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

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Sat, 22/06/2024 - 0:30
Is XRP Finally in Uptrend? Shiba Inu (SHIB) May Still Hit $0.00002: Here's How, Ethereum (ETH) to Start Gaining Some Strength
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XRP has shown investors that it is not the weakest asset on the market right now. The asset is currently in consolidation mode at around $0.48, but with the potential formation of a higher low, XRP might enter an uptrend.

On the daily chart we can see that XRP is consolidating slightly below important resistance levels, which are the 50 EMA, the 100 EMA and the 200 EMA. Prior to making a big move, this consolidation phase usually signifies that the asset is strengthening. With room to rise, the RSI (Relative Strength Index) at 42 indicates that XRP is neither overbought nor oversold.

Article image
XRP/USDT Chart by TradingView

Forming a higher low is one of the crucial indicators to keep an eye on. It would suggest a possible change in market sentiment from bearish to bullish if XRP could sustain this higher low. Because it indicates that buyers are entering the market at higher prices and keeping the asset from dropping to earlier lows, this pattern is frequently interpreted as an indication of an impending uptrend.

The possibility of an uptrend is also supported by volume analysis. Even though trading volume has been comparatively constant, any rise in volume during this stage of consolidation might indicate significant interest from buyers.  A significant signal of a bull market would be a breakout above the current resistance levels accompanied by high volume.

Shiba Inu needs help

Shiba Inu's current state is truly dire. The meme coin is in its worst state since the beginning of the year, and some indicators show values we have not seen since 2023. Are things going to change, or is this the end of SHIB?

Shiba Inu has fallen sharply to the point where it may be significantly overpriced. SHIB's value has fallen below multiple significant support levels, such as the 50 EMA and 100 EMA, and it is currently hovering dangerously near the 200 EMA, according to the daily chart study.

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Due to the unrelenting downtrend spiral, investor confidence has been damaged, and SHIB has entered the oversold area. With the RSI (Relative Strength Index) at 26.99 right now, it is evident that SHIB is oversold. The RSI was at this low point more than 1.5 years ago. An RSI of less than 30 is generally regarded as a strong buy signal, indicating that the asset is cheap and may be about to see a price increase.

For a significant recovery to take place, though, the technical indicators and overall market sentiment must coincide. Additionally, the volume of trades has decreased, suggesting that there is not much buying interest at these prices. This intensifies the negative outlook for SHIB even more. Because of the speculative nature of meme coins and their recent performance, investors are cautious about jumping on the bandwagon.

Ethereum aims at recovery

Ethereum is reaching $3,500 after the most recent correction and consolidation around it. Luckily, the breakthrough here is more than a possibility as the second-biggest cryptocurrency stays composed while the rest is falling.

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Given the volatility of the market as a whole, Ethereum's ability to hold its value around $3,500 is impressive. Ethereum is demonstrating strong buying interest around the 50 EMA and 100 EMA, as well as other important support levels, by consolidating above them on the daily chart.

With a strong base in place, ETH can move higher without being immediately pressured to sell due to its neutral position. Ethereum may indicate a bullish trend and draw in additional buyers if it can maintain its current momentum and break above the $3,500 resistance level.

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