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XRP may finally be on the brink of a recovery since the price had established a foothold above the 50-EMA resistance level of the asset. With that being said, there is the chance for a further breakthrough; however, in one way or another, it lacks momentum.
XRP price market outlook: Currently, the price action of XRP has found a lot of promise in recovery after the break above the 50-day exponential moving average. This move showed a changing market sentiment given that the 50 EMA will most probably determine whether XRP is in a short-run uptrend or downtrend. These are bullish steps but with stiff hurdles above $0.55 and $0.60.
The RSI is above the neutral level of 50, suggesting that there is no specific strong buying or selling pressure taking place around this area. In a state like this, the RSI means that the recent gains are welcome but without robust momentum to confirm a sustained uptrend.
Overall, the market sentiment for XRP can be regarded as cautiously optimistic. Investors are waiting for much-needed buying interest to confirm the strengthening of the uptrend. The trading volume at current trading positions is also somewhat stable, but not enough.
Shiba Inu’s battle
Luckily for the market, Shiba Inu has been able to withstand the selling pressure and did not fall below the 50 EMA. But at the same time, the momentum is not there, and SHIB really needs way more support to break through.
Shiba Inu has found a crucial support level at the 50-day EMA, which has helped prevent further declines. This support has been vital in maintaining SHIB’s price stability in recent trading sessions. The 50 EMA acts as a lifesaver, keeping the asset afloat amid increasing selling pressure.
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Recent whale transactions indicate heightened activity among large holders of SHIB. Over the past 24 hours, there have been 147 large transactions totaling 1.9 trillion SHIB. This surge in transaction volume suggests that big players are still engaged, possibly redistributing their holdings or preparing for potential market moves. However, this activity has yet to translate into significant upward price movement, as market momentum remains subdued.
Despite the support at the 50 EMA, SHIB’s price has not shown strong bullish momentum. The RSI remains relatively neutral, indicating a lack of strong buying or selling pressure. For SHIB to break through current resistance levels and initiate a more substantial upward trend, it needs more robust market support and increased buying interest.
Ethereum’s major goal
And that is, Ethereum is eyeing $4,000 either on its latest price performance or bears’ failure to sink the value of the asset below the $3,700 mark. But the good news is that the price looks to avoid a blow-off.
Ethereum has recently withstood the greatest surge, vibes taking its price toward the $4,000 level. The latest outbreak above $3,700 leaves a beautiful site with new support, signaling that there is major buying interest. The 50-day EMA, superiorly moving with the price action, would strengthen the bullish picture. In the meantime, the RSI is trading around 70, suggesting at this juncture that ETH is overbought but remains strong.
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For a move higher, Ethereum must remain over its key support at $3,700. The next key resistance level is forming near $3,850. With this, the pair clears the path to $4,000 and eventually eyes maximum resistance, which, as of now, may come during the coming sessions. On the downside, solid support is pegged at the $3,500 level, and any move below it could trigger a short-term bearish trend.
Overall, the forward-looking future for Ethereum remains upwardly skewed. The bullish run should persist, provided the market keeps the bullish momentum.
