Dogecoin (DOGE) to Remove Zero, Shiba Inu (SHIB) Not Looking Healthy, XRP Catastrophe Avoided, Here's How
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After weeks of uncertainty, Dogecoin is starting to show signs of recovery as its price is rising steadily. DOGE is currently trading at $0.10, slowly approaching the second zero of the decimal point — a psychological barrier that might indicate new life for the meme-based cryptocurrency.
Based on the most recent price movement, Dogecoin has gained almost 2% in the past day after rising off support levels around $0.09. This increase coincides with a pattern of higher lows for DOGE, suggesting the potential formation of an uptrend.
Additionally, the market dynamics have slightly changed in Dogecoin's favor. If Bitcoin and other top cryptocurrencies maintain their comparatively neutral position on the market, increased social media activity and rekindled interest from retail traders could contribute to a price increase.
The relative strength index (RSI) for Dogecoin is approximately 45, which indicates that it is neither overbought nor oversold, allowing for future growth without facing heavy selling pressure right away.
A rally might be initiated if the price keeps rising and breaks above significant resistance levels - especially those around $0.12 to $0.13.
Shiba Inu stagnates
As it battles to overcome the stagnation that has lasted since early August, Shiba Inu (SHIB) keeps displaying signs of weakness. Concerns regarding the asset's short-term future are raised by the fact that it is currently experiencing very little price movement and trading volume.
The asset was once very volatile. SHIB has made several attempts to rise but has not been able to do so. It is currently trading at about $0.00001317. It is clear that the market is not expecting a breakout as long as the price is stuck below important moving averages, such as the 50, 100 and 200-day EMAs.
Gamza KhanzadaevDue to the extended period of in activity, SHIB's volatility has greatly decreased, making it harder for traders and investors to anticipate any significant price movements absent a more significant shift on the market.
The absence of broader market momentum is one of the main causes of SHIB's stagnation. Without a notable increase in these assets, it appears doubtful that SHIB will recover on its own. Cryptocurrencies such as Bitcoin and Ethereum have also gone through periods of low volatility. SHIB's position is further complicated by whale activity and a lack of liquidity, which increases its susceptibility to potential declines.
Without a more extensive market upswing, SHIB's future is still unclear. As the token struggles to gather the momentum it did during its previous bull runs, investors are beginning to doubt its long-term longevity. As things stand right now, SHIB is still unstable, and it might stay that way unless the market as a whole experiences a surge in interest in riskier assets.
XRP sees enormous decline
Recent trading saw XRP just miss a big decline, as it momentarily fell below the crucial $0.50 level. Many traders and investors were concerned about this development, particularly because of the possibility of a break below the ascending trendline, which has been essential to XRP's market structure in recent weeks.
Concerns were raised that a breakdown could lead to a bigger sell-off when XRP dropped to lows slightly below $0.50. The token bounced off the rising trendline that has served as a support level for the majority of the current recovery phase, but it nevertheless held its ground.
Mushumir ButtA break below this trendline would have allowed for additional declines, potentially pushing XRP into the $0.45 or lower range. However, the swift recovery averted a possible disaster. The 50, 100 and 200 EMAs are some of the major moving averages that XRP is currently trading below. These EMAs are acting as resistance levels that the price needs to break through in order to make a sustained upward move. XRP is currently trading around $0.53.
It has not entirely vanished, though, and there may yet be room for recovery, as evidenced by the fact that it was able to hold above the rising trendline. Although the market is still unpredictable, XRP appears to have avoided a significant decline for the time being.
Alex Dovbnya