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After losing almost 6% in a dramatic daily move, XRP fell below an important support levels and entered a critical zone. It is currently trading at about $2.20. The decline is putting the $2.00 threshold in sight and may serve as the next significant test for bulls after it was rejected at several resistance points.
What's even worse is that XRP is currently trading below the 100-day Exponential Moving Average (EMA), which traders frequently monitor to confirm trends. If selling pressure increases on the larger cryptocurrency market, this breakdown may mark the start of a longer downward trend. With lower highs forming since the December peak, the technical chart indicates that XRP is still trapped inside a descending channel.
The recent failure to recover the resistance zone between $2.37 and $2.42 has strengthened the bearish argument. Additionally, volume is increasing on red candles, indicating that bears are becoming more active while buyers are pulling back. The psychological level of $2.00 is the next local support, followed by $1.93, where the 200-day EMA is presently trading.
The $1.75 zone, which served as a crucial support during the late 2024 consolidation phase, could see an acceleration of losses if this support cluster is broken. The Relative Strength Index (RSI), which shows increasing bearish momentum but also leaves room for volatility, has dropped to about 42. A short-term bounce is feasible if XRP can maintain the $2.00 level; however, in order to turn the trend back in favor of bulls, it would need to swiftly regain the 100 EMA.
Shiba Inu's bullishness is gone
Once again, Shiba Inu has faltered at a crucial resistance level, raising questions about its short-term bullishness. The asset has experienced a significant retracement following a promising upward move that momentarily lifted the price above $0.00001400. It is currently trading at $0.00001327, down more than 5% for the day. The 50-day Exponential Moving Average (EMA), which has continuously served as a barrier during SHIB's recent decline, was exactly where the rejection occurred.
The price's inability to sustain momentum resulted in what now seems to be a classic fakeout, disappointing traders who were expecting a breakout. SHIB temporarily regained higher territory on the chart after breaking above a descending trendline. But the move's weakness was soon revealed by the lack of volume and follow-through. SHIB reversed back into its previous range, invalidating the signal and raising the possibility that bulls may have jumped the gun rather than confirming a bullish breakout.
Godfrey BenjaminThe increasing selling volume, which indicates that market participants are unloading positions as confidence wanes, adds to the bearish tone. Indicating that momentum has turned back to the downside, the Relative Strength Index (RSI) has also dropped to 47. SHIB needs to protect the $0.00001300 support level in the near future.
The asset may be exposed to additional downside if it breaks below it, possibly dragging it back toward the $0.00001200-$0.00001230 region. The likelihood of additional downside is still high until SHIB can clearly break above the 50 EMA and maintain its gains. The beginning of what appeared to be a bull run has swiftly evolved into a warning about resistance denial, reminding traders that genuine trend reversals require conviction to support momentum.
Dogecoin risking
Dogecoin is currently trading at around $0.1802, down more than 5% over the past day, and it is once again under bearish pressure as the meme coin is unable to hold onto important resistance and support levels. This recent action raises the possibility that Dogecoin is about to undergo a much more significant change — a possible decline that might add a zero and push DOGE below the $0.10 threshold.
When an asset loses a significant decimal place as a result of rapid devaluation, the term adding a zero in the context of cryptocurrency frequently denotes psychological breakdown. Additionally, Dogecoin's current technical configuration is moving in that direction. The $0.20 level, which was adjacent to DOGE's 50-day EMA, was recently rejected.
Arman ShirinyanThis rejection signaled a sea change and supported the wider downward trend that had been present since the beginning of February. Red candles and rising volume suggest that sellers are taking back control as the price is now dropping back into a descending range. Only $0.17, which was a bounce zone during February's consolidation, and $0.14, which was a crucial base during its Q4, 2024, rally remain important support levels for DOGE.
The path to $0.10 and perhaps even lower is straightforward if $0.17 is lost in the upcoming days. With its current downward trend and no indications of a reversal, the RSI is at 45. For Dogecoin bulls, the lack of buying pressure and the waning momentum could mean more difficulties down the road.
Vladislav Sopov
Dan Burgin