90,000 requires bulls to regain control.
The current state of the crypto market highlights the vulnerability under selling pressure. XRP, Shiba Inu, and Bitcoin face critical support levels, and their retention will be crucial in the coming days. Trading volume and market reactions to these challenges will reveal the direction of future movement.
