XRP Makes Comeback for Survival, Shiba Inu (SHIB) Has No Ground Under Its Feet, Solana (SOL) Downtrend Becoming Scary

by

As a seasoned researcher with over a decade of experience in this dynamic market, I can confidently say that the current state of XRP, Shiba Inu, and Solana is a microcosm of the ever-evolving crypto landscape.

XRP appears to be inching towards overcoming its downward resistance line, potentially indicating an upcoming recovery. For several weeks now, it has been locked in a downward trend, but if the current momentum continues, its recent price action hints at a possible resurgence. At present, XRP is trading near $2.40, which serves as its immediate resistance level.

A crucial support level for buyers seeking to regain confidence is the price’s steady hold above the 50 EMA. A recovery phase may ensue if XRP is able to close above this descending resistance and generate additional upward momentum. Investors should keep an eye on the $2.57-$2.60 range as their first major price target. This zone would indicate a significant breakout from the most recent consolidation phase and is consistent with prior local highs.

For XRP, the next potential resistance point lies around $2.80 – a level that showed strong rejection earlier this month. If its value and trading volume keep climbing, it might challenge the $3.00 mark, a psychologically important barrier that could trigger substantial buying activity if breached. This could signal a bullish reversal, given that such a move would reinforce the trend. On the flip side, the immediate support for XRP on any downturn is estimated to be between $2.10 and $2.15.

If the value falls below this level, it could signal weakness and potentially cause the asset to move closer to its 200 Exponential Moving Average (EMA), currently around $1.10. The Relative Strength Index (RSI) indicator, presently hovering around 50, indicates a neutral position with possible growth potential if buying activity picks up. However, for XRP to sustain a breakout, volume needs to significantly increase.

Shiba Inu‘s difficulties

In my analysis as a researcher, it’s becoming increasingly challenging for Shiba Inu to maintain its position in the market due to the persistent downward trend in price. The 26 Exponential Moving Average (EMA), a significant level that previously offered support, has been broken by SHIB on the current chart. This breakthrough implies that buyers are failing to protect the asset at crucial points and that selling pressure is escalating.

At the moment, SHIB is priced at approximately 0.00002712 USD. There was a temporary pause in price movement, but the overall trend has been negative. If the downward trend persists, the next significant support level, aligning with the 50 Exponential Moving Average (indicated by the blue line), can be found around 0.00002500 USD.

If Shiba Inu (SHIB) is unable to maintain its current position, it might revisit the area around $0.00002250 – a point with historical significance and coinciding with the 100 Exponential Moving Average (represented by the orange line). This potential return could signal a shift in the overall trend, while a fall below this level could bring SHIB closer to the $0.00002038 zone where the 200 Exponential Moving Average lies in wait.

Lately, it seems buying enthusiasm is waning, leading to more worries given the drop in transaction volumes. SHIB might not have the power to bounce back substantially unless there’s a considerable surge in trading activity. Moreover, if sellers continue to dominate, the Relative Strength Index (RSI), currently at 49, may dip even lower.

This suggests that momentum is leaning slightly towards bearish, but a potential bullish reversal could happen if SHIB manages to surpass its 26 Exponential Moving Average and reclaim the $0.00002750 mark. If this happens, it might become possible to aim for the resistance level of $0.00003000, but this would require a significant increase in buying activity and optimism.

Solana’s weakness

Solana appears to be struggling against an ongoing downturn, attempting to break free from it. After a strong surge in November, SOL has been facing increasing selling pressure and failing to sustain its upward pace. At present, Solana’s trajectory is noticeably descending, with lower peaks suggesting that the market is heavily influenced by bearish opinions.

Currently priced at $217, the asset has dipped down to the 50 Exponential Moving Average (EMA), which historically has acted as a temporary floor. If it falls below this level, there could be further decreases, potentially reaching the next potential support zone around $195. This point is crucial for SOL as it’s being watched closely. The 200 EMA currently stands at $174, an important long-term support area. If selling pressure continues, SOL might slide down to this level.

The data indicates a concerning drop in buying activity. Investors seem hesitant to act at these prices, as suggested by the reduced trading activity during the last session. This weakened enthusiasm makes it challenging for Solana (SOL) to break free from its falling trend and regain higher price levels.

As an analyst, I’m observing that for Solana to regain its strength, it needs to surpass the resistance trendline around $225. A close above this point could suggest a bullish reversal, potentially allowing us to revisit the $240 zone. However, if the momentum doesn’t pick up here, we might continue to see a bearish trend. At the moment, the RSI (Relative Strength Index) is hovering slightly below 50, indicating neutral to slightly bearish sentiment in the market.

Read More

2024-12-17 19:27