- Shiba Inu shines
- Bitcoin almost there
A break through the critical resistance level that XRP is teasing could serve as the impetus for a long-awaited rally. On the daily chart, XRP is currently testing the 100 EMA, which has historically been a significant turning point for the asset. It is currently trading at about $2.18. It is the context that makes this test so crucial. XRP recently found strong support close to the $2 mark after bouncing off the 200 EMA.
Having held up several times in the past, this support zone essentially lays the groundwork for the asset to recover. XRP is now aiming for its next major resistance at the 100 EMA (about $2.21) as momentum is increasing and a clear structure is developing on the chart. The market may surge toward the descending trendline around $2.50, and if the move gains momentum, $3, if there is a clear breakout above this level.
Any breakout from here could cause a significant change in sentiment because it is close to the apex of the symmetrical triangle structure that has been in place since February. Since there has not been a noticeable uptick to go along with the recent upward move, volume is still an issue.
Nevertheless, the RSI remains in neutral territory, indicating that more upside is possible before the market overheats. The psychological level of $3 and the next targets to keep an eye on are $2.50 if XRP is able to close firmly above the 100 EMA. Conversely, if XRP is rejected at this level, it is likely to return to the $2.00 support level, with the 200 EMA serving as a last line of defense once more.
Shiba Inu shines
Strong recovery activity from Shiba Inu has sparked conjecture about the start of a wider bull run. SHIB made a strong reversal after momentarily falling toward the $0.0000127 support level. It posted a strong +4% move and rose back above its 50 EMA, a crucial dynamic support level on the daily chart. Not only is the bounce off the 50 EMA technical noise, but it also signals increasing buying pressure at a critical trend zone.
The asset’s historical turning points have been indicated by this moving average, and the current response may indicate that a trend reversal is about to form following months of decline. What comes next for SHIB? The 100 EMA, which is presently trading close to $0. 000014, is the first hurdle.
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Regaining this moving average would be a definite bullish indication, particularly if it is accompanied by a volume spike, as it has previously rejected upward momentum. Near the same $0.000014 zone, where price action stalled during April’s mini rally, traders should also pay special attention to the horizontal resistance.
However, SHIB runs the risk of another rejection and short-term sideways consolidation if there is insufficient volume. Since the asset is comfortably situated close to the neutral zone on the RSI front, more upside is possible without creating overbought conditions. Now, everyone’s watching to see if SHIB can maintain its momentum.
Bitcoin almost there
Bitcoin has formally reached $100,000, one of the most significant technical and psychological milestones in cryptocurrency history. Bitcoin is currently testing this significant resistance zone following months of erratic price action and consolidation, and market players are closely observing for a clear breakout or rejection.
With the rounded bottom formed between January and April and the handle possibly taking shape now if Bitcoin cools off a little, the current chart structure points to the formation of a common cup and handle pattern. Bullish continuation patterns are frequently linked to this setup, which could short-term push Bitcoin toward the next important levels of $105,000 and $110,000 if it is validated with a breakout above $100,000.
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The strength of the current rally would be further confirmed by such a technical signal, which would also promote further investment in Bitcoin. This does not, however, imply a breakout. Because of past liquidity traps and speculative overextension in addition to the round number psychology, the $100,000 mark is a significant resistance level.
The volume is not increasing in tandem with the price, which may indicate short-term exhaustion and the Relative Strength Index (RSI) is hovering above 70, indicating overbought conditions. Bitcoin may experience a brief decline toward $92,000 or even $89,000 (in line with the 100-day EMA) if it is unable to break above $100,000 with conviction.
However, the long-term uptrend will continue as long as Bitcoin stays above these important averages. The level of $100,000 is more than just a sum at this point its a doorway. Whether it holds or breaks will determine how the market develops over the ensuing months.