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Shiba Inu is now slowly approaching a potential golden cross, which has historically signaled a significant increase in asset prices. SHIB has been gaining momentum in recent weeks, and the Golden Cross formation is gradually approaching reality.
If the short-term moving average breaks above the long-term moving average, the market may move into a more bullish position. Shiba Inu’s 50-day EMA is currently approaching its 200-day EMA, which is a key component of the Golden Cross configuration. If this crossover occurs, it could cause a surge in new buying interest and push SHIB higher.
SHIB/USDT chart by TradingView
While a golden cross by itself does not guarantee a sharp rise in price, many see it as a sign of future growth, especially if it is accompanied by increased trading volume or improved market sentiment. The asset has rebounded from a key support level and is gradually regaining momentum, already showing some resilience.
It’s too early to tell if this golden cross will lead to an immediate upside, but this development suggests the Shiba Inu is still competitive. If the golden cross forms well in the coming days or weeks, it could be a strong indicator of further bullish momentum.
Currently, all eyes are on whether SHIB’s main moving average can maintain its upward trajectory towards the golden cross. The growth potential of this asset could reignite interest in the asset and drive prices higher in the near future.
XRP under pressure
XRP is at risk of falling below an important support level, which could lead to further significant declines. The support level around $0.50 is extremely important for XRP and has acted as a barrier to further decline several times in the past. However, when assets are near this level, they are more likely to fail. If XRP falls below this important support, there will likely be further bearish pressure on XRP.
This asset’s downtrend is further indicated by an impending death cross that occurs when the short-term EMA falls below the long-term EMA. A death cross is historically a sign of a strong bearish trend and could portend a more severe correction in XRP in the future.
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Following the decline below the $0.50 support level, the next important support levels to watch are $0.45 and $0.42. If a dead cross materializes, these levels may provide a short-term respite from selling pressure, but are unlikely to end a long-term downtrend. A death cross, along with support discontinuation, could significantly reduce the chances of XRP recovering quickly.
The uptrend line on the chart provides little support as the overall technical structure indicates that the trend line may not hold. With key technical signals to the downside and momentum weakening, the outlook for XRP looks increasingly dire unless it can sustain support above $0.50.
If XRP is able to sustain this level, some level of sideways consolidation may occur before choosing the next course of action. However, given the current technical indicators, further declines seem likely. Although the charts suggest otherwise, XRP holders will likely be monitoring the situation closely in hopes of a recovery.
Bitcoin remains strong
Recent price movements indicate that Bitcoin (BTC) is not ready to give up just yet and the cryptocurrency appears to be making a comeback. Bitcoin is currently testing the previous upper bound of a long-term price decline channel. This important level, which was once a strong resistance level, is now acting as support and could lay the foundation for a reversal and future growth for Bitcoin.
Bitcoin has shown resilience in recent days, recovering the important $65,000 level, which now appears to be a key support area. This could be a key point for Bitcoin to rise. A successful hold at this level could signal a reversal and push the asset towards testing the next major resistance level at $73,000.
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But the battle is not over yet. Bitcoin is still struggling to break out of the highs to gain the traction needed to hold steady above $65,000. The $62,800 value is also an important level to note. It is located near the 100 EMA. If Bitcoin is unable to sustain this area, it could indicate a pullback to the downside and test lower support levels.
Overall, if Bitcoin can sustain its current support levels, its technical setup suggests room for further gains. A bullish continuation can now start from the upper end of the descending channel. Traders will be watching these levels closely to determine whether Bitcoin is truly poised for a long-term recovery or whether further consolidation is in store. With these important levels in play, Bitcoin’s next move will likely determine how it develops in the coming weeks.
