The current state of the crypto market faces challenges, with primary assets such as Shiba Inu, Dogecoin, and XRP experiencing price declines and support issues.
Shiba Inu: Support and Resistance Levels
Currently, Shiba Inu (SHIB) is slowly declining, with two significant price levels - $0.00001167 and $0.00001061 - emerging as crucial obstacles for potential recovery. The first level serves as the last line of local support, and breaching it may lead to further drops. However, SHIB has recently fallen below this threshold and struggles to recover, raising concerns among investors.
Dogecoin: Recovery Delayed
The formation of a mini golden cross on the Dogecoin (DOGE) chart, indicating a potential recovery, is currently in jeopardy. The pattern is interrupted as the 50 EMA fluctuates without breaking through the 100 EMA. DOGE's current price is around $0.17, but failure to hold this support level could lead to additional losses.
XRP: Signs of Possible Retracement
Recent price behavior of XRP also raises alarms. Following a short-lived breakout at the resistance level of $2.27, the asset failed to maintain momentum, signaling a potential bull trap. The next support level at $2.09 becomes critically important to prevent a more significant downturn.
In summary, the current state of the crypto market reflects uncertainty and weak support for key assets like Shiba Inu, Dogecoin, and XRP. Investors must closely monitor support levels and new signals that may indicate potential shifts in market sentiment.
