XRP has shown investors that it is not the weakest asset on the market right now. The asset is currently in consolidation mode around $0.48, but with the possible formation of a higher low, XRP could enter an uptrend.
XRP has shown investors that it is not the weakest asset on the market right now. The asset is currently in consolidation mode around $0.48, but with the possible formation of a higher low, XRP could enter an uptrend.
On the daily chart we can see that It is getting stronger. With room to rise, the RSI (relative strength index) at 42 indicates that XRP is neither overbought nor oversold.
The formation of a higher low is one of the crucial indicators to watch out for. It would suggest a possible shift in market sentiment from bearish to bullish if XRP could hold this higher low. Because it indicates that buyers are entering the market at higher prices and preventing the asset from falling to previous lows, this pattern is often interpreted as an indication of an impending uptrend.
The possibility of an uptrend is also supported by volume analysis. Although trading volume has been comparatively constant, any increase in volume during this consolidation stage could indicate significant interest from buyers. An important sign of a bull market would be a break above current resistance levels accompanied by high volume.
Shiba Inu needs help
Shiba Inu’s current state is really terrible. The meme coin is in its worst state since the beginning of the year and some indicators show values we have not seen since 2023. Are things going to change or is this the end of SHIB?
Shiba Inu has fallen drastically to the point that it may be significantly overpriced. SHIB value has fallen below multiple significant support levels, such as the 50 EMA and the 100 EMA, and is currently trading dangerously close to the 200 EMA, according to daily chart study.
Yuri MolchanDue to the relentless downward spiral, investor confidence has been damaged and SHIB has entered the oversold zone. With the RSI (Relative Strength Index) at 26.99 right now, it is evident that SHIB is oversold. The RSI was at this low point more than 1.5 years ago. An RSI below 30 is generally considered a strong buy signal, indicating that the asset is cheap and may be about to see a price increase.
However, for a significant recovery to occur, technical indicators and general market sentiment must match. Additionally, trading volume has decreased, suggesting that there is not much buying interest at these prices. This further intensifies the negative outlook for SHIB. Due to the speculative nature of meme coins and their recent performance, investors are cautious about jumping on the bandwagon.
Ethereum eyes recovery
Ethereum is reaching $3,500 after the most recent correction and consolidation around it. Fortunately, the advance here is more than a possibility, as the second-largest cryptocurrency remains composed while the rest falls.
Gamza KhanzadaevGiven the volatility of the market as a whole, Ethereum’s ability to maintain its value around $3,500 is impressive. Ethereum is demonstrating strong buying interest around the 50 EMA and 100 EMA, as well as other important support levels, consolidating above them on the daily chart.
With a solid foundation, ETH can rise without being immediately pressured to sell due to its neutral position. Ethereum may signal an uptrend and attract additional buyers if it can maintain its current momentum and surpass the $3,500 resistance level.
