Armand Sirignan
The market is currently in a mixed state given the lack of momentum.
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XRP may finally be on the brink of a recovery as the price has gained a foothold above the asset’s 50 EMA resistance level. That being said, there are chances for a further breakout but momentum is lacking in any case.
XRP Price Market Outlook: Currently, XRP price movement is highly likely to recover after it has risen above the 50-day exponential moving average. This move indicates a change in market sentiment, considering that the 50 EMA will likely determine whether XRP will trend up or down in the short term. These are bullish steps, but breaking above $0.55 and $0.60 will pose higher hurdles.
The RSI is above the neutral level of 50, suggesting that there is no particularly strong buying or selling pressure occurring around this area. In these circumstances, the RSI means that while the recent uptrend is welcome, there is no strong momentum to confirm a sustained uptrend.
Overall, market sentiment for XRP can be described as cautiously optimistic. Investors are waiting for the much-needed buying interest to confirm the strengthening of the uptrend. Trading volume for current trading positions is also somewhat stable, but not enough.
Shiba Inu Fight
Fortunately for the market, Shiba Inu was able to withstand the selling pressure and did not drop below the 50 EMA, but at the same time, momentum is lacking and SHIB really needs more support to break out.
Shiba Inu has found a key support level at the 50-day EMA, helping prevent further declines. This support has been crucial in maintaining SHIB’s price stability in recent trading sessions. The 50 EMA has acted as a savior, keeping the asset afloat amid growing selling pressure.
Recent whale trading indicates increased activity among large SHIB holders. In the past 24 hours, 147 large trades have taken place, totaling 1.9 trillion SHIB. This surge in trading volume suggests that large holders are still engaged and may be reallocating their holdings or preparing for market moves. However, this activity has not yet translated into significant price appreciation as market momentum remains subdued.
Despite the support of the 50 EMA, SHIB price is not showing strong bullish momentum. The RSI remains relatively neutral, indicating the absence of strong buying or selling pressure. Stronger market support and increased buying interest are needed for SHIB to break out of the current resistance level and begin a more significant uptrend.
Ethereum’s main goal
That means Ethereum is eyeing $4,000, either due to the latest price action or the failure of bears to sink the asset’s value below $3,700. The good news, however, is that the price is likely to avoid a sharp drop.
Ethereum has endured one of the biggest surges recently, with its price heading towards the $4,000 level. The recent surge above $3,700 has left a beautiful spot with new support, indicating that there is significant buying interest. The 50-day EMA is showing excellent movement along with the price movement, which strengthens the bullish view. Meanwhile, the RSI is trading around 70, indicating that ETH is overbought at this point, but still strong.
For Ethereum to rise further, it must break above the key support at $3,700. The next major resistance level is forming near $3,850. This could pave the way for the pair to move towards $4,000 and eventually set its sights on maximum resistance, which at the moment is likely to occur during the coming sessions. On the downside, solid support is pinned at the $3,500 level, below which a break could trigger a short-term bearish trend.
Overall, the future of Ethereum remains on the upside, and if the market maintains its bullish momentum, the bull run should continue.
About the Author
Armand Sirignan
