This is XRP’s Last Chance, Shiba Inu (SHIB) Lost Another Level, Bitcoin (BTC) Bulls Are Here – Crypto News

When XRP tests its 200-day Exponential Moving Average, a crucial long-term support level that has continuously served as a base for reversals throughout the asset’s history, it is at a pivotal point. Pressure is increasing, and a major downward spiral could be triggered if this line is not maintained.

A robust intraday bounce from the 200 EMA indicates that buyers are still defending this level as XRP is currently trading close to $2.16. But the possibility of a breakdown is very real. The next likely support zone, which is dangerously lower and around the $1 mark, would essentially cut XRP’s value in half from its recent highs if the asset decisively loses this support.

This is the final genuine chance for XRP to rise before it plunges into bearish oblivion at its current level. With lower highs regularly forming and a descending triangle pattern evident, price action over the last few weeks has already demonstrated weakness. Concern is further increased by the decreasing volume, which shows that even as the asset gets closer to a crucial price point, fewer participants are expressing interest.

A neutral but somewhat bearish bias is indicated by the RSI, which is currently just below 45. On the other hand, a reversal pattern may begin if bulls are able to push XRP above the group of resistances around $2.25-$2.26, including the 50 and 100 EMA levels. That would ease some of the pressure and possibly rekindle the momentum in the direction of $2.50 and higher.

Shiba Inu plunges

With a sharp decline below a crucial horizontal support level that served as a solid foundation for several previous bounce attempts, Shiba Inu has taken yet another bearish hit. The price, which is now trading at about $0.00001230, has broken below the local trendline support, indicating a sharp decline in the sentiment of the short-term market. The technical configuration presents a concerning image.

A classic bearish signal, the asset is currently trading firmly below the 50, 100 and 200 EMAs, with all three moving averages pointing downward. Above all, the decline toward the next psychological and structural support level, which is close to $0.00001000, is made possible by the loss of the mid-May support level, which is located around $0.00001300. Significant trading volume coincided with this most recent breakdown, confirming the sell-side pressure. 

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According to RSI readings which are currently at 43, SHIB is getting close to oversold territory, but more downside is possible before a possible reversal is feasible. From a wider angle, Shiba Inu has been trapped in a protracted downward trend since its peak in late 2023, and the most recent price movement only serves to confirm that direction.

Sellers maintain control if there are no fresh catalysts, either technical or fundamental, to boost demand. In the next few days, momentum traders may pile in with short positions speeding the decline to $0.00001000 if SHIB is unable to recover and close above the $0.00001300 zone. 

Shiba Inu may either stage a midterm recovery or continue to decline toward multi-month lows depending on how the price responds at that level, which is both a psychological threshold and past active demand zone. Caution is still advised for the time being. It is obvious that SHIB has lost yet another important foothold, and the ascent will be more difficult than before.

Bitcoin stabilizes

Following a steep decline from recent highs close to $112,000, Bitcoin seems to have stabilized, landing directly on top of the 50-day EMA. The price is currently trading at about $104,000, and the robust intraday bounce today suggests that bulls are not quite ready to give up. In technical terms, the 50 EMA is frequently used as a dynamic support level, and Bitcoin respecting it is encouraging for a quick recovery.

After cooling off from overbought conditions, momentum indicators like the RSI are now rising from neutral territory, indicating that there may be more upside. However, Bitcoin’s position in relation to the 26 EMA may add even more intrigue. This short-term average could serve as the starting point for a swift relief rally, if it is decisively moved above. Bitcoin may quickly retest the $107,00-$108,000 range if buyers intervene with volume.

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This bounce, however, does not imply that there is no obstacle in the way. In order to verify a significant reversal, the price must hold the 50 EMA and recover the 26 EMA in the upcoming sessions. Failure to do so could result in a return to the crucial technical and psychological support level at $100,000, which also coincides with the horizontal resistance-turned-support level from the breakout in April.

Volume is still an issue. There is a reason to question the market’s commitment to this rebound given that the most recent uptick did not coincide with notable volume expansion. We will have to watch the EMA levels determine sentiment until Bitcoin either breaks below $100,000 or surges with volume. It is unclear if the short-term bullish recovery in Bitcoin will turn into a full-fledged breakout or merely a dead cat. Bulls have not run out of gas yet, and Bitcoin is back in the game.