Markets
XRP on the verge of bull market again? Shiba Inu (SHIB) Lifesaver Support Is Here, Ethereum (ETH) Really Wants $4,000
Arman Shirinian
The market is currently in a mixed state, given the lack of momentum
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XRP could finally be on the verge of recovery since the price has gained a foothold above the asset’s 50-EMA resistance level. That being said, there is a chance for further progress; however, somehow it lacks momentum.
XRP Price Market Outlook: Currently, XRP price action has found plenty of promise of recovery after the breakout above the 50-day exponential moving average. This move showed a change in market sentiment as the 50 EMA will most likely determine whether XRP is in an uptrend or downtrend in the short term. These are bullish stages but with tough hurdles above $0.55 and $0.60.
The RSI is above the neutral level of 50, which suggests that there is no specific strong buying or selling pressure around this area. In such a state, the RSI means that recent gains are welcome, but without solid momentum to confirm a sustained uptrend.
Overall, market sentiment towards XRP can be considered cautiously optimistic. Investors are waiting for essential buying interest to confirm the strengthening of the uptrend. The trading volume on current trading positions is also somewhat stable, but not enough.
The Shiba Inu Battle
Fortunately for the market, Shiba Inu was able to withstand the selling pressure and did not fall below 50 EMA. But at the same time, the momentum isn’t there and SHIB really needs a lot more support to break through.
Shiba Inu found a crucial support level at the 50-day EMA, which helped stave off further declines. This support has been vital in maintaining SHIB’s price stability over the past few trading sessions. The 50 EMA acts as a lifeline, keeping the asset afloat despite increasing selling pressure.
Recent whale trades indicate increased activity among large SHIB holders. In the last 24 hours there have been 147 large transactions totaling 1.9 trillion SHIB. This increase in trading volume suggests that large players are still engaged, possibly redistributing their holdings or preparing for possible market movements. However, this activity has not yet translated into a significant increase in prices, with market dynamics remaining moderate.
Despite support at the 50 EMA, SHIB price has not shown strong bullish momentum. The RSI remains relatively neutral, indicating an absence of strong buying or selling pressure. For SHIB to break through current resistance levels and initiate a more substantial uptrend, it needs more robust market support and increased buying interest.
The main objective of Ethereum
And it’s, Ethereum is considering $4,000, either due to its latest price performance or the bears’ inability to push the asset’s value below the $3,700 mark. But the good news is that the price appears to be avoiding an explosion.
Ethereum has resisted the biggest rise recently with its price approaching the $4,000 level. The latest surge above $3,700 leaves a nice spot with new support, signaling that major buying interest exists. The 50-day EMA moving higher with price action would reinforce the bullish situation. In the meantime, the RSI is trading around 70, which at this point suggests that ETH is overbought but remains strong.
To move higher, Ethereum must stay above its key support at $3,700. The next key resistance level forms near $3,850. With this, the pair opens the way to $4,000 and ends up looking at maximum resistance, which, as of now, could come in the coming sessions. On the downside, strong support is set at the $3,500 level, and any move below could trigger a short-term downtrend.
Overall, the future of Ethereum remains upward. The uptrend is expected to persist, provided the market maintains its upward momentum.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.