U.Today – has been crushed by selling pressure in recent hours. The first cryptocurrency is about to lose the threshold of $65,000. The drop below it has already caused substantial sell-offs, and things will get worse if we don't see a turnaround.
The chart illustrates how difficult it has been for Bitcoin to maintain the critical $65,000 support level. BTC is at risk of crossing this crucial threshold due to strong selling pressure. Falling below this threshold will trigger additional liquidations followed by an increasingly intense downtrend.
More sell-offs have been seen in recent trading volume, suggesting that traders are becoming more scared. There is a possibility that the current price decline could extend too far as the Relative Strength Index (RSI) has entered the oversold region. That said, the bearish momentum cannot be stopped by the oversold RSI alone, especially when the selling pressure is persistent.
The gloomy outlook is exacerbated by concerns over regulatory crackdowns and macroeconomic uncertainties. With many investors choosing to liquidate their holdings rather than hold them despite the volatility, the overall market sentiment remains cautious.
Bitcoin moving averages also paint a sad picture from a technical point of view. There is a decline in bullish momentum indicated by the flattening of the 50-day EMA.
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Shiba Inu lost the 200 EMA support level and its price plummeted, causing a substantial loss. Realistically, the $0.00002 level has disappeared, so our best bet is the psychological support at $0.000015. However, in reality, the most likely scenario is a drop to multi-month lows for SHIB.
SHIB's failure to hold the 200-day exponential moving average (EMA), which many traders see as a strong support level, indicates a significant breakout on the most recent chart. SHIB has fallen precipitously as a result of the loss of this support level, triggering a rapid decline. The next crucial level is currently the psychological support at $0.000015, but given the momentum, even this might not hold.
Trading volume confirms that market sentiment has turned decidedly bearish by showing an increase in selling pressure. Since the Relative Strength Index (RSI) is currently in oversold territory, it is possible that SHIB is currently undervalued. But given the current negative sentiment, the oversold situation alone might not be enough to stop the downtrend.
SHIB may be approaching multi-month lows and may test levels not seen since the beginning of the year if it continues to fall. The bearish trend is increased by the weakness of the cryptocurrency market as a whole and the absence of a compelling use case for Shiba Inu. Without a major catalyst, market dynamics mean SHIB may have trouble finding bottom in the near future.
It is advisable to prepare for additional fluctuations and possible declines. It looks like SHIB will continue to decline until it can recover and hold above the 200 EMA, which is a significant technical setback.
The surprising resilience
XRP is the last asset you expect stability from. The cryptocurrency is still trading around the $0.5 price threshold despite the market-wide decline, where some assets lost around 10% of their value.
In a market characterized by volatility, XRP's resilience is surprising. The asset has managed to hold its ground while other major cryptocurrencies have seen significant drops. The chart shows that XRP is maintaining its position above several key moving averages including the 50-day EMA (blue line) and 200-day EMA (orange line), which is an encouraging sign for investors.
XRP trading volume has remained relatively stable, indicating that there is still significant interest in the asset. The Relative Strength Index (RSI) is in a neutral zone, suggesting that XRP is neither overbought nor oversold at the moment. This balance further supports the idea that XRP is currently in a stable phase.
This article was originally published on U.Today.
