Shiba Inu (SHIB) Hits Support, Bitcoin Recovers: Is This The Start of a Bounce?

Crypto markets saw notable activity recently, particularly with Shiba Inu (SHIB) experiencing a drop below key support levels. Short-term holders may face risks as SHIB has slipped to $0.00001187, well below its crucial support level around $0.00001231. This comes after several failed attempts to break past resistance near the 50-day and 100-day EMAs. Though the 200-day EMA remains unchanged, suggesting a potential pause before further declines, volume is concerningly low. Investors should wait for significant changes in momentum before considering a recovery rally. Meanwhile, Bitcoin (BTC) witnessed a sharp rebound following a technical support level at $105,000, indicating strong buying interest and possibly algorithmic activity. Analysts attribute this bounce to a recent liquidation event that cleared out overly leveraged positions. However, the RSI suggests caution as it sits above 53%, signifying potential exhaustion. XRP (XRP) is facing similar challenges with its price approaching the 200-day moving average around $2.14. Despite recent rejection near $2.40-$2.50, XRP hasn’t made a decisive break yet. The RSI remains neutral at around 45, indicating neither side has been decisively exhausted. However, bears are gaining momentum and the lack of volume suggests uncertainty. For investors considering entry, this could be a unique opportunity for long-term positions as the current setup resembles past XRP price action that preceded significant reversals.