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Shiba Inu is still struggling a lot as its price is unable to maintain significant support levels. The asset is falling, which is a worrying indication for traders. It lost important support at $0.000022 and briefly touched $0.000021. Even after a rebound of 5.36% during the last session, SHIB is still under severe pressure and shows no immediate signs of a long-term recovery.
This weakness in SHIBThe market structure is reflected in the recent testing of the 200 EMA and the breakdown below the 50 EMA. Once serving as powerful support levels, these moving averages now act as resistance levels. According to these developments, buyers are struggling to regain control and the bearish dynamic persists. The extent of the selling pressure is further highlighted by the volume spikes that coincide with these declines.
Although there was some respite during the most recent bounce around $0. 000021, there was no follow-through strong enough to indicate a significant reversal. SHIB could continue its current downtrend in the absence of a clear upward trajectory or notable catalyst. Going forward, $0.000022 will be the immediate resistance.
SHIB may be able to test higher areas like $0.000024 if this level is reclaimed. However, a larger decline towards $0.000019 could be imminent if the asset fails to stabilize above $0.000021. SHIB is currently still in a precarious situation. His future is uncertain due to his lack of volatility and waning enthusiasm.
While wary of further downside risks, traders should closely monitor the $0.000021 level for any signs of recovery. To restore investor confidence and prevent the company from continuing to decline into lower territory, firm action is necessary.
Ethereum recovers
With a spectacular rebound of 4.79%, Ethereum has shown signs of life and could emerge from its recent slump. With this spike, there is hope for a longer-term recovery as the asset recovers from the crucial support level around $3,120. With ETH Now trading at $3,356, it has broken through important resistance levels for the first time in weeks and is closing in on the 50 EMA.
If this level is consistently breached, it could confirm a bullish outlook and open the door for Ethereum to aim for the $3,500 mark soon. However, maintaining momentum and the ability to maintain current levels are prerequisites for this recovery.
A noticeable increase in trading volume has coincided with the recent price surge, suggesting investors are once again interested. This increase could be the start of a longer-term rally, especially if Ethereum manages to maintain its current course in the days to come. For Ethereum, the $3,500 range will be a critical resistance level going forward. If breached, the next target would likely be $3,800, where there was a lot of selling pressure on the asset in the past. The $3,120 level remains crucial support on the downside. Ethereum could return to a downtrend if this level is lost, with $3,000 serving as the next support.
Although Ethereum’s recovery is encouraging, its future development will also be influenced by general market conditions. Ethereum could benefit from the general optimistic mood in the cryptocurrency market as Bitcoin continues to show strength. Although ETH appears to be waking up at the moment, its next moves will determine whether or not this momentum can turn into a full-fledged recovery.
XRP enters correction
XRP is rising after the correction period. The asset’s strong bullish momentum was demonstrated by its nearly 10% rally over the past day. Because it indicates the possibility of future growth, this move has attracted the attention of traders and investors. XRP saw a natural pullback after its big rally earlier this month, testing support levels near $3.
Given the rapid rise and overbought circumstances, the correction was expected. But XRP’s rapid recovery suggests there is strong buying interest at lower prices. The 26 EMA is one of the main technical elements behind the recovery of XRP; it has now started to catch up with price developments.
By serving as a dynamic support level, this exponential moving average lays the foundation for future upward movement. Maintaining bullish momentum depends on the asset’s ability to stay above this crucial level. XRP is encountering resistance at its most recent high of $3.50 and is currently trading near $3.42. It would be a major milestone for the asset if it were to break above this level and retest the $3.75 to $4.00 zone.
A breakout could indicate a larger downward correction as the $3 level remains critical support. The recent price surge has been accompanied by an increase in trading volume, suggesting renewed interest in XRPsupporting the bullish argument. Given the improving market sentiment and advantageous technical setup, XRP appears poised for further upside.
While there are still risks, especially given the volatility of the market as a whole, XRP is well positioned for future growth given its robust recovery and alignment with important technical levels. All eyes are currently on the asset’s ability to maintain its upward trajectory and overcome significant resistance levels.