Shiba Inu (SHIB) Lowest Level in 2024? What's Happening, XRP Secures Golden Cross, Ethereum (ETH) Takes Wrong Turn
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Right now, Shiba Inu and other meme coins are showing remarkably similar market behaviors, and this similarity is not accidental. Both DOGE and SHIB have experienced an extended period of low volatility consolidation, which begs the question of what the market's general sentiment will be regarding these coins' future prospects.
SHIB and DOGE have been moving in lockstep, both circling around respective support levels and exhibiting no discernible signs of a breakout or significant recovery. This parallel movement suggests that the market's perception of these two assets is fairly similar, maybe as a result of their status as meme coins.
The general state of the market could be one reason for DOGE and SHIB's harmonized behavior. The wider cryptocurrency market seems to be in a state of uncertainty, with Bitcoin and Ethereum stabilizing following recent fluctuations.
This unpredictability is mirrored in the performance of SHIB and DOGE, which are both having difficulty gaining traction. The general decline in interest in meme coins may also be a factor.
XRP recovers
XRP has reached the golden cross, a crucial technical benchmark. When the price of an asset has the potential to rise, this pattern is formed when a short-term moving average crosses above a long-term moving average.
Many traders consider the golden cross to be a trustworthy predictor of long-term bullish trends. Market players are keeping a close eye on this pattern to fully develop as XRP's 50-day moving average gets ready to cross above its 200-day moving average.
Godfrey BenjaminThe significance of this crossover lies in its indication that the current upward price movement might be sustained, which could result in additional gains soon. It is also important to take into account the larger market context. While Bitcoin and Ethereum continue to be the main focus, with BTC currently trading at about $60,000 and ETH going through its own ups and downs, other coins like XRP are beginning to attract more interest.
Even though there is not a distinct directional trend at the moment, positive flows into ETH and BTC ETFs point to a generally stable market climate. XRP may continue after the golden cross is confirmed, possibly aiming for resistance levels between $0.70 and $0.80.
But XRP might find it difficult to break out above these levels if market conditions change or the golden cross does not draw enough buying interest. This could result in a period of sideways trading or even a retest of lower support levels around $0.50.
Ethereum still pushed
With nearly no market traction, Ethereum, the second-largest cryptocurrency by market capitalization, looks to have taken a wrong turn. Significant declines in trading volume have been observed for the asset, and this lack of activity is reflected throughout its network. Concerns have been raised by investors and developers alike about the sudden decline in usage of the once-vibrant Ethereum ecosystem.
Gamza KhanzadaevThe network's declining transaction fees are one of the clearest indicators of Ethereum's present problems. Gas prices, which are usually used to gauge network activity, have dropped to less than one gwei.
With fewer transactions and lower user engagement, the current state of affairs points to a serious underutilization of the network. Numerous factors could be responsible for this drop in activity. First, there are a lot of moving parts on the cryptocurrency market as a whole, and major assets like Bitcoin (BTC) are also unpredictable.
Investors are wary because, although BTC is trading close to $60,000, the altcoin market — which includes ETH — has not demonstrated particularly strong growth. The dearth of intriguing new initiatives or updates within the Ethereum ecosystem may also have played a role in the declining interest.
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