Due to multiple danger signals, the bulls are not yet ready for an upward move.
Perhaps one of the most critical moments in the recent market history of Shiba Inu is about to arrive. Despite the price movements being lackluster in recent weeks, this meme token shows some signs that a breakout may be closer than it appears, and it is not just surface-level but intrinsic.
The price of SHIB has been trapped below important resistance levels such as the 100-day and 200-day moving averages. As of the time of writing, SHIB is trading at about $0.0000125, slightly above the key structural and psychological support level of $0.0000120. This level has been tested multiple times in the past, so a significant rebound from this level could signal a local reversal.
According to the RSI indicator nearing 40, SHIB has not entered an overheated zone and still has room for upward movement. However, it is shocking: on-chain data for SHIB shows a sharp increase in large transaction volumes. According to IntoTheBlock, the amount of SHIB transferred through whale transactions reached a six-month high of over 240 trillion on June 5. This indicates a significant accumulation or redistribution event, especially with over 500 large transactions occurring in a single day.
When prices consolidate near support levels with such high trading volume, it often signals a reversal or rebound. This is where great opportunities lie. If SHIB can hold above the $0.0000120 support level and reclaim the resistance zone of $0.0000134-$0.0000138, momentum could shift.
Depending on new capital inflows and an improvement in market sentiment, a successful breakout could lead to a price increase to $0.0000155 or even higher. Traders and investors should closely monitor this trend. The combination of technical support and strong whale activity presents SHIB with the best opportunity to break free from stagnation and regain an upward trajectory for weeks, but this does not guarantee a breakout.
XRP's unexpected plunge
As XRP shows signs of impending volatility, investors should be prepared for surprises. After a period of consolidation and weakening momentum, the asset has reached a critical point on the chart and may not hold out for much longer. From a technical perspective, the descending trendline that has been suppressing prices since early May has recently been broken by XRP.
This breakthrough and the rebound from the 200-day moving average indicate that market sentiment may be changing. In terms of a short-term rise to $2.25 and $2.30, the current price is about $2.14, slightly above important moving averages such as the 50-day and 100-day moving averages, which may serve as support and a springboard at the same time. However, in this case, the real uncertainty is not the chart itself. On-chain indicators (not shown in the current image but relevant to the context) suggest that large trading volumes have sharply decreased in recent days.
Due to the reduction in whale activity, there may be a brief calm before the storm. Historically, these periods of calm, whether due to aggressive selling or strategic accumulation by major holders, usually precede significant volatility. The RSI indicator at the bottom is moderately strong, suggesting that prices still have room to rise and the asset is not overbought.
In addition to confirming the breakout of downward resistance levels and the strengthening of long-term moving average support, the market is preparing for volatility. XRP appears to be gearing up for a move that may surprise many. The decrease in whale activity could just be a brief intermission before major participants return and strongly influence price movements. If the asset continues to break through the $2.08-$2.10 range, an upward breakout may occur.
Locals use Bitcoin
After a brief rebound, Bitcoin is testing a local resistance area and faces uncertainty again. Currently, the asset is trading at about $105,500, and while short-term trends indicate price consolidation, the long-term outlook suggests possible turbulence, especially if Bitcoin cannot maintain levels above critical thresholds.
According to the chart, Bitcoin's current trading price is near the upper end of a recently formed uptrend line, but it is also facing significant resistance below $108,000, which is the rejection point from previous unsuccessful breakout attempts.
A pullback could easily push asset prices below $100,000 and retest psychological and technical support levels as momentum seems to weaken. So far, price action has been following the 50-day moving average (blue), which currently serves as dynamic support. However, any movement below this moving average, particularly in terms of daily closing prices, could lead to a shift in market sentiment and pave the way for a larger decline toward the $98,000 to $96,000 range, where the 100-day moving average awaits.
The next important target for the bears may be the 200-day moving average (EMA) near $91,700, and if this level is also breached, it could lead to further declines. Currently, trading volume remains low, indicating uncertainty on both sides. The Relative Strength Index (RSI) has also failed to generate any significant upward momentum, remaining in the midline area without a clear bullish divergence.
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