After weeks of relentless downward pressure, the cryptocurrency market is showing tentative signs of a possible shift. XRP, Bitcoin, and Shiba Inu are each at critical junctures, leaving investors to wonder if the bears are finally running out of steam.
XRP has been struggling to maintain its footing above the $3,25 psychological level, currently trading around $2,081. However, buyers appear to be defending the $2.75-$2.85 range. The cryptocurrency is finding support at the 100-day EMA. Declining trading volumes suggest that selling interest is waning, hinting that the bears’ grip may be loosening. The RSI, currently at 44, indicates slight bearishness but remains above oversold levels.
Bitcoin experienced a surprising recovery to the $112,000 level after dipping below $110,000 earlier in the week. This recovery, however, occurred on low trading volume, making it a potentially precarious rally. Bitcoin faces resistance near the 50-day EMA at $115,000. The RSI is neutral at 45, indicating a lack of strong buying enthusiasm. The 200-day EMA at $104,000 looms as a potential downside target if the $110,000 support level fails to hold. This $112,000 level is proving to be an uncomfortable pivot zone for both bulls and bears.
Shiba Inu, after a prolonged downtrend, is showing its first positive signs. Trading near $0.0000122, SHIB is tracing a symmetrical triangle pattern. Recent candles suggest that sellers may be losing momentum as SHIB attempts to rebound from the lower boundary of the triangle. SHIB has repeatedly tested the 50-day EMA without breaking lower, indicating potential buyer support in this zone. If momentum continues, SHIB may target the 100-day EMA at $0.0000130 and potentially the 200-day EMA at $0.0000139, a break above which could signal a longer-term reversal. The RSI is leveling off at 46, suggesting potential for upward movement.
While these assets are showing signs of exhaustion among sellers, the market remains fragile. Without stronger volume and bullish support, any potential rallies risk stalling. Investors should remain cautious until structural support and sustained breakouts above major resistance levels materialize.
Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Investors should always conduct their own thorough research and consult with a qualified financial advisor before making any investment decisions in cryptocurrencies, which are highly volatile and speculative assets.
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