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Bitcoin (BTC) Drops $63K, Are We Going Below $60K? XRP Fails to Break Above $0.48, Shiba Inu (SHIB) Shows Lowest Volatility Since 2024
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Contents
Bitcoin failed to regain a foothold above the $63,000 mark, which led to a move towards $61,000. Unfortunately, this outcome paves the way for a drop below $60,000.
At the moment, Bitcoin is moving slightly above the crucial support level at around $60,885, according to the chart. While the 100 EMA at $63,754 and the 200 EMA at $58,260 are closer to the current price and offer support and resistance levels, the 50 EMA at $66,407 provides distant resistance.
More selling pressure could be applied to Bitcoin if it fails to close above $63,000. There could be a short-term recovery in Bitcoin price as the RSI at 36 suggests that the market is approaching oversold territory.
The next major support level, which is around $55,000, could be reached if the price fails to gather momentum and breaks below the 200 EMA at $58,260. Bitcoin needs to hold above the 200 EMA and gain momentum to the upside to have a more optimistic outlook.
XRP has lost the battle
Exchange rate risk failed to break the $0.48 price level and has already dropped below the 26 EMA, which was the resistance above. Unfortunately, it is unclear how the asset will behave from here on out. Perhaps the answer lies in the overall market sentiment, which XRP tends to follow.
XRP needs to hold its current levels and gain strength to confront the 50 EMA at $0.5031 to provide a more positive estimate. If XRP breaks out of this barrier, it could indicate a possible change in sentiment and allow it to move towards the 100 EMA, which is located at $0.51.
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The price could move towards $0.55 and above if there is a steady trade above these important moving averages, which would suggest a stronger recovery and could attract more buyers.
The overall market sentiment has a major impact on XRP price fluctuations. Good news or market progress could provide some support for Exchange rate riskHowever, not much is happening at the moment.
The Shiba Inu’s Superpower Has Disappeared
In the past, SHIBISCOPEHigh volatility has created numerous trading opportunities, attracting speculators and increasing liquidity. However, current market conditions reflect a significant reduction in volatility, causing concerns among traders and investors.
SHIB is trading at around $0.00001691, which is a significant decline from its peak earlier this year. SHIB is below each of its three major moving averages, according to technical indicators. Fortunately, Shiba Inu is on the verge of reaching oversold levels.
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The worst thing is that SHIBISCOPE is becoming less attractive to speculative traders due to decreased volatility, which has led to a more stable but dull price movement. While this stability seems initially advantageous, it also translates into less liquidity and fewer trading opportunities.
In the absence of volatility, traders looking to quickly profit from price fluctuations find SHIB less attractive. To restore volatility to SHIB and attract more traders, a number of conditions must be met.
SHIB could see a spike in volatility if it manages to break above the 50 EMA and sustain its price above significant resistance levels. On the other hand, a prolonged period of stagnation could occur if the sideways trend is maintained and SHIB fails to break above its moving averages. The asset’s attractiveness would be further reduced in this scenario by a likely decrease in trading volume and interest.