Shiba Inu (SHIB) Lowest Level in 2024? What’s Happening, XRP Secures Golden Cross, Ethereum (ETH) Takes Wrong Turn

As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I can confidently say that the current behavior of Shiba Inu (SHIB) and Dogecoin (DOGE) is not surprising. Their parallel movement suggests a homogenized market perception of these meme coins, possibly due to their shared origin as internet phenomena rather than any fundamental value.


Currently, Shiba Inu and other meme cryptocurrencies seem to be displaying very similar market trends, and this isn’t just a coincidence. Both Dogecoin (DOGE) and Shiba Inu (SHIB) have been going through an extended phase of low volatility, which leads us to wonder about the broader market opinion on their future possibilities.

Over the past period, Shiba Inu (SHIB) and Dogecoin (DOGE) seem to be following each other closely, neither showing clear indications of a surge or substantial improvement. This synchronized movement might imply that investors view these two digital currencies in much the same way, possibly due to their shared status as meme coins.

Shiba Inu (SHIB) Lowest Level in 2024? What's Happening, XRP Secures Golden Cross, Ethereum (ETH) Takes Wrong Turn

As a crypto investor, I’ve noticed that Dogecoin (DOGE) and Shiba Inu (SHIB) have been behaving quite similarly lately. This could be due to the overall market sentiment, which seems uncertain right now. Bitcoin and Ethereum, two major players in the market, have settled down following their recent ups and downs.

The ups and downs seen in SHIB and DOGE‘s performance reflect their inconsistency, as they struggle to gain momentum. Waning enthusiasm for meme coins could potentially contribute to this situation as well.

XRP recovers

The digital currency XRP has now formed the ‘golden cross’ – a significant technical indicator. This occurs when a shorter-term average price trend line intersects and moves above a longer-term average trend line, potentially signaling that the asset’s price might increase.

Many investors view the golden cross as a reliable indicator for extended bullish market movements. They are closely monitoring the progress of this pattern in XRP, as its 50-day moving average is about to cross over its 200-day moving average.

As a seasoned cryptocurrency investor with years of experience under my belt, I firmly believe that this recent crossover is a promising sign for the continuation of the current bull run in the market. Having witnessed numerous market fluctuations, I can confidently say that such crossovers often indicate sustained upward price movements and potential gains in the near future. However, it’s crucial to keep an eye on the broader market context before making any investment decisions.

Despite no clear upward or downward trajectory currently, the influx of funds into Ethereum (ETH) and Bitcoin (BTC) ETFs suggests a market environment that’s generally steady. XRP could potentially follow its trend after the golden cross is verified, potentially reaching resistance levels between $0.70 and $0.80.

If market circumstances shift or the golden cross fails to attract sufficient buying demand, XRP may struggle to surge beyond these current thresholds. Consequently, it might enter a phase of sideways movement or potentially revisit the support levels near $0.50 again.

Ethereum still pushed

Despite being the second-largest cryptocurrency by market capitalization, Ethereum appears to have veered off course due to minimal engagement from the market. A steep drop in trading activity has been noted for this asset, and this lackluster interaction is mirrored across its entire network. Both investors and developers have expressed worries about the abrupt decrease in activity within the once-thriving Ethereum ecosystem.

One straightforward rephrasing could be: “One of the most obvious signs that Ethereum is currently facing issues is the decrease in transaction fees within its network. Interestingly, gas prices, a common measure of network activity, have fallen below 1 gwei.”

In simpler terms, it seems that the current situation indicates that our network is significantly underused, with fewer transactions and less user interaction. Many factors might be contributing to this decrease in activity. For starters, the cryptocurrency market as a whole is complex, with many moving parts, and even major assets like Bitcoin can be highly volatile and unpredictable.

Investors are cautious since Bitcoin’s price is nearly $60,000, but the market for alternative coins like Ethereum hasn’t shown significant growth yet. The lack of exciting new projects or updates within the Ethereum community might also be contributing to the decreased attention.

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2024-08-20 03:50