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Shiba Inu (SHIB), one of the most popular meme coins, is making headlines again as it stages a comeback, signaling a potential second round of significant price movement.
Recent data indicates that Shiba Inu has made a notable return, climbing back above the $0.000008 mark. As of the latest update, SHIB is trading at approximately $0.00000821. This resurgence is particularly significant, given the broader relief rally observed among meme coins recently.
The Shiba Inu ecosystem has been bustling with activity, especially with the launch of Shibarium, its Layer 2 scaling solution. However, the launch was not without its challenges. On the very first day, more than 1,000 ETH got stuck in the bridge, raising concerns and questions about the project's technical robustness.
Another crucial factor that could influence SHIB's price trajectory is its relation to broader market events. The recent SEC appeal against Ripple and its subsequent win, where XRP was marked as a nonsecurity, had ripple effects (pun intended) across the crypto market. While XRP lost all of its post-decision gains, it set a precedent that could influence the perception and regulatory stance on other cryptocurrencies, including meme coins like SHIB.
XRP has been in the spotlight for various reasons, from its legal battles with the SEC to its price performance on the market. As of the latest data, XRP is trading at approximately $0.519. This price point is significant, especially when considering the tumultuous journey XRP has had over the past few months.
The upcoming SEC appeal against Ripple is a pivotal moment for XRP. Ripple's previous victory in court, where XRP was marked as a nonsecurity, brought a wave of optimism to its community and investors. The price surged as the market reacted positively to the news, believing that the regulatory clouds over XRP had finally cleared.
XRP gets ready for another battle
However, it is essential to note that despite the initial surge after the SEC decision, XRP has lost all of its gains. The price has returned to levels seen before the positive court outcome, nullifying the post-SEC decision growth. This retracement has left many investors and holders anxious about the future price trajectory of XRP.
One key metric that has caught the attention of analysts is the Relative Strength Index (RSI) of XRP. The RSI is a momentum oscillator that measures the speed and change of price movements.
Typically, an RSI below 30 indicates that an asset might be oversold, suggesting a potential price rebound. Conversely, an RSI above 70 might indicate an overbought condition. The plummeting RSI for XRP could be a sign of relief for holders, hinting at a potential upward price correction in the near future.
Ethereum might aim upward
Ethereum, the second-largest cryptocurrency by market capitalization, has recently shown signs of potential recovery. After a sharp decline to the $1,580 price level, Ethereum has made a promising bounce, reaching close to the $1,700 mark. This upward movement has brought a sigh of relief to many investors, who have been closely monitoring the asset's performance.
One of the significant indicators that traders and analysts often refer to is the Exponential Moving Average (EMA). The weekly 200 EMA for Ethereum is currently hovering around the $1,618 price level. It is worth noting that Ethereum's recent low was just shy of this EMA, suggesting that it might have acted as a form of support for the cryptocurrency.
However, while EMAs can provide valuable insights into potential support and resistance levels, they are not foolproof. EMAs represent average price movement over a specified period and can sometimes lag behind actual market conditions.
As of the latest data, Ethereum is trading at approximately $1,644.59. The recent bounce from the $1,580 level to its current price indicates a potential shift in momentum. If Ethereum can maintain its position above the weekly 200 EMA, it might further solidify the argument that this level is acting as a form of support.
Yuri Molchan
Tomiwabold Olajide
