Shiba Inu is currently hovering close to a crucial trendline support level putting, it on the verge of a major breakdown. Any decline below this trendline could be problematic for the price of SHIB, as it has been crucial to sustaining the asset’s growth trajectory. Market sentiment may further deteriorate if there is a steep drop below this trendline. There is a bright side, though.
The 200 EMA is a potent secondary support level that is situated just below the trendline. This could keep SHIB from experiencing a complete price collapse. Shiba Inu is among the many assets for which the 200 EMA has historically shown itself to be a dependable support level. The risk of a significant decline is somewhat reduced as long as the asset is able to maintain its position above this crucial threshold.
According to the price chart, Shiba Inu has been generally rising, but the momentum has slowed, and these important support levels are now the only thing being watched. Before a possible recovery, there might be some consolidation if the price drops below the trendline but stays above the 200 EMA. However, Shiba Inu may experience a longer decline if both of these thresholds are crossed.
XRP’s unpleasant comeback
XRP’s return to a crucial price level that was last observed in July, August and September has caused some serious trouble. At the moment, XRP’s price is circling between $0.52 and $0.53, a range from which it had previously had difficulty recovering.
This can indicate a bearish retracement, which could result in a more significant decline in price. The return to this level suggests that XRP, which had just begun to show signs of recovery, may have lost its bullish momentum. The asset is currently under more pressure, and unless the market changes, there is a good chance that XRP will enter a more serious downtrend.
The situation is becoming even more difficult due to the general sentiment of the market and XRP’s incapacity to maintain above significant resistance levels. Nevertheless, there are still possible support levels for XRP that might save the day. The 200-day EMA, which is situated just below the current price, is the most prominent. The 200 EMA has historically served as a reliable level of support for a variety of assets, including XRP.
If XRP can stay above this level, it might stop a more significant retracement and give time for consolidation before trying to rise again. A break above the 100 EMA, which is currently acting as resistance, might rekindle the bullish sentiment.
In order to ascertain whether the asset can stabilize or whether a more significant sell-off is imminent, traders must keep a close eye on important levels, particularly the 200 EMA, as XRP is currently in a precarious position.
Bitcoin should stay strong
The level of $66,600 is where Bitcoin is currently trading and staying on a crucial support level. Because a decline below it could jeopardize the asset’s recent upward momentum, this level is crucial. If Bitcoin is unable to maintain its hold above this level, it could revert to a protracted downward trend, much like the one that occurred earlier this year when it dropped from its peak of $73,000 to $52,000.
In order to preserve the bullish structure that Bitcoin has been striving for, the $66,600 support level is essential according to the current chart. A break below might indicate that buying pressure has significantly decreased, which would cause the price to continue to decline.
The next crucial support level for Bitcoin is the $64,000 range, which it could easily return to if this occurs. The real risk for Bitcoin is that it might return to the $52,000 range, but below that it might find some respite around $60,000. When Bitcoin breaks significant support or resistance levels, it usually moves in big swings. If the $66,600 level does not hold, there could be a steep drop.
Conversely, the $70,000 barrier will be the next obstacle, and Bitcoin’s all-time high of $73,000 will follow if buyers intervene and drive the price higher from there. Traders and investors are currently keeping a close eye on the $66,600 level. Bitcoin might reenter a protracted bearish phase and fall to $60,000 or even lower if it is unable to hold support at this level.
Read the full article here
