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Shiba Inu has recently flashed a warning indicator: its 21-day EMA has dipped below the 50-day EMA. Usually, that cross is not considered a type of signal that would hint at serious problems for assets. However, it clearly shows that the momentum on the Shiba Inu market is plummeting.
For now, SHIB is moving around $0.000022, seemingly taking a breather and consolidating. What happens next is largely tied to the mood of the crypto market in general. The upcoming "halving" event has yet to show its full effect. If it turns positive and money starts flowing back into cryptocurrencies, meme coins like SHIB could see renewed interest.
However, on its own, SHIB does not have a strong case for a bullish run. The market has not given it much love independently, and it will need a boost from the general market to start moving up again.
If SHIB were to start climbing, it would first meet resistance near the $0.0000276 level. On the flip side, if it continues to drop, the next significant support lies around $0.00001635 (200 EMA). These are key levels to watch, as they could determine SHIB's direction in the coming days.
The path forward for SHIB is not clear cut. While some hope the halving effect will kick in and push assets like SHIB upward, Shiba Inu still does not provide any fundamental value to investors and only rises based on the speculative nature of the crypto market.
Ethereum retrace
Ethereum's mixed performance raises a lot of questions, but the most important one right now: is it still in an uptrend? Recent patterns in Ethereum's price movements suggest it might be setting up for a recovery.
On the chart, Ethereum is drawing "higher lows" — each dip in price is not going as low as the last one, which could signal strength and a potential upward trend. Additionally, there is consistent trading volume, hinting at an interest in buying and selling the cryptocurrency.
The RSI is nearing "oversold" territory. This often means that the asset could be due for a price increase as it suggests it has been sold too much.
Technically, all these signs point toward a possible uptrend for Ethereum. However, technical analysis is not the most reliable analysis method. For a real recovery, there needs to be a fundamental reason behind it — a shift in market conditions or investor sentiment that drives buying activity.
The market is still reeling from the recent "halving" event, which, contrary to expectations, has not injected the anticipated buying power. Some investors' patience is wearing thin as hope for a quick rebound decreases.
Ethereum's immediate resistance lies around $3,500, with the recent drop finding support near $2,700. If Ethereum can push past the resistance, it might reclaim higher prices. But if the market does not find a fundamental reason to buy in, Ethereum could test the $2,708 support level once more.
Depressing state of XRP
XRP has surely seen better days. Since the beginning of the year, while other cryptocurrencies were enjoying a bull run, XRP's value has actually dropped by about 15%, making it one of the weaker players on the market.
Its current price is moving at major support levels, suggesting it might be undervalued. The big question is whether this is the reset XRP needed to bounce back, or if it will continue to lag behind its peers. Right now, with the price sitting near the $0.45 mark, which has historically acted as a solid floor for the asset, it feels like XRP is at a crossroads.
Of course, there is always a possibility of a reversal. If we take a look at the chart, we can spot potential turning points for XRP. If the currency can collect enough buying support and start to rise, the immediate resistance to beat would be around $0.58. On the downside, if the price breaks below the current support at $0.45, it could plummet further.
XRP's price is cheap, and cheapness often does not correlate with value. It is going to take a solid shift in sentiment or resolution of its legal issues to bring buyers back. Until then, choosing XRP as your go-to asset might end up being problematic for your portfolio.
Alex Dovbnya
