XRP shows some recovery potential, but the current dynamics clearly show that there is simply no purchasing power and the asset is unlikely to recover explosively.
Taking a closer look at the XRP daily chart, we can see that the price has failed to break through significant resistance levels. The most significant hurdle is the $0.5 mark, which has proven to be a strong technical and psychological barrier. There has been a lot of selling pressure on the price, which is currently trading around $0.436 despite some upward movement.
The 50 EMA and 100 EMA lines, which both serve as resistance levels, suggest that unless there is a significant influx of buying volume, the bearish trend may continue. The 200 EMA is significantly above the current price, highlighting the bearish long-term outlook barring a significant bullish reversal.
Volume analysis confirms the negative outlook. There appears to be a lack of investment interest, as evidenced by the relatively low volume of purchases. XRP is finding it difficult to sustain any upward momentum without strong buying pressure. While the RSI is not quite oversold, it is trading at 39, which is in bearish territory.
The Decline of the Shiba Inu
Although Shiba Inu has been declining for some time, recent changes indicate that this trend may be changing. The asset level of $0.000016 has provided support to the price. Since this suggests that the market perception of SHIB may be changing, this recovery is significant.
Bulls should take heart from the fact that SHIB managed to hold above the 50-day moving average (EMA) on the daily chart. SHIB’s next target will be the significant psychological resistance at $0.00002. A break above this level could indicate a stronger bullish trend for the asset.
This possible recovery is supported by volume analysis. A noticeable spike in trading volume suggests that investor interest is growing. In addition, the RSI is rising, indicating that buying pressure is increasing.
This optimistic outlook is further supported by on-chain data. The stability of the concentration of large holders, or whales, in SHIB indicates that large investors continue to hold their positions. This sequence may offer a solid base on which the asset’s value can rise.
Large players have also become more active, as evidenced by the increase in large transactions. Given that large transactions can indicate confidence in the asset’s potential, this activity often leads to larger price movements.
Additionally, overall market sentiment is shifting in favor of cryptocurrencies, especially SHIB. Assets like SHIB could benefit from the overall upward trend as the crypto market recovers from recent downturns. SHIB is an attractive option at the current price as investors look for opportunities in undervalued assets.
Solana’s Death Cross
A potential “death cross” between the 100 and 50 EMAs on Solana is looming on the horizon, driven by the inability of bulls to push SOL above the current threshold.
Solana is showing signs of a possible bearish technical indicator known as a “death cross,” which occurs when a short-term moving average crosses below a longer-term moving average.
In this case, the 50 EMA is about to break below the 100 EMA. This pattern often indicates an impending decline. SOL is currently trading at $141, unable to break the resistance levels set by the 50 and 100 EMA.
Although the bullish momentum seems to be fading, trading volume remains relatively stable. There is no strong buying or selling pressure as the RSI hovers in the neutral zone. The market appears to be cautious about Solana. SOL has been impacted by the volatility experienced by the larger crypto market.
The bulls tried to push the price higher but faced fierce resistance. A death cross could materialize and cause SOL to fall further if the bulls fail to maintain the buying pressure. Solana could enter a bearish trend and fall to the next support level, which is around $130, if it fails to break the resistance levels.
