What to Know:
- XRP’s on-chain activity has significantly decreased, signaling potential shifts in market sentiment and transactional demand.
- Dogecoin has broken down from a key technical structure, erasing gains and facing a difficult uphill battle for recovery.
- Shiba Inu remains under pressure, requiring improved market sentiment and utility from its layer-2 solution, Shibarium, to regain ground.
XRP’s network activity has seen a drastic reduction, potentially indicating a shift in market sentiment. Dogecoin has broken below a critical technical pattern, erasing months of gains. Shiba Inu is facing increasing pressure, struggling to recover important moving averages.
XRP’s payments volume has decreased by almost 90% from its peak in October, reflecting a cooling trend in its ecosystem. The number of payments has also declined sharply, raising concerns about institutional and network-level usage. This decline in on-chain activity coincides with a bearish technical outlook, as XRP struggles below its 200-day moving average.
Dogecoin’s breakdown from its descending triangle pattern has erased all gains since mid-year, returning the asset to negative territory. The token’s price dropped more than 6% in a single day, perilously close to the next significant support level. The 50-day and 100-day moving averages are curving downward, suggesting increased bearish pressure if bulls fail to stage a swift recovery.
Shiba Inu is under increasing pressure as bearish momentum permeates the market, struggling to recover important moving averages. The asset remains below its 200-day moving average, indicating a persistent downtrend. For SHIB to regain ground, there needs to be a significant improvement in market sentiment and demonstrable growth in on-chain activity from Shibarium.
Overall, the cryptocurrency market is experiencing a period of uncertainty, with multiple assets showing signs of weakness. The lack of capital inflows and declining on-chain activity are creating headwinds for potential rallies. Investors and traders should closely monitor market sentiment, technical indicators, and fundamental developments to navigate these challenging conditions.
Source: Original article
