U.Today – Shiba Inu Trends

Shiba Inu is currently hovering close to a crucial trendline support level, putting it on the verge of a significant breakdown. A decline below this trendline could be problematic for SHIB's price, as it has been vital for sustaining the asset's growth trajectory. Market sentiment may further deteriorate with a steep drop below this trendline. However, there is a bright side.

The 200 EMA serves as a potent secondary support level just below the trendline, potentially preventing a complete price collapse. Historically, the 200 EMA has been a reliable support for Shiba Inu, reducing the risk of a significant decline as long as the asset maintains its position above this threshold.

Price charts indicate Shiba Inu has generally been rising, although momentum has slowed, with key support levels now under scrutiny. If the price dips below the trendline but stays above the 200 EMA, some consolidation could occur before a potential recovery. Conversely, further declines may happen if both levels are breached.

XRP's Unpleasant Comeback

XRP is currently hovering around crucial price levels observed in recent months, specifically between $0.52 and $0.53. This range indicates a bearish retracement, suggesting that XRP may have lost its bullish momentum after a brief recovery. The asset faces more selling pressure, and without market changes, a serious downtrend seems likely.

General market sentiment and XRP's failure to maintain above significant resistance levels compound the difficulties. Nonetheless, support levels, such as the 200-day EMA, just below the current price, could prevent a larger retracement. If XRP stays above this level, it may allow time for consolidation. A break above the 100 EMA, currently acting as resistance, could reignite bullish sentiment.

Traders should monitor crucial levels, particularly the 200 EMA, to determine whether XRP can stabilize or if a larger sell-off is imminent.

Bitcoin Should Stay Strong

Bitcoin is currently trading at $66,600, maintaining a crucial support level. Falling below this threshold could jeopardize its recent upward momentum. Inability to hold above this level could signal a return to a prolonged downward trend, similar to earlier this year when it dropped from $73,000 to $52,000.

If Bitcoin cannot sustain the $66,600 support, it could easily return to the $64,000 range and potentially revisit $52,000, finding some respite around $60,000. Significant support or resistance breaches often result in big price swings. Without holding the $66,600 level, a steep drop could ensue.

Conversely, if buyers push the price higher, the next obstacle will be the $70,000 barrier, followed by Bitcoin's all-time high of $73,000. Traders and investors are closely watching the $66,600 level, as failure to hold this support could lead to a protracted bearish phase, possibly downward to $60,000 or lower.

This article was originally published on U.Today.