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Shiba Inu (SHIB) in Trouble, Again, Will XRP Finally Break $0.52 Resistance? Cardano (ADA) Isn’t Allowed to Join Bullish Party

Wed, 5/06/2024 – 0:30

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Contents

  • XRP’s run to top
  • Cardano remains depressed

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Shiba Inu plunged below the 50 EMA mark, which is considered a crucial support level for the asset. Unfortunately, with the price below that important level, some possibilities for Shiba Inu are closed. Bulls need to push SHIB back above the ceiling for SHIB to be considered a contender for growth.

It is a strong bearish indication when the price falls below the 50 EMA. The 50 EMA frequently serves as a strong level of support or resistance. Breaking it indicates that selling pressure is outweighing buying interest. The greater number of sell-offs that were seen during the decline is indicative of this change in sentiment. 

SHIBUSDT
SHIB/USDT Chart by TradingView

The 200 EMA, which is much lower, is the next support zone to monitor if SHIB is unable to regain this level. Additionally, the technical indicators suggest that there may be more downside. A shift toward a bearish outlook is indicated by the RSI moving below 50. In addition, the MACD has displayed a bearish crossover, which usually signals the start of more declines.

All of these signs point to the bears being in charge and the bulls having a difficult task ahead of them. The overall sentiment of the market is aggravated, especially with price actions like this. 

XRP’s run to top

XRP has not gained more traction with the market in the last few weeks, but at the same time, it is showing some growth potential and may in fact show what it is capable of if investors can push it past the 50 EMA that coincides with the $0.52 price level.

For XRP, the $0. 52 threshold has proven to be a crucial resistance level. Selling pressure is applied whenever the price gets close to this mark, halting any additional upward movement. XRP is testing this important barrier once more, with a current rate of approximately $0.52.

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Should this resistance be broken, there may be a chance for a rally, which would give the token more traction and interest. Mixed signals are suggested for XRP by technical indicators. The RSI is trading slightly below 50, suggesting a neutral position with a slight bias in favor of bullish sentiment. 

A bullish indication is also shown by the MACD line almost crossing above the signal line. Nevertheless, the low trading volume may make it more difficult to overcome the resistance unless there is a large buildup of buying pressure. The market’s attitude toward cryptocurrencies and recent regulatory developments may help or obstruct efforts to move XRP above $0.52.  

Cardano remains depressed

Cardano has been having some troublesome periods on the market, with the price of the asset plummeting by almost 11% since reaching the local top at approximately $0.51. However, there is always a chance for a recovery; a few things must be done for it.

At the moment, ADA is trading at about $0. 45 and is having difficulty rising. The fact that the 200 and 50 EMAs are both above the present price suggests that the long- and short-term trends are still bearish. Cardano needs to make a strong break above these moving averages before it can even consider joining the bullish crowd. 

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While not in oversold territory, ADA is not exhibiting significant buying pressure, as indicated by the RSIs surrounding 46. An RSI move above 50 may signal a change in momentum and draw in additional buyers. Wider ecosystem advancements by Cardano might also be very important.

Investors may become more confident as a result of the continuous projects and updates in the Cardano network, which would motivate them to purchase ADA. Purchases are frequently boosted by positive sentiment and the excitement surrounding new products or collaborations.

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