Shiba Inu (SHIB) Drops by 40%, XRP Reaches 2023 Level, Solana (SOL) Shows Surprising Strengths at $170

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Written By Maya Cantina

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Sat, 16/03/2024 – 0:30

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Contents

  • Solana shows resilience
  • XRP revisits painful threshold

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Shiba Inu recently experienced a staggering 40% drop in value. This sudden shift is a stark reminder of the inherent volatility within the cryptocurrency market, particularly in assets that have gained popularity at an explosive pace.

The SHIB chart reflects the turbulence, with the price plummeting from recent highs, breaking through several local support levels. After reaching a peak, SHIB has found temporary support around the $0.00002789 mark, which aligns with the lower end of the Bollinger Bands on the daily chart. 

XRP
SHIB/USDT Chart by TradingView

On the other hand, resistance is now forming at the $0.000032 mark, where SHIB previously stabilized during its uptrend. This level now represents a challenge for bulls to overcome if they hope to rekindle upward momentum.

Traders should watch the RSI, which has dropped significantly, approaching oversold conditions. This indicator suggests that selling pressure might be reaching its climax, presenting an opportunity for a price reversal if buying interest resurfaces.

Given SHIB’s propensity for swift and dramatic price movements, the current downturn could be a prologue to future volatility. Movements like the recent drop could very well occur again as market sentiments shift and new investors enter and exit the space. It is this very volatility that attracts traders looking for high risk-reward opportunities within the cryptocurrency market.

Solana shows resilience

A deep dive into Solana’s price action reveals that the token has been maintaining a bullish stance, comfortably trading around the $170 mark. The key to SOL’s strength lies in its support levels; the most immediate one hovers around the $150 range. This level has been tested multiple times and has held firm, indicating a solid foundation of investor confidence and a potential springboard for further upward movements.

On the resistance front, SOL faces its next challenge at the $180 level, where it has previously encountered selling pressure. A breakthrough past this resistance could signal a continuation of the bullish trend, while failure to break through may lead to a consolidation phase.

Moreover, Solana’s unique position on the market, with its high throughput and growing ecosystem, makes it an attractive option for investors looking for alternatives during market corrections in other high-cap assets. This interest is reflected in the price chart, as Solana continues to carve out higher lows, a classic sign of a robust uptrend.

XRP revisits painful threshold

XRP has revisited a price point of 2023 levels, and it is not a good thing right now, unfortunately.

The current technical analysis of the XRP charts reveals the asset has retreated to key levels that were previously observed in the year 2023. As of the latest data, XRP has found local support at the $0.50 mark, a critical juncture that could determine its short-term behavior. This level has historical significance, as it has acted as both support and resistance in the past, suggesting its potential to influence future price movements.

The recent descent has been cushioned by the 100-day moving average, which XRP is currently testing. A bounce from this moving average could initiate a price reversal, signaling a possible end to the current bearish trend. On the flip side, a break below this moving average could result in a further decline, with the next support zone lying near the $0.47 region.

Resistance levels are now set at around $0.58, where XRP has struggled to break through in the past. A convincing move above this resistance would be necessary for the asset to reclaim higher prices and possibly reestablish a bullish trend.

Given the market’s volatility, XRP’s rapid retracement to its 2023 price levels warrants attention to the possibility of a reversal. Should buying pressure increase at the current support level, the token could very well see a resurgence. 

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