Unexpected XRP Push to $3 Possible, Solana (SOL) Secretly in Bull Market, Shiba Inu (SHIB) Volume Absolutely Melting

One of the altcoins that the market is most interested in, XRP, might be about to make an unexpected bullish breakout. Due to a traditional descending channel breakout formation, the asset is now showing signs of reversing the trend following months of consolidation and downward movement.

The 50-day and 100-day Exponential Moving Averages (EMAs), which both converge close to the $2.20-$2.23 level, are two significant technical barriers that the price of XRP has been relentlessly advancing toward. It is currently trading at about $2.09. A strong upward move that could propel the asset as high as $3 in the near to medium term could be unlocked if XRP is able to overcome this congestion zone.

When price breaks above the upper trendline, a descending channel, as shown on the chart, frequently acts as a bullish reversal indicator. It appears that XRP is circling this crucial breakout level, and a strong daily candle close above it might spark a rally. The bullish scenario could be confirmed by an increase in buying activity combined with this breakout, even though volume has not yet increased noticeably.

The RSI reading is still neutral, indicating that there is still opportunity for XRP to rise before it becomes overbought. Additionally, the asset has consistently found support close to the 200 EMA (black line) indicating that the long-term trend foundation is strong. Strong confirmation that bulls are taking control would come from a successful flip of the $2.20 zones into support. That would make $2.50 and eventually $3, levels not seen since XRP’s spectacular 2021 rally, realistic targets.

Solana bullish restructuring

Even though there have been periods of consolidation and conflicting signals on the larger cryptocurrency market, Solana seems to be subtly forming a bullish structure. Due to the asset’s position below the 100 and 200 EMAs, it may still appear to be in a local bearish trend, but the recent breakout above the 50-day Exponential Moving Average raises the possibility that SOL has already entered a stealth bull phase.

SOL has been forming a consistent upward trend since recovering from the $116 support in early April, and it is currently trading at about $134. Past the 50 EMA (blue line), which traditionally signals the start of midterm bullish reversals, the steep upward move broke. This is frequently regarded as a critical level for trend-following systems and momentum traders. Upward continuation is still conceivable as long as the asset stays above this line.

Volume is a crucial component that is absent even though the technical structure leans bullish. This recent rally has a comparatively low level of bullish liquidity. Declining buying interest is indicated by the volume profiles, which may indicate that market participants are providing less support for the price increase.

In the absence of a substantial surge in purchasing power, Solana’s rally might not have the strength to overcome the next significant resistance levels, which are the 100 and 200 EMAs and are located between $150 and $160. Additionally, the RSI is indicating that it is getting close to overbought territory, which could restrict the upside in the near term.

Shiba Inu struggling

With price action hardly moving and trading volume descending to almost nothing, Shiba Inu is currently trapped in a sluggish state. Although there have been brief signs of recovery in the larger cryptocurrency market, SHIB seems to be stuck in a rut, unable to make any significant breakouts or retake key technical levels.

At around $0.0001194, the price is just above the most recent local support zone but still well below important resistance levels like the 50 EMA and 26 EMA. The likelihood of breaking these moving averages, which are currently just above the current price, appears to be decreasing, as they have served as dependable resistance during SHIB’s protracted decline.

The main problem is volume, or more precisely, the absence of it. Over the past few weeks, there has been a steady decline in trading volume, and current metrics indicate that buyer interest has completely run out. Even slight selling pressure could quickly cause the market to move lower in the absence of new liquidity and buying momentum. Bears can regain control in such a low-volume setting without resorting to aggression.

More worryingly, the Relative Strength Index (RSI) is still in neutral territory, suggesting that SHIB is not even oversold yet. This means that a further decline is possible without technical indicators, indicating a reversal. SHIB is still firmly rooted in a wider bearish trend, which is further supported by the fact that the 100 and 200 EMAs are still well above current price levels.

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