Shiba Inu (SHIB) Sees Crucial Reversal, Toncoin (TON) Brutally Denied: What’s Happening? XRP Forms Extremely Important Triangle Pattern

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As a seasoned crypto investor with a knack for reading market trends and a portfolio that has weathered numerous bull and bear markets, I find myself intrigued by the current state of these three digital assets – Shiba Inu (SHIB), Toncoin (TON), and Ripple (XRP).

The trading activity for Shiba Inu is showing a rising trend, implying a possible shift in direction. This surge in trading activity could indicate increasing investor curiosity about the asset, possibly hinting at a shift in market attitude as suggested by data from recent price graphs.

SHIB has pulled back due to failing to surmount its immediate resistance point. However, a significant shift is unfolding – a potential base or trough is being built. This emerging base for SHIB is promising as it hints at the possibility that the prolonged downtrend could be coming to an end.

Shiba Inu (SHIB) Sees Crucial Reversal, Toncoin (TON) Brutally Denied: What's Happening? XRP Forms Extremely Important Triangle Pattern

If the current trend persists, a series of lower highs followed by higher lows might indicate that Shiba Inu is starting a prolonged recovery phase. This pattern typically suggests a shift in market control from sellers to buyers. Additionally, examining the trading volume among significant investors is another crucial factor to take into account.

The behavior of large investors (whales) in SHIB could significantly influence its price trend. If whale buying continues or intensifies, it may build enough momentum to break through the present resistance levels. In the coming days, pay close attention to these three crucial price points for SHIB: currently, SHIB is attempting to surpass a local resistance level at approximately $0.0000135.

To signal a prolonged bullish phase, SHIB needs to surpass the significant resistance at approximately $0.00001712. Overcoming this hurdle would likely attract more investors, potentially pushing the price upward. However, it’s crucial that the support level at around $0.00001124 is not breached, as a drop below this point might initiate another bearish trend.

Toncoin reversal gone

As an analyst, I’ve been closely monitoring Toncoin’s progress, and it appeared to be on a promising upward trend, showing signs of breakthrough potential. However, my expectations were dashed when Toncoin was abruptly rejected at the $5.5 mark. The trading community, including myself, had predicted that Toncoin would overcome substantial resistance levels after experiencing one of the most significant price surges within the digital asset market.

Despite the TON bulls’ optimism, the market took a different turn and the bullish momentum began to fade away. Even though Toncoin has been doing remarkably well lately, its failure to break the $5.50 barrier hints at persistent selling pressure at higher values. This resistance level, as depicted on the chart, stands out as a significant point of contention. Upon reaching this price point, Toncoin swiftly changed direction, implying that sellers continue to dominate the market at these levels.

One significant factor contributing to this sudden shift was the decrease in trading volume. As Toncoin neared $5.05, there seemed to be a lack of enthusiasm for further purchases, resulting in a dwindling volume. Consequently, the price dropped rapidly and met resistance it couldn’t overcome due to insufficient volume support.

Keeping a close watch, the significant milestone for Toncoin could be around $5. The direction it takes – whether it recovers its bullish trend or continues on its descending path – will largely depend on whether this psychological resistance level holds. It’s crucial to maintain a strong support level below $4.50 to prevent any further drops in value.

XRP’s triangle formation

Based on the graph, it appears that XRP is shaping up as a significant symmetrical triangle pattern. This type of pattern often signals a phase of consolidation before a significant price shift occurs. Essentially, an asset’s lower highs and higher lows come together to create two trend lines that eventually converge, resulting in this formation.

As an analyst, I anticipate a potential breakout for XRP as it nears the peak of its triangular formation. This pattern implies a decrease in volatility and a substantial price shift on the horizon. The significance of this triangle formation for XRP lies in the impending possibility of a major price movement.

When XRP reaches the end of this pattern, let’s examine two possible outcomes:

A potential bullish trend for XRP could manifest as it surges beyond the triangle’s upper boundary. In such a scenario, the price may head towards the resistance levels of approximately $0.55 and potentially reach $0.58. If XRP manages to overcome the $0.58 barrier, an additional resistance level at around $0.60 might come into play.

Pessimistic Outlook: If XRP fails to hold its position along the lower edge of the triangle, it could suggest a bearish breakout scenario.

Given the current situation, there’s a good chance that XRP will return to its key support areas around $0.52 and even dip further down to $0.50 – a level that has been historically strong for XRP. If the market mood sours or if the broader crypto market experiences a downturn, this could trigger a more significant sell-off, potentially pushing the price of XRP lower towards the $0.48 range, should it break below the $0.50 mark.

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2024-09-12 03:12