The recent crash, which saw SHIB follow BTC's downturn, belies a key bullish metric. The headline-grabbing outflow of 81,004,189,771 SHIB tokens is not a sell-off but a movement off exchanges into private wallets. This significant reduction in immediate selling pressure locks up supply, creating a foundation for price appreciation once demand returns, as any surge in buying will encounter a scarcer asset.
XRP turns around again
Following a brief period of recovery earlier this week, XRP has once again changed course, this time from bullish optimism to fresh bearish momentum. The token reversed sharply over the past day, dropping by about 1.7%, and failed to hold above the $2.50 resistance, indicating that sellers are once again in control.
The price movement of XRP presents a concerning image on the daily chart. Since late August, the token has been trading inside a descending channel for weeks, with lower highs consistently forming. Strong overhead resistance around $2.70 was confirmed when the most recent attempt to break out of this pattern was rejected close to the 50-day moving average.
XRPUSDT Chart by TradingView">
Since then, XRP has fallen below the 200-day moving average, which is represented by the black line, and is a significant bearish indicator that usually precedes long-term declines. The Relative Strength Index (RSI) is still below 40, indicating that there is not enough buying momentum to sustain any significant rebound, while volume indicators show a consistent increase in sell-side activity.
With the psychological level of $1.00 looming as a possible longer-term target, XRP runs the risk of further declining toward the $2.20 and $2.00 support zones if current conditions continue. Even though there is still pressure on the cryptocurrency market as a whole, XRP’s structure is now especially vulnerable.
In the absence of a clear recovery above $2.70-$2.80, the range that would nullify the current downtrend, the inability to hold above important moving averages suggests that the bearish trend will continue. How the market feels, and how liquidity moves, will probably determine XRP’s future soon.
The token currently seems to be trapped in a downward momentum cycle, with sellers holding a firm lead. Should the situation not change quickly, XRP may be on the verge of a more severe decline, perhaps reaching $1, where a more robust demand base may eventually take hold.
Shiba Inu's momentum flips
Shiba Inu appeared to be gaining momentum and regaining ground when the market turned on the meme coin once more. Following the encouraging recovery from yesterday, SHIB’s momentum vanished almost immediately, causing the asset to plummet below the critical psychological support level of $0.0000099 and bringing the dreaded zero back into its price.
SHIBUSDT Chart by TradingView">
Currently trading at around $0.0000090, SHIB has dropped by almost 2% over the past day. The bears are still in complete control, as evidenced by the loss of this crucial threshold, which effectively disproves the short-term bullish structure that had been developing. For retail traders who were betting on a recovery toward $0.000011 or even higher, this abrupt reversal has dashed their hopes.
A tightening wedge pattern that had been forming since early summer is clearly broken down in the chart structure. The next possible floor for SHIB is currently around $0.0000085, and it is currently having difficulty staying above its local support levels. A prolonged decline below that might pave the way for a return to $0.0000075, a level not seen in months.
The technical indicators have a strong bearish slant. The asset continues to trade below all three major moving averages (50-, 100- and 200-day), and the Relative Strength Index (RSI) remains below 40, indicating weak buying momentum. The market’s lack of bullish conviction is further supported by the fact that volume has also decreased.
In the upcoming sessions, SHIB runs the risk of going into a more severe correction phase unless it is able to recover $0.0000100 and stabilize above it. All indications currently point to additional downward pressure, and sentiment is quickly turning from optimism to caution.
The evil zero has returned, and unless the larger cryptocurrency market experiences a dramatic rebound shortly, it might remain in place longer than SHIB holders would like.
Bitcoin gains wiped out
Bitcoin has once again fallen into the red, wiping out its brief gains and eroding market confidence after momentarily regaining the $110,000 mark earlier this week. With increasing pressure on the 200-day moving average, which is currently serving as a brittle support near $107,000, the asset’s most recent decline, which was about 1.8% over the previous day, forced Bitcoin back toward the $108,000 range.
The reversal occurs as selling volume on major exchanges has increased and market momentum is waning. Although the decline of Bitcoin cannot be attributed to a single factor, it is evident that short-term traders have profited from the recent recovery, which has increased volatility on the downside. Institutional inflows have also decreased, and data on derivatives indicates an increase in short positions, both of which suggest a resurgence of bearish sentiment.
Investors should pay particular attention to a few critical levels in the future. About $106,000 is the immediate support level, which corresponds to the local low that was observed earlier this month. Bitcoin might move toward $102,000 if it breaks below that, where it might encounter stronger historical demand.
With the 50-day and 100-day moving averages grouped in that region, which has consistently turned down bullish attempts since early October, Bitcoin faces strong resistance on the upside between $112,000 and $114,000. Technically speaking, the Relative Strength Index (RSI), which is neutral and lies between 40 and 45, indicates that Bitcoin may consolidate for some time before deciding on a course.
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