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Shiba Inu (SHIB) Surprises Everyone, Ethereum (ETH) Stumbles, When Will XRP Finally Do It?

Thu, 30/05/2024 – 0:30

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Contents

  • Ethereum could be ready
  • XRP’s struggle

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Shiba Inu has clearly caught most investors off-guard. The meme token broke through the $0.000025 psychological threshold, bounced off the 50 EMA in an explosive manner and is currently eyeing $0.00003. This sudden surge raises a compelling question: can SHIB maintain its momentum and hit $0.00003?

The recent breakout over the resistance at $0.000025 occurred with huge volume, indicating the interest of buyers. The level is both psychological and a technical resistance that SHIB has grappled with in the past. Therefore, crossing above it implies a change in market sentiment and possible further upward moves.

SHIBUSDT
SHIB/USDT Chart by TradingView

The 50-day EMA is a sign that is heavily in favor of SHIB. Recently, the token has pulled up from the support at this moving average, with a new determination to show the 50 EMA as a strong indicator of bullish sentiment.

A move to test $0.00003, however, comes with some bullish flashes. The successively higher lows and higher highs show that the stock is on an upward trajectory. The volume spike that comes at the same time of the breakout puts a sting into the case for a bullish run. As such, if the buying pressure persists, the upside target price of $0.00003 can easily come into the picture with SHIB above the 50 EMA.

However, possible hurdles cannot be ruled out. The $0.000028 area could play as the temporary resistance. If SHIB consolidates in this area and does some base-building, the case for a further move to $0.00003 would be even stronger. Another aspect to keep an eye on is, of course, the RSI. It sits near the overbought status. If it moves above this, we may see some short-term selling followed by one more leg upwards.

Ethereum could be ready

Ethereum’s path toward $4,000 was really dominant, especially if we compare it to the rest of the market. Unfortunately for us, though, ETH stumbled at around $3,900 and is currently having issues with momentum. However, it might be the calm before the storm as the market stays bullish in general.

In the process, after a substantial rally in which ETH broke above multiple resistance levels, the cryptocurrency reached a massive wall around the $3,900 area. This area has proved to be a hard nut to crack and has led to a minor pullback as witnessed in prior trading sessions. For now, the price is sitting around $3,850 in a consolidation pattern.

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Yet several indicators could signal that Ethereum is taking a breather now. Volume remains relatively high — showing that traders are still interested and active.  

The $3,900 resistance level has to be well-tackled to clear the way toward $4,000. Otherwise, the testing of the lower support holds like $3,750 and more so $3,500, if bearish sentiment increases for ETH.

XRP’s struggle

XRP’s path on the market was full of questionable moves and problematic situations. Unfortunately, things are not changing that much as the cryptocurrency stays below numerous resistances, the price shows sideways movement since the beginning of 2024 and the general outlook for the asset looks gloomy. Let’s break down why that is.

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The story on the XRP chart has been one of consistent struggle. Every attempt at rallying thus far has failed to break above the several important moving averages, and prices have been forced not to bulk up. The existence of the 50-day EMA, the 100-day EMA and the 200-day EMA, all acting as big hurdles in the way of an important movement toward the upside, has made it difficult. This confluence of resistance levels makes it difficult for XRP to take off with momentum.

Another element is that volume trends, which portray a worrying picture, continue to decrease, symbolizing an absence of sufficiently strong buying interest. The higher the volume, the harder it becomes to break out of these tough resistance levels. Currently, the RSI is hovering in the middle of the 50s and is mostly indicative of the indecision on the market and the lack of a well-defined trend.

XRP has to fight to eventually break out and, thereafter, move on to a positive trajectory. This includes a strong and clear move above the 200-day EMA, riding a big volume surge that validates the move.

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