XRP Failed to Break Through at $0.57, Shiba Inu (SHIB) in Pivotal State at $0.000026, Solana (SOL) Breaks Through: What’s Next?


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XRP is trying to break out of a tough spot at $0.57, but has not yet achieved it. There was a pretty impressive rally a while ago where the price jumped 16% from its lowest point. We were aiming for the 200-day EMA, but the existing purchasing power was not enough.

Although XRP briefly managed to break above the above line, it could not stay there. That’s what happened to him at the 26-day EMA (green line on the chart). XRP broke above that line but could not manage to hold out.

XRP/USDT chart by TradingView

Nevertheless, XRP outperformed many other cryptocurrencies, rising more than 6% and reaching a high of $0.57. The number of large wallets has increased by 3.1% in the past 6 weeks, making it a hot topic. We are also approaching the highest number of whale tier wallets ever.

Now, if we are talking about where XRP will go in the future, we need to focus on an important level. There is support around $0.55 with a little cushion in price. That’s where I feel comfortable and I don’t often go below that. In terms of growth, we are keeping an eye on the resistance at $0.57, which also coincides with the 200 EMA. If XRP can break through and move above it, it could give the green light for the price to move higher. But for now, staying on top of that hill is proving difficult.

Shiba Inu under pressure

Shiba Inu is currently at a pivotal moment on the charts. The token is actively trading near $0.000028, aiming to break above the 50-day EMA, a threshold that could determine its next direction.

SHIB is sandwiched between two important lines, the 50EMA and the 26EMA. Stuck in a narrow hallway, deciding which direction to go. With trading volumes trending upward, this suggests that a spike in volatility may be coming.

Now, what really matters is that if SHIB manages to rise above the 50 EMA, it could potentially contract higher. However, if it turns down, there is some support near the $0.000022 level where it could land and take a break.

If trading volumes continue to increase gradually, we may see some price movements. Will it jump and break through the resistance or will it stumble and have to find support? Only time and the state of the crypto market will tell.

Solana remains strong

Solana (SOL) has gained a foothold above $150. However, there is a small problem. The 26-day moving average is acting as stubborn resistance, and SOL is having a hard time breaking it.

As SOL slowly climbs above $150, the resistance posed by the 26 EMA suggests that the road ahead may not be smooth sailing. Trading volume, which is the amount of SOL traded, is also on the decline.

This is a bit worrying because high volume means the price level may have strong support. On the other hand, low volume could mean there is not enough gas to continue the rally or push the price higher.

Looking at the numbers, the immediate resistance to watch is near $160, where the 26 EMA is moving. There is a limit if the SOL can jump over it, but if it fails, it can slide down for support. The 100 EMA is acting as support near $139, a level that previously provided SOL with a basis for recovery.

If SOL can muster enough market enthusiasm to break through the current resistance, we could see an upside. But if that fails, the more likely outcome is prolonged consolidation or further adjustment, which could be problematic for the asset.

About the author

Armand Sirignan

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