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With the Securities and Exchange Commission (SEC) renouncing its appeal against Ripple, the San Francisco-based blockchain start-up has won handily. After making the announcement, XRP quickly surged and overcame significant resistance levels.
A noteworthy bullish breakout is depicted on the chart as the asset advances toward the upper trendline of a descending channel. This movement points to a continuation of upward movement, especially when combined with rising momentum indicators. A run toward $3 becomes more likely if XRP is able to break through the $2.50 mark, as market sentiment clearly shifts in favor of bulls. In recent weeks, a crucial price structure has been forming, and this breakout fits that structure.
XRP is currently showing significant buying pressure as it is trading well above the 50-day and 200-day EMAs. Additionally, volume has significantly increased, reaffirming the bullish sentiment. A retest of the $3 resistance level,which has not been reached since the last bull run's peak, might be possible if the market closes above $2.50 for quite some time. With Ripple's legal troubles mostly resolved, XRP might be in for a long run.
But traders should keep an eye out for any possible declines near important psychological levels. Bullish momentum is likely to continue if XRP consolidates above $2.30. The SEC's appeal being dropped removes a significant obstacle, providing XRP with much-needed momentum to reach its prior highs.
Cardano's momentum waning
Cardano's price action is at a turning point, with bullish momentum seemingly waning. A closer examination of the chart reveals that although the asset has been making an effort to keep moving higher, a worrying drop in volume indicates that the rally does not have the support it needs to continue rising.
The possibility of a price reversal or a protracted period of sideways movement is growing in the absence of enough buying pressure, both of which are undesirable outcomes for ADA holders. The sharp decline in trading volume is one of the main signs of exhaustion. Strong uptrends are typically supported by increasing volume, which indicates that market participants are feeling confident.
A sharp contrast can be seen on the current ADA chart, where volume is decreasing even though the price is close to support levels. Bulls may be losing steam according to this, which would make it challenging for ADA to maintain its recovery.
Alex DovbnyaTechnically speaking, ADA is perilously perched on an ascending support line and is having difficulty breaking through the $0.78 resistance level. This structure shows that ADA is in a tight spot and that a major decision is about to be made. The asset could plunge more precipitously toward lower levels like $0.70 or even $0.65 if buying activity does not increase and it breaks below the support trendline.
Additionally, the 200 EMA and the 50 EMA (Exponential Moving Average) are functioning as powerful resistance levels, preventing ADA from staging a suitable breakout. ADA traders should prepare for possible downside risks as bearish signals continue to accumulate. A significant volume increase and a successful breakout above the resistance level are necessary for Cardano to regain its bullish momentum.
Shiba Inu looks up
Shiba Inu has successfully entered a local uptrend, providing the asset with much-needed respite following extended bearish pressure. According to the most recent price action, buyers are intervening to stop additional downside movement as SHIB is rising above a crucial support level. An important support level that has traditionally served as a crucial turning point has been overcome by the price of SHIB.
Tomiwabold OlajideAs the asset regains stability above this critical level, this move points to a possible short-term uptrend. SHIB may experience a more significant decline and possibly lose another zero if it is unable to sustain its present gains and breaks below this support. Although the overall state of the market is still unclear, SHIB's potential move above this level suggests that it may be making an effort to stabilize.
For this slight uptrend to become more than a short-term relief rally and establish itself as a real reversal, there must be consistent buying momentum. Major resistance levels are still looming ahead, and SHIB is still in a macro downtrend despite the local uptrend. A breakout above the 26-day Exponential Moving Average (EMA), which serves as a short-term barrier, may signal a more significant trend reversal.
Vladislav Sopov
Dan Burgin