The cryptocurrency market is facing significant turbulence, with major coins like XRP, Shiba Inu (SHIB), and Dogecoin (DOGE) experiencing notable declines and key technical challenges.
XRP Hits Critical Zone: $2 Mark in Danger
XRP has recently fallen below crucial support levels, trading at around $2.20. This sharp decline has brought the $2.00 threshold into view, potentially setting the stage for a crucial test of the bulls. Despite initial optimism, XRP’s failure to break resistance at $2.37–$2.42 has raised concerns, signaling a bearish shift in sentiment.
Currently trading below the 100-day Exponential Moving Average (EMA), XRP faces mounting selling pressure, with the Relative Strength Index (RSI) dropping to around 42. This indicates increasing bearish momentum, though there’s still potential for a short-term bounce if the $2.00 support holds. If this level breaks, XRP could face deeper losses, with the next significant support around $1.93, where the 200-day EMA lies.
Shiba Inu (SHIB): Bullish Hopes Fade Amid Resistance
Shiba Inu has lost momentum after a brief rally, faltering at a critical resistance level. SHIB briefly surged above $0.00001400 but failed to maintain that momentum, currently trading at $0.00001327—down more than 5% on the day. The 50-day EMA, which has been a consistent barrier during SHIB’s decline, rejected the price once again, raising doubts about the coin’s short-term bullish prospects.
The lack of volume and follow-through on SHIB’s previous breakout attempt suggests a classic fakeout. Traders had hoped for a trend reversal, but instead, the price has reverted back into its previous range. The RSI has dropped to 47, signaling that momentum has shifted to the downside. To avoid further downside, SHIB must hold the $0.00001300 support level. If that breaks, SHIB could fall to the $0.00001200-$0.00001230 range, potentially delaying any bullish recovery.
Dogecoin (DOGE): Is the $0.10 Mark Next?
Dogecoin is under severe bearish pressure, trading at $0.1802, down over 5% in the past 24 hours. The meme coin has failed to hold important resistance levels and is at risk of a major decline. With its recent rejection at the $0.20 mark and the 50-day EMA, DOGE is now in danger of losing further ground, with the possibility of adding a zero—pushing the price below the critical $0.10 threshold.
The $0.20 resistance rejection has solidified the bearish outlook, with rising red candles and increasing selling volume pointing to a growing loss of momentum. If DOGE loses the $0.17 support level, the path to $0.10 becomes much clearer. The RSI is at 45, showing a lack of buying pressure, and with no signs of a reversal, Dogecoin could face further challenges in the days ahead.
Conclusion: Market Volatility in Full Swing
The crypto market remains highly volatile, with XRP, SHIB, and DOGE all facing critical challenges. As key support levels come under pressure, traders are closely monitoring these coins for signs of further declines. Until we see a sustained recovery or a clear reversal of bearish momentum, caution remains the name of the game for crypto investors.
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