The market has suffered a massive blow as it enters a potential recovery phase.
As Dogecoin is at the edge of a critical support level, its last realistic opportunity for a technical rebound is at $0.145. Dogecoin has experienced a long decline, dropping over 35% from its recent local high, and the market remains turbulent, indicating insufficient bullish momentum. Dogecoin has consistently broken below important moving averages such as the 50-day, 100-day, and 200-day moving averages, which now constitute resistance above.
Continuously forming lower highs and lower lows, the bearish structure is solid. After recently breaking below $0.17, the token is prone to further declines. If buyers do not hold the current level, Dogecoin could drop to its lowest point since last year.
Nevertheless, $0.145 holds historical significance, not just a number on the chart. The market may experience a unique technical rebound opportunity at this level, which has historically been a strong springboard. If Dogecoin can form a strong bottom here, with increased volume and RSI rebounding from the oversold area (currently about 27), then a short-term reversal or consolidation may follow. However, volume is still declining, indicating insufficient bullish sentiment and low participation.
Unless there is a significant catalyst, such as an overall market recovery or speculative retail interest, the potential for a rebound remains purely theoretical. Investors should currently pay attention to Dogecoin's movement around $0.145. Holding firmly may lead to increased holdings and reset short-term market sentiment. However, if the overall bearish momentum in the cryptocurrency market persists, falling below this price level could trigger a free fall in prices toward the psychological level of $0.10 or even lower.
XRP's pullback has failed.
In recent weeks, investors have been eagerly anticipating a breakout of the symmetrical triangle pattern for XRP, but this has now failed due to XRP's rise. The pattern ultimately turned downward instead of upward, breaking below the critical 200-day moving average and downward trend line, which have been fundamental support levels for XRP for months. XRP's downward trend is evident. After XRP fell below the psychological level of $2, it noticeably shifted from consolidation to active selling.
This is a structural failure rather than a technical error. The symmetrical triangle pattern is a neutral formation that usually develops along the previous trend direction, and XRP's movement appeared slightly bullish. But that is no longer the case. The surge in volume of the red candlestick is a common sign of XRP breaking below this pattern, further intensifying bearish sentiment. As the asset's daily RSI is currently at 32, close to the oversold area but not completely oversold, it may continue to incur losses before a significant rebound occurs.
From a trend-following perspective, breaking below the 200-day EMA (black line) is particularly damaging. XRP has historically spent quite a long time below the 200-day EMA, entering a long consolidation phase or even a long bearish phase. The macro structure no longer supports the continuation of a bullish trend, which poses a significant challenge for traders seeking long positions.
What will happen next? XRP may attempt to retest the breakout support level between $2.05 and $2.10, but if it cannot quickly and strongly reclaim that level, it may further fall toward the $1.80 to $1.70 area. As of now, the trend has reversed and is currently in a downtrend.
The marginal Shiba Inu.
The turning point for Shiba Inu (SHIB) price action is approaching. After weeks of steady decline, SHIB's current trading price is slightly above the critical support level of $0.000010. This threshold could either bring much-needed rebound to the asset or pave the way for its price to add another zero, which would have a heavy impact on both technical and psychological fronts.
From the chart, this asset is clearly in a sustained downtrend. The downward momentum is clearly dominating the market, as all major moving averages, including the 50-day, 100-day, and 200-day moving averages, are trending downward and remain far above the current price level. The ongoing decline in trading volume indicates that retail and speculative interest and participation are waning, raising further concerns.
As the RSI indicator has dropped below 26, SHIB is severely oversold. The level of $0.000010 may provide temporary support, which could trigger a brief technical rebound. This area traditionally serves as a support level, providing a platform for bulls to rebound. However, this time is different. Weak volume support seems to lack confidence in any possible rebound.
If Shiba Inu cannot maintain above $0.000010, the likelihood of a further drop will significantly increase. Falling below this level could lead to selling pressure from algorithmic traders and margin traders, causing the token price to drop again. After breaking through this bottom, there will not be much structural support unless it falls to lower levels, which could make subsequent declines particularly severe.
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