Shiba Inu (SHIB) fails the first major test, Bitcoin (BTC) loses momentum, XRP is ready for another rally...

The important resistance level had indicated a potential recovery, which is the 26-day EMA, (. It is difficult for SHIB to surpass it, leading to a decline. Despite early signs of stabilization after a long decline, SHIB's failure to overcome this obstacle raises questions about its near future. SHIB attempted to regain momentum after its recent decline, testing the 26 EMA as a potential breakout point.
However, the other rejection led to the inability of the asset to produce sufficient buying pressure to sustain an upward movement. This means that traders are still hesitant to push the price higher, indicating that negative sentiments continue to dominate the market. SHIB is now facing the possibility of further downward pressure after failing to break the 26 EMA. It is likely that the asset will revisit lower support areas when there is a lack of bullish conviction, as evidenced by the absence of strong buying volume.
In upcoming sessions, SHIB may test levels around $0.00001500 or lower if selling pressure continues. Conversely, a successful future close above the 26 EMA could revive bullish sentiments and enable SHIB to target higher resistance levels near the 50 EMA. To achieve this, there would need to be a significant shift in market sentiments, possibly driven by a resurgence in the overall cryptocurrency market or increased investor confidence in meme coins.
Bitcoin slowdown
Concerns about short-term price action are mounting as Bitcoin )BTC( slows down its momentum and volatility. Bitcoin has been trading in a relatively tight range over the past few weeks, attempting to hold onto key support areas while avoiding major resistance levels. Bitcoin is currently trading around $97,000 with resistance at $98,800 and support near $93,800.
As neither the bulls nor the bears completely dominate the market, this limited movement indicates that traders are still cautious. The idea that Bitcoin lacks the necessary momentum to push higher is supported by the decrease in trading volume. One important technical indicator to watch is the 50 EMA, which Bitcoin has not been able to decisively break.
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This may indicate a new upward momentum if Bitcoin manages to maintain movement above this level, perhaps aiming for the psychological barrier of $100,000. However, failure to break through that could lead to further consolidation or even a retreat towards the 200 EMA, which is around $84,700.
Market expectations remain divided; some traders expect a breakthrough while others believe that Bitcoin may undergo a long consolidation phase. Until a major catalyst emerges, Bitcoin may remain confined within this range as indicated by the lack of strong directional movement.
Traders must monitor Bitcoin's ability to stay above $93,800 in the coming weeks. While a significant push above $98,800 may pave the way for another rally, a drop below this level could lead to further decline. In the meantime, Bitcoin's momentum deficiency suggests that it is currently at least temporarily losing strength.
XRP gains momentum
With XRP continuing to gain momentum, there are speculations that a significant rise may be imminent. Investors are watching for the possibility of another surge after breaking through major resistance levels. However, with XRP approaching crucial price points that may determine its next course, caution is still recommended.
The XRP price was fluctuating around $2.75, indicating a strong recovery. The 50 EMA, which is often considered a bullish indicator, has recently been broken by the cryptocurrency; $3.00 becomes the next important psychological resistance level that should be monitored if the price continues above this level.
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A long-term bullish confirmation could come from a successful breakthrough above $3. If XRP maintains its momentum and trading volume continues to increase, there may be a rise towards $3.50-3.70. Further upside potential may exist with the Relative Strength Index remaining in neutral territory. Additionally, XRP could move to a new range above $4.00 in the coming weeks due to ongoing investor confidence and optimistic market sentiments.
Even with the recent gains, XRP still faces resistance. With $2.50 as a crucial support level, a decline towards $3.00-3.20 may result. The next major downside target where buyers previously showed interest is $2.28 if this support fails. Further negative sentiments will be indicated by a drop below $2.00.
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