Given that Shib is forming a falling wedge pattern on the daily chart, it could be preparing for a big price move. When conditions are met, a falling wedge is often viewed as a bullish reversal pattern, suggesting that SHIB could be ready for a 20% rally.
The trend lines are trending down and converging at the bottom, forming a falling wedge pattern. This pattern usually shows that selling pressure is easing despite the overall trend being down.
If the price breaks above the upper trendline of the wedge, a significant up move could occur. This upper trendline is a key resistance level to watch for Shiba Inu. SHIB is currently trading around $0.00001684, which is slightly above the lower edge of the wedge.
If the price breaks firmly above the upper trendline, the price could see a significant uptick. The chart’s moving averages suggest that important resistance levels to watch upon a breakout are around $0.00001899 and $0.00001984. SHIB’s recent price action must be considered alongside the larger market context.
Additionally, since the relative strength index (RSI) suggests that SHIB has not yet entered oversold territory, there may still be room for downside before a sustained rise.
XRP’s short-term strength
XRP’s near-term price action is in focus given that the 26 EMA has crossed above each of the long-term moving averages on the daily chart. This crossover suggests that the short-term trend could be strong and XRP could retrace to higher price levels.
The 26 EMA crossing over the 50 EMA, 100 EMA, and 200 EMA indicates that bullish momentum is building. Indicators of strong continuation patterns or trend reversals are often observed in these crossovers. Such crossovers are encouraging for XRP, especially after a long period of consolidation and downward pressure. While such EMA crossovers are encouraging, there is no guarantee that the uptrend will continue.
The performance of the 50 EMA is key to a long-term bullish trend. Historically, the 50 EMA leading the price action is a more reliable sign of a strong and durable uptrend. To confirm a strong upward trajectory, XRP needs to see the 50 EMA leading.
According to the current market price, XRP is priced at around $0.60. The range between $0.65 and $0.70 represents the next major resistance level. If XRP can break above these levels with greater volume and maintain support above the 50 EMA, the bullish trend is likely to continue.
TON’s reversal problem
The 100 EMA was recently touched, having recently fallen to an important technical level. This level is crucial as it represents the last significant support before the asset could experience a more severe decline towards the 200 EMA, a move that could severely weaken the asset’s technical strength.
Enthusiasts often consider the 100 EMA as a strong support level. It is often believed that when the price reaches this level, buyers may take action to prevent further declines. But if the 100 EMA support level is broken, the 200 EMA will become the next line of defense.
The 200 EMA is a long-term indicator of the overall trend and condition of an asset. If this line falls, it could signal a longer bearish trend and lead to huge losses for Toncoin holders. Currently, TON is trading slightly above the 100 EMA at around $6.76.
If the price rebounds from the 100 EMA and breaks above the $7 level, it could indicate strength. But if it fails to sustain this level, it could result in a wave of sell orders that could push the price down to the 200 EMA, currently at $5.54.
(Personal opinion, not a recommendation)
The market is changing rapidly, and enthusiasts need to stay vigilant
If you like it, please follow us for more articles.
May every encounter start with friendship!
