The Shiba Inu price chart has formed a symmetrical triangle, marking a period of consolidation. As the volume profile shows, volume has gradually declined as price has stabilized. This is a typical feature of this pattern.
While symmetrical triangles are generally neutral formations, when an asset breaks out of the triangle, the asset price tends to move wildly. In the case of SHIB, two main outcomes are possible:
SHIB could see an upside breakout if the buying pressure at the top end of the triangle suddenly increases. Such a move could propel SHIB above the critical resistance at $0.000019, and a surge in volume would be the driving force behind it.
This could allow SHIB to stage a stronger rally, especially if the overall market sentiment improves. If the bulls gain control, the next resistance level between $0.000022 and $0.000025 could be targeted for a retest of SHIB, which suggests a strong upside potential.
If the surge in volume does indicate selling pressure, SHIB could break out of the triangle pattern and head lower. In such a case, the price could decline to retest the lower support levels at around $0.000015 and $0.000013.
This would be a continuation of the downtrend that SHIB has been experiencing recently and could signal additional bearish momentum if the downtrend fails to hold the $0.000015 support level.
XRP’s slumber continues
Lately, XRP has been having a tough time with its price action, hovering around $0.52 without much upward momentum. However, there are signs that this lackluster performance may be coming to an end. An important aspect to monitor is whether XRP can maintain stability around $0.50, which is becoming a critical level.
Historically, price rebounds have been based on holding this support level. Due to the recent consolidation phase, a reversal may be imminent, which may indicate that sellers are losing the upper hand. The price is also showing some resilience by continuing to hold above important moving averages such as the 200-day EMA.
This signal means that long-term investors may still be interested in XRP and any rise from now on may attract more buyers. Although the trading volume has not reached the expected levels, it has stabilized, which shows that traders are waiting for a major breakout. The buying interest in XRP is likely to rise again if the price breaks above the $0.55 resistance level.
Dogecoin is alive
Despite the recent price drop, Dogecoin has shown resilience and maintained its position in an uptrend. Important moving averages continue to support the price of Dogecoin and as can be seen on the chart, the bullish trend remains intact for the time being.
The price drop following the test of the $0.12 resistance level has not completely reversed the uptrend. Alternatively, this could just be a brief pullback before DOGE accelerates again. Around $0.10 is a critical support level to monitor. If DOGE can sustain this level and attract more buying pressure, the probability of a reversal to higher price targets will rise.
The next major resistance level lies at $0.12. A breakout above this resistance could spur a stronger rally that could push DOGE back towards the $0.14 level. Additionally, favorable developments in the larger cryptocurrency market could give DOGE the needed momentum, supporting the possibility of a trend acceleration.
However, traders should proceed with caution as a sustained break below $0.10 will invalidate the bullish outlook and increase the likelihood of further downside risks. Dogecoin is still trending up, but there is always a chance of an unexpected reversal.
