XRP is getting closer to breaking its descending resistance line, which could signal a recovery. The asset has been struggling within a downtrend for the past few weeks, but if momentum continues to build, its recent price movement suggests a possible recovery. XRP is currently trading near $2.40, which is the level of its short-term resistance.
A crucial support level for buyers looking to regain confidence is the price’s continued maintenance above the 50 EMA. A recovery phase may ensue if XRP can close above this descending resistance and generate additional upward momentum. Investors should keep an eye on the $2.57 to $2.60 range as their first major price target. This zone would indicate a significant breakout from the most recent consolidation phase and is consistent with previous local highs.
The next significant resistance level for XRP is $2.80, which saw significant rejection earlier this month, if it continues to rise in value and volume. If this level is broken, it could be possible to retest the $3.00 level, a psychological barrier that could induce significant buying pressure, further confirming a bullish reversal. Immediate support for XRP on the downside lies between $2.10 and $2.15.
A fall below this mark would suggest weakness and could see the asset return to its 200 EMA, which is around $1.10. A neutral position with growth potential if buying momentum increases is indicated by the RSI indicator, which is currently trading around 50. Although still quite low, volume must increase dramatically if XRP is to maintain a breakout.
The difficulties of Shiba Inu
As the price continues to fall, Shiba Inu is struggling to stay afloat and showing obvious signs of market weakness. The 26 EMA, a crucial level that once provided support, has been surpassed by SHIB on the current chart. This breakdown suggests that buyers are not defending the asset at critical levels and that selling pressure is increasing.
SHIB is currently trading at $0.00002712, where there was a brief period of price consolidation, but momentum has remained negative. The next immediate support, which coincides with the 50 EMA (blue line), lies near $0.00002500 if the downtrend continues.
SHIB could revisit the $0.00002250 zone, a historically strong support that aligns with the 100 EMA (orange line), if this level does not hold. In addition to confirming a broader trend reversal, a break below this level could bring SHIB closer to the resting level of the 200 EMA at $0.00002038.
Recent sessions indicate a decline in buying interest, raising additional concerns based on volume data. SHIB is not strong enough to make a significant recovery unless there is a notable increase in trading volume. Furthermore, if sellers remain in control, the relative strength index, which currently stands at 49, could see further declines.
This indicates neutral to slightly bearish momentum. Any bullish reversal requires SHIB to close above the 26 EMA and reclaim the $0.00002750 level. A move towards the $0.00003000 resistance level would then be feasible, but this would require a substantial change in buying volume and sentiment.
Solana’s weakness
Solana is showing signs of weakness as it tries to escape its current downtrend. Following a strong rally in November, SOL has been under increasing selling pressure and has been unable to maintain its bullish momentum. Right now, Solana is following a clear downtrend, with lower highs indicating that the market is dominated by bearish sentiment.
At $217, the asset has now fallen to the 50 EMA, which has served as a short-term support level. A break below the 50 EMA could trigger additional declines and possibly test the next support level near $195, making this a critical point for SOL. The 200 EMA sits at $174, a crucial long-term support area, and if the selling pressure persists, SOL may fall as low as that.
Volume data points to a worryingly low level of buying interest. The bulls are reluctant to intervene at these levels, as evidenced by the lower trading volume in the recent session. SOL is finding it harder to break out of its downtrend and reclaim higher price zones due to this lack of conviction.
Solana needs to overcome the descending trend line resistance around $225 to recover. If the price closes above this level, it would indicate a bullish reversal and could retest the $240 region. However, if momentum cannot be regained here, the downtrend will continue. Momentum is neutral to slightly bearish, with the Relative Strength Index trading just below 50.
