Bitcoin has failed to regain a foothold above the $63,000 mark, which led to a move toward $61,000. Unfortunately, this outcome opens up a pathway for a plunge below $60,000.
As of right now, Bitcoin is trading slightly above the crucial support level at about $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 far-off resistance.
More selling pressure may be applied to Bitcoin if it is unable to close above $63,000. There may be a brief upswing in the price of Bitcoin as the RSI at 36 suggests that the market is getting close to oversold territory.
The next major support level, which is around $55,000, may be reached if the price is unable to gather momentum and breaks below the 200 EMA at $58,260. Bitcoin needs to maintain above the 200 EMA and gain upward momentum in order to have a more optimistic outlook.
XRP has lost battle
XRP has failed to break the $0.48 price threshold and has already tumbled down below the 26 EMA, which represented the aforementioned resistance. Unfortunately, it is not clear how the asset is going to act from here. Maybe the answer lies in the general sentiment on the market, which XRP tends to follow.
XRP must maintain its current levels and gain strength in order to confront the 50 EMA at $0.5031 to provide a more positive estimate. If XRP were to break above this barrier, it might indicate a possible change in sentiment and allow it to go toward the 100 EMA, which is located at $0.51.
The price could move toward $0.55 and higher if there is consistent trading above these important moving averages, which would suggest a stronger recovery and possibly draw in more buyers.
The mood of the market as a whole has a major impact on XRPs price fluctuations. Good news or advancements on the market may provide some support for XRP. However, there is not much happening right now.
Shiba Inu’s superpower is gone
In the past, SHIB’s high volatility 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 about $0.00001691, which is a significant decrease from its peak earlier this year. SHIB is below each of its three major moving averages, according to the technical indicators. Luckily, Shiba Inu is on the verge of hitting oversold values.
The worst thing is that SHIB is becoming less attractive to speculative traders as a result of the decrease in volatility, which has resulted in a more stable but dull price movement. Although this stability first appears to be advantageous, it also results in less liquidity and fewer trading opportunities.
In the absence of volatility, traders seeking to profit quickly from price fluctuations find SHIB less alluring. In order to restore volatility to SHIB and draw in more traders, a number of conditions must be met.
SHIB may see a spike in volatility if it can break above the 50 EMA and hold its price above significant resistance levels. On the other hand, a protracted period of stagnation may result if the sideways trend is maintained and SHIB is unable 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.
