While XRP is still stuck in a larger bearish structure and is still having trouble below important resistance levels, NEAR Protocol is demonstrating strength as it tries to reclaim the critical $2.00 level.
After consolidating between $1.80 and $2.00 for several weeks, NEAR has finally been able to surpass the psychological $2 mark. The asset is currently trading above its 50-day, 100-day, and 200-day moving averages concurrently, which makes the move significant. Such patterns, especially ones within recovery phases, are typically regarded as a bullish development.
NEAR recently recovered from support around $1.80, which is in line with the 200-day moving average, according to the daily chart. Successfully defending that area, buyers have progressively raised the price. The market structure appears to be improving, as evidenced by the fact that NEAR is holding above all major trend indicators, even though volume is still relatively low in comparison to the explosive rally in May.
The next barrier is located close to $2.10, where resistance is currently being provided by the 100-day moving average. A clear break above that level might pave the way for $2.30 and possibly more. Additionally, the RSI has risen above 50, suggesting that momentum is returning to the bulls.
XRP’s Pitiful Recovery
XRP is still below its 50-day, 100-day, and 200-day moving averages despite a minor attempt at recovery. The asset is currently trading at $1.09, and the descending moving average cluster between $1.11 and $1.15 is still posing significant resistance. Each recent rally has been rejected before a significant trend reversal could be established.
Since the significant breakdown in June, the chart displays a sequence of lower highs and lower lows. Although buyers haven’t created enough momentum to challenge the more significant resistance zone around $1.15, XRP hasn’t made any new lows lately. The lack of conviction on both sides is reflected in the RSI, which stays neutral at 47.
XRP needs to establish support above $1.12 and regain the 50-day moving average before it can improve its outlook. The asset stays in a corrective phase until that occurs. While XRP is still concentrating on just getting out of its current downtrend, NEAR is currently trying to break out and strengthen its recovery. The two largest memecoins available on the market are still moving nearly simultaneously.
Downtrends Dominate on Memes
Both Dogecoin and Shiba Inu are stuck in well-established downtrends, trading below important moving averages, and finding it difficult to generate enough buying pressure to start a significant rebound. Shiba Inu continues to face particularly challenging circumstances. SHIB entered a protracted decline that has erased the majority of its spring gains after failing to maintain a rising wedge pattern earlier this year.
The token is still below its 50-, 100-, and 200-day moving averages at $0.0000042. The chart displays a number of unsuccessful recovery attempts. SHIB has not been able to establish a higher-low structure because every local breakout has been followed by fresh selling pressure.
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Early in July, there was a brief improvement in sentiment, but buyers soon lost steam. Additionally, volume has continued to decline, indicating that market participation is still low. The fact that SHIB’s RSI is close to 36 and on the verge of oversold territory is one possibly positive indicator.
Relief rallies have historically frequently preceded such circumstances. However, before any more comprehensive recovery narrative becomes plausible, the asset would first need to reclaim resistance close to the 50-day moving average.
The fact that SHIB is still far from its major moving averages is another factor working against it. Bulls would have to overcome a stacked resistance zone because the 50-day EMA is still above the current price, and the 100-day and 200-day trend lines are even higher.
This implies that before a complete trend reversal can occur, SHIB will probably encounter several technical obstacles, even if it is able to stage a brief recovery. There are indications that the downward momentum is waning at the same time.
The volume spikes that accompanied the June breakdown have not been seen in recent selloffs, indicating that market participants are becoming less inclined to sell at current levels. In the latter phases of bearish trends, when the majority of weak hands have already sold their positions, this type of volume contraction frequently occurs.
Dogecoin Might Be Pushed Down
Dogecoin is sitting well below critical indicators, which strongly suggests a possibility of a rapid reversal downward. The asset hasn’t fully recovered from a significant breakdown that occurred in June. Although buyers were able to halt the initial decline, they have not produced enough strength to overcome resistance levels above $0.076-$0.083.
Lower highs are still forming all over the chart, and the technical structure is still bearish. Dogecoin’s RSI has somewhat recovered from oversold levels, but it is still far from indicating a significant bullish trend reversal, much like SHIB. The similarity in the behavior of both assets is noteworthy.
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Both DOGE and SHIB are no longer facing aggressive capitulation, but neither is drawing sizable capital inflows. Rather, both seem to be in a state of exhaustion where demand is still insufficient but selling pressure has decreased. The area above $0.076 must be reclaimed by DOGE, while $0.0000045 is the crucial level for SHIB.
Despite early indications that the worst of the selling pressure may be lessening, both memecoins remain in corrective structures until those levels are restored.
