Shiba Inu has encountered strong selling pressure again, causing its current price to be approximately 0.00001168 USD. Unfortunately, it couldn’t establish a substantial support level during recent trading periods.
Due to its weak base, Shib token could experience a significant plunge, potentially reaching as low as $0.00001050. At the moment, Shib is trapped below all four major moving averages which are currently heading downwards: the 26-day EMA, 50-day EMA, 100-day EMA and 200-day EMA. This indicates that Shib is still in a distinct downtrend and that negative sentiment seems to be dominant.
In my analysis, as buying enthusiasm decreased and uncertainty among investors grew, trading volume began to dwindle. The latest failed attempt to surpass the resistance level at $0.00001270 further dampened bullish sentiment. Shiba Inu (SHIB) was swiftly pushed back in the absence of a strong breakout and follow-through from buyers, currently hovering just above the $0.00001150 mark. This level, more a temporary pause than a robust support, has proven shaky, suggesting more a brief halt than a solid foundation.
Without many obstacles in the way, the price could potentially drop to the psychologically significant level of 0.00001000 cents, or possibly even lower if Shiba Inu (SHIB) falls below 0.00001050 cents. The mood among meme coin investors is dwindling, and there are currently no positive events to stimulate growth, which increases the likelihood of a steep decline in price.
As a researcher, I’m not ruling out the possibility of a turnaround for SHIB. However, such a scenario would require a significant market uptick or a strong fundamental driver. If bulls manage to regain the $0.00001200-$0.00001270 range with increasing trading volume, there’s a chance SHIB could stabilize and potentially challenge the $0.00001500 level once more.
XRP has no traction
Questions have arisen about XRP’s ability to keep pace with the broader market’s bullish trend, given its ongoing underperformance. Despite several attempts to rise, XRP has failed to surpass its 26-day Exponential Moving Average (EMA), which is acting as a stubborn barrier preventing further growth. The pessimistic sentiment around the asset has grown stronger each time it has been pushed back from this level.
The chart clearly shows a falling pattern, or downtrend, as it exhibits decreasing resistance levels and lower peaks. Despite attempts at recovery by Bitcoin and other major assets, XRP seems to be lagging – it’s trapped in a declining trend that can’t seem to maintain an upward direction. Uncertainty in the market and a weak bullish outlook are suggested by the absence of significant rises above short-term moving averages such as the 26 and 50 EMAs.
Currently, the Relative Strength Index (RSI) is in the neutral zone between 40 and 50, suggesting that there’s no clear directional trend at the moment. This lack of direction is supported by relatively low trading activity, which suggests a lack of enthusiasm among traders. Unlike past recoveries, where price breakouts were typically preceded by large volume surges, XRP’s current behavior seems to be more about consolidation in a weak market rather than preparation for a breakout. The overall market situation is increasingly concerning.
In the first quarter, I observed an impressive kick-off within the cryptocurrency market. However, it appears that this momentum has started to fade. Although Bitcoin continues to hold its dominance, altcoins like XRP are not yielding as much profit. Interestingly, XRP’s inability to rebound even during Bitcoin’s price surges indicates a degree of weakness and reduced investor trust.
In simpler terms, it’s predicted that XRP might not see significant bullish activity until it surpasses its 26 Exponential Moving Average (EMA) and follows this upward trend with more robust daily closes and increased trading volume. If XRP stays within the downtrend and is held below its 200 EMA, further drops in price could occur. This is especially likely if the overall market continues to show signs of cooling down.
Ethereum breaking down
Ethereum appears to be falling beneath a crucial support point, hinting at a potential shift in market opinion and significant vulnerability. Currently, ETH is finding it tough to maintain the $1,570-$1,600 zone, which has traditionally served as a robust recovery area. After dropping below its recent upward trendline support, this zone stands out.
One concerning turn of events for ETH holders is that it failed to maintain its upward momentum at a crucial point in time. This reversal has effectively canceled out the brief uptrend that followed the March dip. Furthermore, there’s a strong possibility that Ethereum’s price could drop significantly, perhaps even reaching $1,500, as the market has struggled to maintain its position above this level. If it continues in this direction without quickly rebounding, the bearish trend may intensify, potentially pushing Ethereum towards the significant and technically important $1,000 mark.
In simpler terms, Ethereum’s repeated failure to align with major moving averages raises concerns. Right now, the 50-day, 100-day, and 200-day Moving Averages are all going down, and Ethereum is still significantly lower than these levels. This suggests that the current trend is bearish across short, medium, and long-term periods. Additionally, the volume analysis doesn’t show much confidence. Although there’s been a slight increase in trading activity, it appears that the buying power is quickly decreasing, suggesting that investors are losing faith in the market. At the moment, Ethereum is technically close to being overbought, as indicated by the Relative Strength Index (RSI) being in the low 30s.
This doesn’t automatically mean a price increase, especially if the technical analysis and broader economic conditions indicate further drops. The possible next big drop for Ethereum could be around $1,200, and potentially even $1,000, if the value fails to remain above $1,500 in the coming sessions. Such a fall would erase months of gains and take Ethereum back to prices last seen at the start of 2023.
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2025-04-17 03:14