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XRP is battling for the $0.5 threshold, a battleground that could set the stage for its future trajectory. Apart from being a strong technical threshold, it also has psychological importance.
XRP’s quick rebound from the low of $0.41 shows that there are buyers waiting in the wings, ready to jump in. Yet, the commitment seems problematic, hinting that confidence might not be as strong as bulls would hope.
The rally from recent lows shows promise, but for a sustained recovery, conviction needs to beef up. If the broader market finds its feet again and begins a recovery phase, XRP is likely to ride the wave too. However, the true test lies in its ability to maintain momentum and firmly establish itself above the $0.5 line.
If XRP can secure its stance above $0.5 and gather strength, the next resistance it faces could be at around $0.58. Overcoming it will open up a way toward the next major levels that, if broken, might provide additional strength for the asset's rally.
If the market fails to rally and XRP loses $0.5, it may retest the recent low at $0.41. A slip below this support could leave it vulnerable to further losses. Hopefully, there is enough conviction among traders for a swift recovery in case the price falls toward that threshold once again.
Shiba Inu's fierce battle
Shiba Inu has been rallying back with a 9% price recovery in the last 24 hours. The meme coin is showing signs that it might be ending its recent period of consolidation. Yet, as trading volumes descend, it could be the calm before a significant breakthrough or breakdown.
SHIB is currently snuggling up to the 100-day EMA, a line that has been a battleground for the price of the meme asset. If SHIB can keep its footing above this line, it could signal a stronger comeback.
A steadfast march upwards could see it face resistance at the $0.000027 mark. A convincing push beyond this level could open up the path to higher valuations, possibly attracting a wave of optimism and buying pressure. However, SHIB could still tumble, with the next substantial support lurking lower, around the $0.000016 price level, which coincides with the 200 EMA.
The current state of Shiba Inu is questionable as the asset is having a tough time recovering due to nonexistent demand for risky assets. The situation may change if Bitcoin returns above $60,000 and gains a foothold there.
Dogecoin is better
Dogecoin seems to have buckled up quite tightly. While other digital assets have slipped below the 100 and even the 200-day EMAs, DOGE has managed to stay just below the 50 EMA. This relative strength puts Dogecoin in an advantageous spot compared to other assets, despite being in a downtrend.
If the cryptocurrency market turns positive, DOGE will be much closer to the safety zone than others. It could paddle back to key resistances with less effort, making a significant comeback within a shorter time frame.
The Dogecoin chart reveals that if the market were to recover, DOGE’s immediate challenge would be to conquer the resistance level at around $0.17. Surpassing this resistance could push the asset toward new heights.
If the market continues its downward trend, Dogecoin could find support at $0.11629, which could serve as a recovery foundation for a comeback bounce. A fall below this support, however, will certainly cause some serious issues.
Tomiwabold Olajide
Godfrey Benjamin
