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Bitcoin (BTC) Gets Critical Hit, Shiba Inu (SHIB) in Catastrophe Mode, May Lose $0.00001 Again, XRP Stronger Than It Should Be
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Bitcoin has been crushed by selling pressure in the last few hours. The first cryptocurrency is on the verge of losing the $65,000 mark. The drop below it has already triggered major liquidations and things will get worse if we don’t see a change.
The chart illustrates how difficult it was for Bitcoin to hold the critical support level at $65,000. Bitcoin risks exceeding this crucial threshold due to strong selling pressure. Falling below this threshold will trigger further liquidations followed by an intensification of the downtrend.
Further selling has been observed in recent trading volume, suggesting that traders are increasingly panicking. There is a possibility that the current price decline is excessive as the Relative Strength Index (RSI) has entered the oversold region. That said, downside momentum cannot be stopped by the oversold RSI alone, particularly when selling pressure is persistent.
The gloomy outlook is exacerbated by concerns about regulatory crackdown and macroeconomic uncertainties. As many investors choose to liquidate their holdings rather than weather the volatility, overall market sentiment remains cautious.
Moving averages for Bitcoin they show a sad picture also from a technical point of view. There is a decrease in bullish momentum indicated by the flattening of the 50-day EMA.
Shiba Inu hit
Shiba Inu lost the 200 EMA support level and its price collapsed, causing a substantial loss. The $0.00002 level has realistically disappeared, so our best bet is the psychological support of $0.000015. However, in reality, the most likely scenario is a drop to multi-year lows for the SHIB.
The SHIB’s failure to hold the 200-day exponential moving average (EMA), which many traders consider to be a strong support level, indicates a significant breakout on the most recent chart. SHIB it fell precipitously due to the loss of this level of support, which triggered a rapid decline. The next crucial level is currently the psychological support at $0.000015, but given the momentum, this may not hold either.
The trading volume confirms that market sentiment has turned decidedly bearish showing an increase in selling pressure. Given that the Relative Strength Index (RSI) is currently well into oversold territory, it is possible that SHIB is currently undervalued. But given the current negative sentiment, the oversold situation may not be enough to stop the downtrend on its own.
The SHIB could approach multi-year lows and, if it continues to decline, could test levels not seen since the beginning of the year. The downtrend is increased by the weakness of the cryptocurrency market as a whole and the absence of a compelling use case for it Shiba Inu. Without a major catalyst, market dynamics mean SHIB may struggle to find a bottom in the near future.
It is advisable to prepare for further fluctuations and possible declines. It appears that the SHIB will continue to fall until it manages to recover and hold above the 200 EMA, which represents a significant technical setback.
The surprising resilience of XRP
XRP it is the last resort from which you expect stability. The cryptocurrency is still trading around the $0.5 price mark, despite the market-wide decline, where some assets have lost around 10% of their value.
In a market characterized by volatility, XRP’s resilience is astonishing. The asset managed to maintain its position while other major cryptocurrencies recorded significant declines. The chart shows that XRP is holding its position above several key moving averages, including the 50-day EMA (blue line) and the 200-day EMA (orange line), which is an encouraging sign for investors.
The trading volume for XRP has been relatively stable, indicating that there is still significant interest in the asset. The Relative Strength Index (RSI) is in a neutral zone, suggesting that XRP is neither overbought nor oversold at this point. This balance further supports the idea that XRP is currently in a stable phase.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, cryptocurrency enthusiast and SMM expert with more than four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be in constant use in the future. Currently he focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.