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Shiba Inu Faces Downtrend, XRP Undervalued, Ethereum Eyes Market Comeback

Shiba Inu shows bearish signals, XRP remains undervalued, while Ethereum could be poised for a recovery in the volatile crypto market.

Thu, 18 Apr 2024, 09:16 am UTC

Amidst fluctuating crypto markets, Shiba Inu signals a potential downtrend, XRP appears undervalued, and Ethereum might be gearing up for a market resurgence, suggesting a mixed outlook for these major cryptocurrencies.

Shiba Inu's Momentum Wanes as Key Technical Indicators Signal Uncertainty

Shiba Inu has just displayed a warning indicator: its 21-day EMA has dropped below the 50-day EMA. Typically, that cross is not considered a signal indicating major concerns with assets. However, the impetus of the Shiba Inu market is fading, as per U.Today.

SHIB is currently trading at $0.000022, indicating that it is taking a rest and consolidating. What happens next is primarily determined by the overall sentiment of the cryptocurrency market. The anticipated "halving" event has yet to take full effect. If it turns positive and money flows back into cryptocurrencies, meme coins like SHIB may see increased attention.

However, on its own, SHIB does not make a compelling case for a bullish run. The market hasn't given it much love, and it'll need a boost from the overall market to start heading higher again.

If SHIB were to begin ascending, it would encounter resistance near the $0.0000276 level. If it continues to fall, the next key support is around $0.00001635 (200 EMA). These are important levels to monitor since they could influence SHIB's path in the future days.

The route forward for SHIB is not apparent. While some believe the halving effect will kick in and drive higher assets like SHIB, Shiba Inu continues to give no intrinsic value to investors and only gains due to the speculative nature of the crypto market.

Ethereum Shows Signs of Potential Recovery Amid Fluctuating Market Conditions

Ethereum's inconsistent performance poses several issues, the most crucial of which is whether it is still on an upswing. Ethereum's recent price swings hint that it may be preparing for a resurgence.

On the chart, Ethereum is drawing "higher lows" - each price decrease is not as low as the previous one, indicating strength and a probable upward trend. Furthermore, steady trading volume indicates interest in buying and selling the cryptocurrency.

The RSI is approaching "oversold" territory, which frequently indicates that an item is due for a price hike because it has been sold too much.

Technically, all of these indicators lead to an upswing for Ethereum. However, technical analysis is not the most dependable analysis tool. A true rebound requires a fundamental reason - a shift in market conditions or investor attitude that stimulates buying activity.

The market is still suffering from the recent "halving" event, which, contrary to predictions, did not result in the expected buying power. Some investors' patience is thin as hopes for a rapid recovery fade. Ethereum's immediate resistance is around $3,500; the latest decline has found support near $2,700.

If Ethereum can overcome this obstacle, it may regain higher prices. However, if the market does not see a compelling reason to buy, Ethereum may challenge the $2,708 support level again.

XRP has certainly seen better days. While other cryptocurrencies have experienced a bull run since the beginning of the year, XRP's value has decreased by almost 15%, making it one of the market's weaker participants.

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