What to Know:
- XRP’s bullish momentum has stalled due to strong resistance levels, hindering its recovery attempts.
- Ethereum struggles to maintain its position above $3,550, facing buyer fatigue and resistance at the $3,980 level.
- Shiba Inu’s recent surge appears to be a short-covering rally, with the token facing rejection at key resistance levels.
XRP’s attempted rally has failed as bullish momentum wanes, facing strong resistance around the $2.55-$2.60 zone. The cryptocurrency’s inability to maintain its position above this crucial level signals a shaky bullish narrative. Demand remains insufficient to support a breakout, with selling pressure persisting at key resistance points.
The structure of XRP’s chart resembles a bearish continuation pattern, suggesting that the path of least resistance is downward. A sustained breakout above $2.60 is needed to signal renewed bullish control, potentially paving the way to $2.80. Failure to breach this resistance could lead to a retest of annual lows, with the market remaining skeptical until proven otherwise.
Ethereum is encountering difficulties in holding above $3,550, showing signs of buyer fatigue after weeks of downward pressure. The rejection at the $3,980 200-day moving average highlights a critical technical barrier preventing further gains. Strong selling volume accompanies each test of this zone, indicating that major holders are capitalizing on rallies to sell rather than buy.
Shiba Inu’s recent action appears to be a trap, with the token swiftly changing direction after a momentary break above a short-term trendline. Concerns arise that the surge was merely a short-covering rally, not the start of a new bullish phase. SHIB faces resistance at the intersection of prior local highs and the 50-day EMA, around $0.0000107.
In summary, XRP faces resistance, Ethereum shows stagnation, and Shiba Inu’s surge appears unsustainable. Monitoring key levels and market sentiment will be crucial for traders navigating these crypto assets.
Source: Original article
