XRP had the biggest price recovery since the beginning of the year, successfully securing the $0.52 price threshold. However, complicated times are ahead with a strong resistance at 200 EMA waiting.
The price of XRP has recovered significantly in the last 48 hours, rising to $0.5288. The 50 EMA at $0.4871, the 100 EMA at $0.5070 and the 200 EMA at $0.5295 have all been broken by XRP during this rally. Reaching these important benchmarks demonstrates the strong buying pressure and restored investor faith in XRP.
XRP/USDT Chart by TradingView
Additional evidence of the bullish sentiment is the significant increase in the daily trading volume. This increased activity implies that more investors and traders are taking part, which will accelerate XRP's upward trend. Although this points to significant buying interest, it also calls for caution because it might cause a temporary decline. On-chain data highlights the increasing interest in XRP even more.
While the number of transaction transfers has increased to 1.47 million, the total number of transactions has surged to 2.55 million. These indicators point to increased activity and usage on the XRP network, which has caused a recent price increase.
Shiba Inu's potential reversal
Shiba Inu could be on the verge of entering a reversal as the price of the token is successfully climbing at $0.000017 and might go upward from there. However, despite the market-wide recovery, the trading volume is still low.
Shiba Inu, which is currently trading at $0.00001730, has recovered from its recent lows with encouraging signs. Key support levels such as the 50 EMA at $0.00001749 have been overcome by the token.
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In line with the general bullish sentiment observed throughout the cryptocurrency market, this upward movement suggests a possible reversal. SHIB is getting closer to the 100 EMA resistance level at $0.00002006 as can be seen on the daily chart. If this barrier is successfully broken above, SHIB may reach greater heights, and the bullish trend will be further validated.
As a potential obstacle to continued upward momentum, traders should be aware of the strong resistance the 200 EMA presents at $0.00002041. Trading volume is still a concern even with the positive price action. A strong market participation may not be providing enough support for the recent price gains, as evidenced by the lack of a corresponding increase in volume.
Bitcoin's unexpected skyrocketing
Bitcoin has gained a strong foothold above the $60,000 price threshold. However, we might see $70,000 sooner than expected, the current price dynamic of the asset shows.
With a current market value of $60,128, Bitcoin has demonstrated unexpected yet powerful performance. With the recent price movement, Bitcoin has broken through significant resistance levels, such as the 100 EMA at $62,559 and the 50 EMA at $60,478.
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The 200 EMA at $64,125 is the next noteworthy resistance level to keep an eye on. The road to $70,000 becomes much more obvious if Bitcoin can continue to rise and break through this barrier.
Numerous assets are performing well, and the cryptocurrency market has been rebounding. This general feeling of optimism is probably going to help Bitcoin too. Furthermore, the demand for Bitcoin is still being driven by macroeconomic factors like institutional interest in cryptocurrencies and concerns about inflation.
In addition, market analysis and on-chain data indicate that solid fundamentals underpin Bitcoin's bullish path. Positive trends can be seen in metrics like the hash rate, transaction volume and the number of active addresses.
