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Ethereum (ETH) to Start Gaining Some Strength, Is XRP Finally in Uptrend? Shiba Inu (SHIB) May Still Hit $0.00002: Here's How

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Thu, 20/06/2024 - 0:30
Ethereum (ETH) to Start Gaining Some Strength, Is XRP Finally in Uptrend? Shiba Inu (SHIB) May Still Hit $0.00002: Here's How
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Ethereum is finally regaining some of its lost position. The second-biggest cryptocurrency on the market has already tested the $3,600 threshold. While the 26 EMA break did not happen, the fact that Ethereum tested that threshold may become a foundation for a bullish reversal in the foreseeable future.

Ethereum needs to rise above critical support levels in the near future. In particular, the $3,400 and $3,352 support levels are crucial. Ethereum could indicate strength and the possibility of further upward momentum if it can stay above these supports. 

Traders are keeping a careful eye on these levels for any indications of persistently bullish activity. The most likely reason behind the reversal is the exhaustion of bulls.

Investors should monitor the $3,600 resistance level, as a break above it may trigger a fresh upswing in price. Overall Ethereum's long-term potential — fueled by growing adoption thanks to the ETF and technological advancements — remains intact even though short-term fluctuations are to be expected.

XRP's surprising strength

XRP faces a 26 EMA resistance level after the bounce from $0.46, which is a strong signal for the asset. Despite losing the $0.5 support level, the short-term outlook is surprisingly positive for XRP. Key resistance levels to watch include $0.52 and $0.54, where a break above these could indicate further upward movement.

A sustained price above $0.46 is critical for XRP in the near term. With its solid support, this level might serve as the basis for a resurgence. As long as XRP can overcome the immediate resistance at $0.52, traders are hopeful about a possible rebound.

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Still, there is cause for concern regarding the asset's long-term performance. The future of XRP is clouded by enduring regulatory challenges, most notably the ongoing lawsuit with the SEC. Since bad news can cause prices to drop sharply, market sentiment is also an important consideration. 

The outcome of these legal challenges and public perception of the cryptocurrency market will have a significant impact on XRP's long-term prospects. Even though the short-term outlook is promising and could result in gains if resistance levels are overcome, investors should exercise caution. XRP has a number of long-term issues that could affect how well it performs in the upcoming months.

Shiba Inu is plummeting

Shiba Inu's drop below $0.00002 was dramatic and clearly should be treated as a signal of a potentially upcoming price drop. However, there is an important factor to consider: the short-term price drop is not set in stone, so bulls may still have enough reserves to buy back.

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Specifically, $0.000019, $0.000022 and $0.000023 are three important price levels to keep an eye on. Each of these levels represents potential resistance or support areas that could determine Shiba Inu's next move. 

At these prices a significant buyback might stop the current downward trend but if it does not hold, losses could continue. Short-term maintenance above $0.000019 is critical. A breakdown below this level could result in additional selling pressure because it has served as a significant level of support. On the other hand, a recovery of $0.000022 and $0.000023 would suggest a return of bullish momentum and might draw additional buyers into the market. 

The popularity of Shiba Inu is fueled by its active social media presence and thriving community frequently causing their prices to fluctuate sharply. Sentiment can shift quickly, which can have a major impact on price, so traders need to be prepared for that.

Furthermore, Shiba Inu's performance may be impacted by changes in the larger cryptocurrency market. Shiba Inu's long-term prospects hinge on its capacity to sustain interest and usage among the cryptocurrency community. Long-term growth may be possible for the project if it keeps coming up with new ideas and draws in users.

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