On the charts, XRP is hovering within a descending triangle pattern and is clearly struggling. Although XRP experienced a significant spike earlier, it is currently still working to recover and break through important resistance levels. The digital asset is currently testing the upper limit of the descending triangle, which is a significant resistance area at $2.17.
XRP currently faces the largest resistance level at $2.50, with sellers consistently refusing to allow an increase. A breakout above this level could push XRP towards $2.80, which is a key resistance level from the asset's recent peak. If XRP can break through the current descending triangle, bullish momentum may return and allow for more upward space. Conversely, the 26 EMA or $2.05 is XRP's recent support level.
If this level cannot be maintained, it could accelerate a drop to the range of $1.87 to $2.00, which is a key demand area where buyers previously intervened. Currently, XRP's on-chain metrics present a significant obstacle. As mentioned earlier, XRP payment volumes have decreased by an astonishing 97%.
This decline indicates a reduction in trading activity, which weakens market sentiment and the overall network usage of the asset. Without strong on-chain support, XRP may struggle to maintain its price recovery. Currently, XRP is at a critical juncture. A bullish recovery requires a breakout from the descending triangle and reclaiming $2.5. However, if on-chain indicators continue to deteriorate and the 26 EMA support level is breached, further downside pressure may occur.
Shiba Inu violated it
The key indicator for Shiba Inu's recent price rise, the 26 EMA support level, has been breached. This breakdown indicates a worsening market weakness and reinforces bearish expectations. Although SHIB has temporarily remained above this level, it has failed to gain support and is currently showing signs of weakness.
SHIB's bullish momentum has essentially been halted by the clearly lower highs on the chart. Sellers now control the trend, while buying pressure has significantly decreased, confirming this bearish structure.
SHIB is currently struggling to maintain operations, hovering around $0.00002749 after failing to reclaim lost ground. SHIB may gain short-term relief near $0.00002640, which is a direct support level. If it falls below this level, the asset may test the range of $0.00002200 to $0.00002300, which corresponds to the 50 EMA.
On the positive side, the previously broken 26 EMA and resistance level is currently around $0.0000285. SHIB must decisively break through this level to restore its bullish outlook, but considering the current market conditions, this seems unlikely. The main issue for SHIB is that it has failed to maintain momentum after a recent rebound. Furthermore, the decline in trading volume indicates a waning interest and confidence among investors.
Additionally, the unpredictability of the cryptocurrency market has added extra pressure to SHIB's price recovery. The price of SHIB is continuously declining, and it is difficult to find solid support, as the asset's upward momentum seems to have stopped.
If buyers do not intervene quickly, SHIB could be dragged down to the 200 EMA support level near $0.00002200. Although Shiba Inu has clearly lost momentum, regaining $0.00002850 is still crucial for any hope of recovery.
The downtrend for Solana is ending
As the asset attempts to regain bullish momentum, Solana is at a critical crossroads. After a strong rebound, SOL surged from $150 to nearly $260, and the asset is currently facing seller pressure and imminent supply issues. Solana's current trading price is $218.78, with the 50 EMA at $216, providing immediate support.
So far, this level has remained stable, avoiding a more severe crash. However, a significant obstacle for bulls still remains the downward trendline resistance around $230. A breakout above this level could signal the beginning of a recovery and pave the way for a test of $250. If SOL cannot maintain the current support level, the next downside target is around $194 near the 200 EMA.
Dropping to this level would confirm the persistent pessimism, which may be triggered by concerns over the March token unlock event, seen as a bearish trigger. The $2.63 billion unlock event scheduled for March 1 has affected investor confidence. Over the past month, SOL has performed poorly amid concerns of oversupply, with an expected 11.2 million SOL (2.35% of the circulating supply) entering the market.
Although Chris Burniske and other analysts believe the market has digested this event, caution remains. Bulls must reclaim $230 and maintain above this level for Solana to bounce back. If successful, SOL may target $250-260 in the near future. However, if the 50 EMA support level is not maintained, it could drop to the range of $194-200.
