Shiba Inu (SHIB) is experiencing a concerning signal as its 21-day EMA has fallen below the 50-day EMA, indicating a decline in momentum. Currently trading at around $0.000022, SHIB is consolidating and its future movement depends on the overall crypto market sentiment. The upcoming halving event could potentially bring positive momentum and renewed interest in meme coins like SHIB if money starts flowing back into cryptocurrencies. However, on its own, SHIB lacks a strong case for a bullish run and would require a boost from the general market. Key levels to watch for SHIB are $0.0000276 resistance and $0.00001635 support.
As for Ethereum (ETH), its recent price patterns suggest a potential recovery and an uptrend. “Higher lows” are being formed, indicating strength, and consistent trading volume shows interest in buying and selling the cryptocurrency. The RSI nearing “oversold” territory suggests that ETH may be due for a price increase. However, technical analysis alone cannot guarantee a real recovery, as it requires a fundamental reason behind it, such as a shift in market conditions or investor sentiment. Ethereum faces immediate resistance around $3,500, and if it surpasses it, higher prices may be reclaimed. On the downside, if there is no fundamental reason to buy in, ETH could test the $2,708 support level again.
In contrast, XRP is in a depressing state as its value has dropped by approximately 15% since the beginning of the year, making it one of the weaker cryptocurrencies. Currently trading near major support levels at around $0.45, XRP is viewed as potentially undervalued. However, it is unclear whether this is a reset for XRP to bounce back or if it will continue to lag behind its peers. If XRP gains enough buying support and starts rising, it would need to break through the immediate resistance at $0.58. On the downside, breaking below the current support may lead to further decline. XRP’s price may seem cheap, but it does not necessarily correlate with its value. A significant shift in sentiment or resolution of legal issues would be necessary to attract buyers back to XRP. Until then, choosing XRP as a go-to asset might pose challenges for a portfolio.