The market's intentions remain unclear, but the bulls may be gaining control.
The recent price movements of Shiba Inu (SHIB) have caught traders off guard. SHIB briefly touched the 100-day moving average (EMA) (about 0.00001392 USDT) in early June and briefly reclaimed the 50-day moving average (EMA) (about 0.00001418 USDT), then retraced some gains but was ultimately rejected. Currently, SHIB's trading price is slightly above its long-term support level, around 0.00001200 USDT.
Investors are unprepared for this narrow trading range, which lies between solid support and stubborn resistance, following a clear upward momentum in May. Buyers are still willing to defend this range, as evidenced by the rebound from $0.00001200, but it is concerning that there has been little follow-up volume during the upward movement. There has not been a significant amount of capital from either side, as seen from the gradually decreasing daily trading volume.
SHIB remains below the 50, 100, and 200-day moving averages (all sloping downwards and supporting the current bearish trend), which is particularly concerning. Additionally, the RSI shows a cautious trend. This indicates that, with the RSI close to 45, momentum still leans towards the sellers.
A prolonged fall below $0.00001200 is likely to intensify selling pressure and pave the way for a retest of the March low around $0.00001050. Alternatively, if SHIB can force a close above $0.00001392 in the next few trading days, ideally with a rebound in volume, it would be the first step towards a genuine trend reversal.
XRP's immediate surge.
Recently, XRP's price surged significantly, decisively breaking through the 50-day (orange line) and 100-day (blue line) exponential moving averages. This is an important development, as breaking these significant EMAs is often viewed as a green light technically, indicating that the market may recover and exhibit bullish momentum. The price remains above the 200-day EMA (black line), supporting the breakout and reinforcing a positive technical stance.
This significant increase brings new hope to traders and investors, who believe that after a long period of consolidation and sideways movement, XRP may be on the verge of a strong rebound. Although the technical breakout above important EMAs is encouraging, caution is still needed. This price movement may still be a false breakout, which is a common phenomenon where the price briefly breaks above important resistance levels and then retreats.
The trading volume accompanying this breakout is moderate but not particularly strong, indicating that buying pressure may not yet be sufficient to support a long-term upward trend. Additionally, the Relative Strength Index (RSI) is currently around 50, indicating that the market may experience volatility but also has some potential for upward movement.
Investors should closely monitor the confirmation of the breakout. If XRP continues to close above the 50 and 100-day moving averages with increasing volume, it will indicate a stronger bullish trend. On the other hand, if XRP falls below these moving averages and quickly turns into a bearish breakout, overly optimistic traders may be caught off guard.
Ethereum regains strength.
Ethereum has significantly broken through the key $2,600 price level, signaling that a strong rebound many have been eagerly awaiting may soon begin. After being trapped in a downward channel for several weeks, ETH has now broken out and re-entered an upward channel, indicating new bullish momentum. This breakout coincides with strong support from important moving averages, which is worth noting.
ETH's price remains steadily above the 50-day, 100-day, and 200-day moving averages, which have historically been important support levels during bull markets. A clear sign is that sellers are losing control, buyers are taking over, and pushing prices higher, while the pressure for ETH to break below these levels has weakened.
The recent rebound in trading volume is solid, indicating that this rally is supported by actual market participation rather than a temporary spike. Currently, the Relative Strength Index (RSI) is slightly above 60, suggesting strong market momentum, but there is still some room before entering the overbought territory.
After a brief test, ETH has successfully held around the key resistance level of $2,800 over the recent trading days. This resilient momentum supports the idea that ETH will continue to rise, heading towards the important psychological level of $3,000. If ETH can reach this target, it will mark an important milestone, signaling the end of the previous bearish trend and the beginning of a new upward cycle.
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