ShibaInuiscurrentlyhoveringclosetoacrucialtrendlinesupportlevelputting,itonthevergeofamajorbreakdown.AnydeclinebelowthistrendlinecouldbeproblematicforthepriceofSHIB,asithasbeencrucialtosustainingtheasset\'sgrowthtrajectory.Marketsentimentmayfurtherdeteriorateifthereisasteepdropbelowthistrendline.Thereisabrightside,though.
The200EMAisapotentsecondarysupportlevelthatissituatedjustbelowthetrendline.ThiscouldkeepSHIBfromexperiencingacompletepricecollapse.ShibaInuisamongthemanyassetsforwhichthe200EMAhashistoricallyshownitselftobeadependablesupportlevel.Theriskofasignificantdeclineissomewhatreducedaslongastheassetisabletomaintainitspositionabovethiscrucialthreshold.
Accordingtothepricechart,ShibaInuhasbeengenerallyrising,butthemomentumhasslowed,andtheseimportantsupportlevelsarenowtheonlythingbeingwatched.Beforeapossiblerecovery,theremightbesomeconsolidationifthepricedropsbelowthetrendlinebutstaysabovethe200EMA.However,ShibaInumayexperiencealongerdeclineifbothofthesethresholdsarecrossed.
XRP\'sunpleasantcomeback
XRP\'sreturntoacrucialpricelevelthatwaslastobservedinJuly,AugustandSeptemberhascausedsomeserioustrouble.Atthemoment,XRP\'spriceiscirclingbetween$0.52and$0.53,arangefromwhichithadpreviouslyhaddifficultyrecovering.
Thiscanindicateabearishretracement,whichcouldresultinamoresignificantdeclineinprice.ThereturntothislevelsuggeststhatXRP,whichhadjustbeguntoshowsignsofrecovery,mayhavelostitsbullishmomentum.Theassetiscurrentlyundermorepressure,andunlessthemarketchanges,thereisagoodchancethatXRPwillenteramoreseriousdowntrend.
ThesituationisbecomingevenmoredifficultduetothegeneralsentimentofthemarketandXRP\'sincapacitytomaintainabovesignificantresistancelevels.Nevertheless,therearestillpossiblesupportlevelsforXRPthatmightsavetheday.The200-dayEMA,whichissituatedjustbelowthecurrentprice,isthemostprominent.The200EMAhashistoricallyservedasareliablelevelofsupportforavarietyofassets,includingXRP.
IfXRPcanstayabovethislevel,itmightstopamoresignificantretracementandgivetimeforconsolidationbeforetryingtoriseagain.Abreakabovethe100EMA,whichiscurrentlyactingasresistance,mightrekindlethebullishsentiment.
Inordertoascertainwhethertheassetcanstabilizeorwhetheramoresignificantsell-offisimminent,tradersmustkeepacloseeyeonimportantlevels,particularlythe200EMA,asXRPiscurrentlyinaprecariousposition.
Bitcoinshouldstaystrong
Thelevelof$66,600iswhereBitcoiniscurrentlytradingandstayingonacrucialsupportlevel.Becauseadeclinebelowitcouldjeopardizetheasset\'srecentupwardmomentum,thisleveliscrucial.IfBitcoinisunabletomaintainitsholdabovethislevel,itcouldreverttoaprotracteddownwardtrend,muchliketheonethatoccurredearlierthisyearwhenitdroppedfromitspeakof$73,000to$52,000.
InordertopreservethebullishstructurethatBitcoinhasbeenstrivingfor,the$66,600supportlevelisessentialaccordingtothecurrentchart.Abreakbelowmightindicatethatbuyingpressurehassignificantlydecreased,whichwouldcausethepricetocontinuetodecline.
ThenextcrucialsupportlevelforBitcoinisthe$64,000range,whichitcouldeasilyreturntoifthisoccurs.TherealriskforBitcoinisthatitmightreturntothe$52,000range,butbelowthatitmightfindsomerespitearound$60,000.WhenBitcoinbreakssignificantsupportorresistancelevels,itusuallymovesinbigswings.Ifthe$66,600leveldoesnothold,therecouldbeasteepdrop.
Conversely,the$70,000barrierwillbethenextobstacle,andBitcoin\'sall-timehighof$73,000willfollowifbuyersinterveneanddrivethepricehigherfromthere.Tradersandinvestorsarecurrentlykeepingacloseeyeonthe$66,600level.Bitcoinmightreenteraprotractedbearishphaseandfallto$60,000orevenlowerifitisunabletoholdsupportatthislevel.
u.today