Ready for Bigger Price Rally – Crypto News

It appears that the recent price movement of XRP is the beginning of a robust upward trend. Every significant short-term resistance in the asset’s path has been easily overcome in the last two weeks as it has carved out a channel of steady upward movement. As of press time, XRP is up about 10% since the start of the month, trading at $2.17. 

The chart indicates that there are not many barriers preventing it from reaching the psychological $2.15 mark. Technical signs validate this strong momentum. The market now has few clear short-term ceilings as the price has soared above all significant moving averages, including the 50, 100 and 200 EMAs. In order to exhaust sellers and prepare the way for a clean breakout, the market spent the majority of the previous quarter consolidating in a narrow range.

The volume has been rising steadily over the past few sessions, indicating that actual participation is fueling the surge and that this advance is not just speculative noise. Investors should closely monitor whether XRP can sustain its position above the ascending trend channel from this point on. It may be possible for the asset to move toward $2.50 and possibly $2.75 if it consolidates close to current levels without making a significant comeback. 

There may still be opportunity for upside before conditions get stretched, as the RSI has risen into somewhat elevated territory close to 68, but it is still below the traditional overbought threshold. To put it briefly, XRP is about to enter a stage where it might get harder to stop. In contrast to past rally attempts, this surge is taking place on the strength of improving volume, clear trend support and a steadily strengthening backdrop of bullish sentiment. 

XRP is expected to continue rising as long as general market conditions remain steady, and over the next few weeks, it may develop into one of the more resilient outperformers in the large-cap cryptocurrency space. The coming days will be critical for traders and investors to determine whether this breakout has the potential to develop into something much larger.

Bitcoin’s rejection

The price of Bitcoin was decisively rejected just short of the all-time high resistance, marking the end of its unrelenting rally. Following several weeks of steadily rising from the $95,000-$100,000 consolidation zone, Bitcoin soared to test the upper trendline close to $112,000, a level that has historically either precipitated a quick reversal or a euphoric breakout. 

The bears were there this time. Bitcoin may only halt at about $120,000, as indicated by several resistance clusters, if it makes another attempt to reach its all-time high. The medium-term price structure of Bitcoin is still positive in spite of the rejection. As the 50-day, 100-day and 200-day trend lines slope upward and converge to form a cushion around $106,000-$102,000, the asset remains well above all of the major moving averages. 

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These levels are probably the first places dip buyers could reenter if the pullback picks up speed. One important thing to keep an eye on is volume. The most recent daily candle indicates a remarkable surge in trading activity during the attempted breakout, but interest in follow-through is beginning to wane. 

A deeper retracement may occur as traders unwind overly leveraged positions, if this drying liquidity continues. Investors should anticipate increased volatility in the near future. Although it is not shocking that Bitcoin did not hit the all-time high on its first try, it serves as a reminder that the market is not yet prepared to go into price discovery mode.

Shiba Inu in profit again

Shiba Inu is taking center stage once more, displaying unmistakable indications that a larger price surge may be imminent. SHIB has been steadily rising from its local bottom around $0.000011 over the last week, and today’s session represents a potentially crucial technical development — the clear breakout above the 50-day exponential moving average.

Since mid-June, the asset has been capped at this level, repeatedly turning away buyers who attempted to increase the price. The close above it today indicates a potential shift in sentiment and supports the bullish story that has been subtly developing on the charts. The 100 EMA is the next immediate technical target and is presently trading close to $0.000013. 

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A strong move above that barrier might lead to a wave of buy orders, which would pave the way for an advance toward the more ambitious price target of $0.00002, which SHIB has not seen in months. This rally is not the result of a few speculative traders as evidenced by the volume beginning to increase. There is still plenty of space before the asset faces overbought conditions, even though the RSI has entered somewhat elevated territory at 57. 

This shows that bulls can move higher without immediately inciting aggressive profit-taking because they have enough breathing room. In the future, SHIB needs to maintain closes above the 50 EMA and gain traction in the direction of the 100 EMA.