Bitcoin (BTC) Receives Critical Hit, Shiba Inu (SHIB) in Catastrophe Mode, Can Lose $0.00001 Again, XRP Stronger Than It Should Be By U.Today

U.Today has been crushed by selling pressure in recent hours. The first cryptocurrency is on the verge of losing the $65,000 threshold. The drop below this threshold has already triggered a large number of liquidations and if no change is seen, the situation will become even worse.

This chart shows how difficult it has been for Bitcoin to hold the critical support level of $65,000. BTC is in danger of breaching this critical threshold due to strong selling pressure. A drop below this threshold could trigger further liquidation, which would then intensify the downtrend.

Recent trading volume has seen further selling, suggesting traders are panicking even more. The current price decline may be overdone as the Relative Strength Index (RSI) has entered the oversold territory. That said, an oversold RSI alone cannot halt the downward momentum, especially if selling pressure is sustained.

The bleak outlook is further exacerbated by concerns over increased regulation and macroeconomic uncertainty. Overall market sentiment remains cautious, with many investors choosing to sell holdings rather than endure the volatility.

Bitcoin’s moving averages are also showing a dire picture from a technical standpoint, with the flattening of the 50-day EMA indicating weakening upward momentum.

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Shiba Inu lost the 200 EMA support level, causing the price to plummet and incur heavy losses. The $0.00002 level is no longer realistic, so the best bet is the psychological $0.000015 support. In reality, however, the most likely scenario is that it will drop to a multi-month low.

The latest charts show that a major drop occurred when SHIB failed to hold the 200-day exponential moving average (EMA), which many traders consider a strong support level. Losing this support level resulted in SHIB plummeting and a steep sell-off began. The next important level is currently psychological support at $0.000015, but given the momentum, this too may not hold.

Trading volume shows that selling pressure is increasing and market sentiment is decidedly bearish. SHIB may currently be undervalued, given that the Relative Strength Index (RSI) is currently in oversold territory. However, given the current negative sentiment, oversold conditions alone may not be enough to halt the downtrend.

SHIB may be nearing multi-month lows and a continued decline could see it test levels not seen since the beginning of the year. The bear market is strengthened by weakness in the cryptocurrency market overall and a lack of compelling use cases for Shiba Inu. Barring a major catalyst, market trends suggest SHIB may struggle to find a bottom in the near future.

We recommend bracing for further volatility and possible declines, as SHIB will likely continue to fall until it recovers and sustains above the 200 EMA, which is a major technical pullback.

The amazing resilience of

XRP is the last asset that offers hope for stability: despite the overall market decline, with some assets dropping in value by around 10%, the cryptocurrency is still trading around the $0.5 price threshold.

In a market characterized by volatility, XRP’s resilience is remarkable. The asset has managed to hold its ground amid significant declines in other major cryptocurrencies. The chart shows that XRP has maintained its position above several major moving averages, including the 50-day EMA (blue line) and the 200-day EMA (orange line), which is an encouraging sign for investors.

XRP trading volume remains relatively stable, indicating that interest in the asset remains strong. The Relative Strength Index (RSI) is in the neutral zone, indicating that XRP is neither overbought nor oversold at the moment. This balance further supports the idea that XRP is currently in a stabilizing phase.

This article was originally published on U.Today

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