U.Today: had the biggest price rally since the beginning of the year, successfully managing to secure the $0.52 price threshold. However, tough times lie ahead with strong resistance at the 200-day EMA awaiting.
XRP price has rallied significantly over the past 48 hours, rising as high as $0.5288. During this rally, XRP has broken above the 50 EMA at $0.4871, the 100 EMA at $0.5070, and the 200 EMA at $0.5295. Reaching these important benchmarks demonstrates strong buying pressure and regained investor confidence in XRP.
Further evidence of the bullish sentiment is the significant increase in daily trading volume. This increase in activity implies that more investors and traders are participating, which will accelerate XRP’s uptrend. While this points to significant buying interest, it also calls for caution as it could lead to a temporary drop. On-chain data further highlights the growing interest in XRP.
While the number of transaction transfers has increased to 1.47 million, the total number of transactions has increased to 2.55 million. These indicators point to an increase in activity and usage on the XRP network, which has led to a recent price surge.
The possible reversal of
Shiba Inu might be on the verge of entering a reversal as the token price is successfully climbing to $0.000017 and could continue to rise from there. However, despite the market recovery, trading volume remains low.
Shiba Inu, currently trading at $0.00001730, has rebounded from its recent lows with encouraging signs. The token has broken through key support levels such as the 50 EMA at $0.00001749.
In line with the overall bullish sentiment observed across the cryptocurrency market, this upward move suggests a possible reversal. SHIB is approaching the 100 EMA resistance level at $0.00002006 as can be seen on the daily chart. If this barrier is successfully broken, SHIB can reach greater heights and the uptrend will be further validated.
As a potential hurdle to continued bullish momentum, traders should note the strong resistance presented by the 200 EMA at $0.00002041. Trading volume remains a concern even with positive price action. Strong market participation may not be providing enough support for recent price gains, as evidenced by the lack of a corresponding increase in volume.
The unexpected surge
Bitcoin has firmly established itself above the $60,000 price threshold. However, we may hit $70,000 sooner than expected, as the asset's current price dynamics show.
With a current market value of $60,128, Bitcoin has shown an unexpected yet powerful performance. With the recent price movement, Bitcoin has broken through important resistance levels such as the 100-day EMA at $62,559 and the 50-day EMA at $60,478.
The 200 EMA at $64,125 is the next noteworthy resistance level to keep an eye on. The path to $70,000 becomes much more evident if Bitcoin can continue to rise and break above this barrier.
Numerous assets are performing well and the cryptocurrency market has recovered. This general feeling of optimism will likely help Bitcoin as well. Moreover, demand for Bitcoin is still being driven by macroeconomic factors such as institutional interest in cryptocurrencies and concerns about inflation.
Furthermore, market analysis and on-chain data indicate that strong fundamentals support Bitcoin’s bullish path. Positive trends can be seen in metrics such as hash rate, transaction volume, and the number of active addresses.
This article was originally published on U.Today
