Shiba Inu’s Unexpected Trading Pattern
Shiba Inu (SHIB) has surprised traders with its recent price action, currently hovering just above its long-term support level of approximately $0.00001200. After briefly touching the 50-day EMA (around $0.00001418) in early June, SHIB was rejected and now finds itself in a narrow trading range .
This consolidation between firm support and stubborn resistance wasn’t anticipated by investors, especially following May’s upward movement. While buyers continue to defend the $0.00001200 floor, the lack of follow-through volume on recent upticks raises concerns. The daily trading volume has been tapering off, indicating hesitation from both buyers and sellers.
The technical outlook remains challenging as SHIB trades below all major moving averages (50, 100, and 200-day EMAs), which continue to slope downward, reinforcing the current bearish trend. The RSI sitting near 45 suggests momentum still favors sellers .
Potential Scenarios:
• A sustained drop below $0.00001200 could accelerate selling pressure, potentially leading to a retest of March lows around $0.00001050
• For a genuine trend reversal, SHIB would need to close decisively above $0.00001392 with increased volume in the coming sessions
XRP Finally Makes Its Move
XRP has recently demonstrated significant strength, decisively breaking above both the 50-day and 100-day exponential moving averages. This technical breakthrough is often viewed as a positive signal indicating potential market recovery and building bullish momentum. The price is also maintaining position above the 200-day EMA, which further validates the breakout.
This sharp increase has renewed optimism among traders and investors who have endured a prolonged period of consolidation. However, caution remains warranted as the moderate volume accompanying this breakout suggests buying pressure may not yet be robust enough to sustain a long-term rally.
The RSI currently sits in the mid-50s, indicating room for additional upward momentum while also suggesting potential volatility ahead. Investors should watch for confirmation of this breakout through sustained closes above key EMAs with increasing volume.
Ethereum’s Skyrocketing Comeback
Ethereum (ETH) has made an impressive move above the critical $2,600 price level, potentially signaling the beginning of a significant recovery. After being trapped in a descending channel for weeks, ETH has broken out into an ascending channel, indicating fresh bullish momentum.
This breakout is particularly noteworthy as it coincides with strong support from key moving averages. ETH remains comfortably positioned above its 50-day, 100-day, and 200-day moving averages, which have historically served as important support levels during bullish periods.
The recent rally has been accompanied by healthy trading volume, suggesting genuine market participation rather than a temporary spike. With the RSI in the low 60s, ETH shows bullish momentum while maintaining room before reaching overbought territory.
After briefly testing the crucial resistance level around $2,800, Ethereum has managed to hold its ground, supporting the case for a continued climb toward the psychologically important $3,000 milestone. Reaching this target would mark a significant achievement for Ethereum, potentially signaling the end of the previous bearish trend and the beginning of a new upward cycle.
