As it approaches the apex of a symmetrical triangle pattern, XRP is getting closer to a pivotal moment in its price movement. This pattern frequently signals substantial volatility, and XRP might be preparing for a significant move higher.
Investors and traders should closely monitor this pattern because there is a good chance of a major move in the upcoming days. A pattern of lower highs and higher lows is usually formed when the price of an asset consolidates between two converging trendlines, forming a symmetrical triangle. In the case of XRP, the price is presently floating near the triangle's peak at $0.57.
XRP/USDT Chart by TradingView
The likelihood of a breakout increases as the price approaches the tip, which could cause XRP to experience a large price swing in either direction. The resistance at $0.60 and the support at $0.55 are important levels to keep an eye on. The door would likely be opened for XRP to target higher resistance levels, perhaps around $0.65 to $0.68, if there were a clear break above the $0.60 resistance level, confirming a bullish breakout.
This would suggest a significant upward trend and might pique interest in purchases. Inversely, XRP is expected to retest lower support levels near $0.52 or even $0.50 if it breaks below the $0.55 support level, indicating a bearish reversal.
Solana remains suppressed
After an unsuccessful attempt to break above the 26-day EMA, Solana saw a significant drop in price over the course of the last day, with the price now hovering around $128. Though the cryptocurrency had recently begun to show signs of life, traders now face an impending death cross, which could portend further losses.
As a result, the downward pressure seems to be intensifying. On Solana's chart, there is a bearish technical pattern known as the death cross, which occurs when the 50-day moving average crosses below the 200-day moving average. For Solana this pattern is often interpreted as a strong indication of extended bearish sentiment and may portend additional downside, particularly if it breaks below the crucial $130 support level.
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Solana's price may drop toward $100, a psychological and technical level of support, if the price drops below this level, potentially igniting a sell-off. Solana's 26-day EMA, which is currently trading close to $136, is serving as a key resistance level.
Solana's decline is consistent with the general trend of uncertainty on the cryptocurrency market, which is still characterized by cautious sentiment. Solana's price may drop further if Bitcoin and other popular altcoins encounter resistance and declines in value. Investors and traders should now keep a close eye on the $130 mark.
More substantial losses could result from a break below, but a rebound might give Solana another opportunity to stabilize. However, caution is advised, as more volatility may be in store for SOL in the upcoming days due to the impending death cross and the current inability to regain the 26-day EMA.
Shiba Inu's volatility plummets
As the asset's volatility stops and its price hovers around neutral, Shiba Inu (SHIB) appears to be getting closer to what many are referring to as ground zero. With little to no movement in recent trading sessions, SHIB is currently in a risky position, having lost more than half of its value from its previous highs.
Even though many investors were expecting a recovery, the current state of affairs raises more questions about the meme coin's prospects. The price of SHIB is now well below its major resistance levels at approximately $0.00001310. The asset is unable to gain any significant momentum, as it continues to trade below the 50-day and 200-day EMAs.
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It is now facing an uphill battle as enthusiasm wanes and the market cools off, whereas SHIB had previously seen rapid gains driven by community hype and speculative trading. The asset's volatility has now reached an all-time low, drawing in speculators.
That being said, such a breakout may be far off given the uncertainty surrounding the larger cryptocurrency market. Regretfully, things might not work out the way that certain holders of SHIB anticipate.
