Shiba Inu (SHIB) Hiding Enormous Potential, XRP Could Be Back, but There's Catch, Vital Bitcoin (BTC) Moving Averages Cross Coming
2024-10-07

With indications of a potential recovery on its price chart, Shiba Inu is subtly setting itself up for a breakout. Now that SHIB is above its 200-day exponential moving average, which is frequently a crucial indicator for a change in market sentiment, it has emerged from a difficult period of consolidation and declining pressure.
Traders utilize the 200 EMA as a critical technical indicator to evaluate the general direction of the market. It seems likely that the coin is preparing for a more bullish move if SHIB is able to break above this level. This development points to a strengthening trend in SHIB's price action, which may draw in additional buyers and momentum in the upcoming days or weeks.SHIBUSDT Chart by TradingView
Significant gains are typically enabled by an asset's successful break above the 200 EMA in the past, and SHIB might be no different. Two critical price levels need to be watched in order for SHIB to keep moving higher: the initial resistance level at $0.00001800 and the zone of major breakout at $0.00002100.
At the moment, SHIB is trading slightly below its first significant resistance, the $0.00001800 mark. If SHIB were to break above this level, it would indicate that it is gaining momentum and might go higher still. Reaching this level would pave the way for a possible rally because it has historically served as a barrier.
About $0.00002100, which denotes a sizable price zone, is the second critical level for SHIB. SHIB may go into a strong bullish phase and possibly experience exponential growth if it can break through this level. If SHIB breaks out above this level, it could indicate a significant shift in market sentiment and draw greater interest from institutional and retail investors.
XRP reclaims its positions
After weeks of sideways movement and bearish pressure, XRP is currently positioned at a potential turning point, suggesting a potential price reversal. Even though some traders are expecting a recovery, XRP still has a long way to go before it can rise.
A significant obstacle is the key resistance at $0.56. When the 100-day and 200-day exponential moving averages (EMAs) converge, XRP encounters strong resistance at $0.56. It will take a lot of bullish momentum to break through this resistance because it has previously proven to be a significant barrier.
Recovery is unlikely if XRP is unable to overcome this level and faces additional downward pressure. If an attempt is made at this level and it fails, traders should keep a close eye on things because lower support zones may be tested again.
An additional crucial concern for XRP is the ongoing withdrawal of money from the market. Based on data collected from the blockchain, it appears that institutional players and large holders are losing faith in XRP as evidenced by the capital that is leaving the platform.
When whale buying pressure is not as strong, XRP is more susceptible to outside market forces. Any sustainable price reversal faces difficulties in this environment of diminishing interest.
Strong resistance at $0.56 and ongoing outflows make a significant recovery unlikely in the near future even though XRP may be poised for a price reversal. To stay out of deeper bearish territory, the price needs to maintain above important support levels, especially $0.50.
Bitcoin's potential catalyst
The 50-day and 100-day exponential moving averages crossing is quickly approaching for Bitcoin, which could be a powerful catalyst for its price. Indicating a change in market momentum, the crossing of these two moving averages may lead to a new rally in Bitcoin.
Such crosses typically incite fresh buying pressure and increase investor confidence. Usually a shift in the short- to medium-term trend is indicated by a 50/100 EMA cross.
When there is a bullish cross, traders may see an increase in demand for Bitcoin and decide to expand their positions. Three important price points to be aware of: $61,900 — direct opposition. The 100-day EMAs mark of $61,900 represents the immediate barrier that Bitcoin needs to overcome.
The bullish 50/100 EMA cross may be confirmed by a strong breakout above this level, which would spur a price increase. The strength of the possible upward move will be determined by how BTC responds to this level, so traders should keep a close eye on it. The critical support level is at $63,000.