Ethereum
Shiba Inu (SHIB) surprises everyone, Ethereum (ETH) stumbles, when will XRP finally do it?
Read U.TODAY on
Google News
Shiba Inu clearly caught most investors off guard. The meme token crossed the psychological threshold of $0.000025, bounced off the 50 EMA explosively and is currently targeting $0.00003. This sudden surge raises a compelling question: Can SHIB maintain its momentum and reach $0.00003?
The recent breakout of resistance at $0.000025 occurred with huge volume, indicating buyer interest. The level is both psychological and technical that SHIB has struggled with in the past. Therefore, crossing it implies a change in market sentiment and possible further upward movements.
SHIB/USDT chart by TradingView
The 50-day EMA is a sign largely in favor of SHIB. Recently, the token has moved away from the support of this moving average, with a new determination to show the 50 EMA as a strong indicator of bullish feeling.
However, the move to test $0.00003 comes with some bullish flashes. Successively higher lows and highs show that the stock is on an upward trajectory. The volume peak that occurs at the same time as the breakout highlights an uptrend. As such, if buying pressure persists, the upside target price of $0.00003 can easily come into play with SHIB above the 50 EMA.
However, possible obstacles cannot be ruled out. The $0.000028 area could act as temporary resistance. If SHIB consolidates in this area and builds a base, the case for a further move towards $0.00003 would be even stronger. Another aspect to watch is of course the RSI. It is close to overbought status. If it rises above this level, we could see short-term selling followed by further upside.
Ethereum could be ready
Ethereum’s path to $4,000 was truly dominant, especially when compared to the rest of the market. Unfortunately for us, ETH has fallen to around $3,900 and is currently having momentum issues. However, this could be the calm before the storm as the market remains bullish overall.
In the process, after a substantial rally in which ETH broke several resistance levels, the cryptocurrency hit a massive wall around the $3,900 area. This area proved to be a difficult problem to resolve and led to a slight pushback, as evidenced by previous trading sessions. For now, the price is around $3,850 amid consolidation.
Still, several indicators could signal that Ethereum is now taking a breather. Volume remains relatively high, showing that traders are still interested and active.
The $3,900 resistance level needs to be addressed well to pave the way to $4,000. Otherwise, the test of lower support lies around $3,750 and further $3,500, if bearish sentiment increases for ETH.
The XRP struggle
XRP’s journey in the market was full of questionable moves and problematic situations. Unfortunately, things are not changing much as the cryptocurrency remains below many resistances, the price is showing sideways movement since the start of 2024, and the overall outlook for the asset looks bleak. Let’s see why.
The story about the XRP the picture was one of constant struggle. So far, all rally attempts have failed to break above several important moving averages, and prices have been forced not to move higher. The existence of the 50-day EMA, the 100-day EMA, and the 200-day EMA, all acting as big obstacles to a significant upward move, made it difficult. This confluence of resistance levels makes it difficult for XRP to take off with momentum.
Another element is that the volume trends, which paint a worrying picture, continue to decline, symbolizing an absence of sufficiently strong buying interest. The higher the volume, the more difficult it becomes to break out of these difficult resistance levels. Currently, the RSI is hovering in the mid-50s and is mostly indicative of market indecision and the lack of a well-defined trend.
XRP you have to fight to finally get out of it and, subsequently, get on a positive trajectory. This includes a strong and clear move above the 200-day EMA, benefiting from a strong increase in volume that validates the move.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.