Shiba Inu is approaching the tipping point of a symmetrical triangle pattern on the chart, which means that there could be a big price move soon. When an asset leaves the triangle borders, these patterns have historically indicated that volatility could increase. At this point, SHIB traders anticipate a major shift in momentum.
Currently, SHIB's price is stabilizing within a narrowing triangle; generally speaking, this tightening usually precedes a strong move in either direction. When assets break out of these patterns, momentum tends to pick up quickly, which can lead to a significant price increase. For SHIB, a breakout above a significant resistance level could lead to a significant rise in the asset's price.
The coin could be aiming for a bigger breakout at the first resistance level, which is around $0.000018. The next step is $0.000020 and above. If the bullish sentiment increases and the volume supports the move, SHIB could once again try to reach higher price levels, as it did earlier this year.
On the downside, it is important to keep in mind that if SHIB fails to hold above the support level, it may return to the $0.000015 range. Failure of the price to maintain the status quo could lead to a more significant drop in value.
XRP’s Subtle Recovery
XRP has recovered slightly over the past 24 hours, which could be the beginning of a long-term reversal for the asset. This upward momentum has given traders hope for a rebound after lackluster price action over the past two weeks. But there are still significant hurdles to overcome.
XRP fell sharply at the end of September and according to the recent price action, it has lost a significant portion of its value in a short period of time. This sell-off triggered bearish sentiment and there has not been enough buying pressure since then to prevent the price from falling. The lack of strong support from buyers is worrying as the coin tries to regain traction. From a technical perspective, XRP is trying to break through the $0.55 resistance level, which is crucial for the asset to maintain its momentum.
A favorable finding could pave the way towards the $0.60 range. But in the absence of significant bullish support, XRP might struggle to break above this price level. If XRP is to avoid further selling pressure and prevent the market from being dominated, it must maintain its position above the $0.50 support level.
If the price breaks above this level, it is likely to continue its decline, indicating a possible bearish trend. Despite the slight increase in prices, traders should proceed with caution as the overall market sentiment remains volatile and XRP lacks strong buying interest that can support a long-term recovery.
Dogecoin
Dogecoin has been consolidating, but there are signs that a reversal could be in the offing. As the asset attempts to regain momentum, investors should pay special attention to three key price levels. The $0.116 area, where Dogecoin has faced resistance in the past, is the first key level.
A break above this level could signal the start of a stronger uptrend. Furthermore, important moving averages that have been a hindrance to the asset in recent weeks are also depicted in orange. If DOGE can clearly break above $0.116, more gains could be in store.
Around $0.108 is the second level to watch, which has served as both support and resistance over the past few months. This area is important as it marks the middle of Dogecoin’s current trading range. Failure to hold this level could see the asset fall towards lower support levels, but a bounce from here would indicate that bullish momentum is building.
Finally, the psychological level of $0.100 remains crucial. This round number coincides with the chart’s black 200-day moving average and is an important psychological barrier. If Dogecoin can sustain above $0.100, it will show strong support and be able to avoid further declines.
The article is for reference only and does not constitute investment advice.
