Category: Forex News

Bitcoin (BTC) on Way to $70,000, Shiba Inu (SHIB) Keeps Troubles Away, XRP Hits Crucial Resistance Level

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Bitcoin is showcasing a robust trend that indicates a potential trajectory toward the $70,000 mark. The current price action reflects strong bullish sentiment, and if the momentum is sustained, Bitcoin could very well be on its way to setting a new all-time high.

A technical analysis of Bitcoin’s chart reveals that it has been consistently forming higher highs and higher lows — a classic indicator of a bullish trend. The moving averages are aligned in a way that supports continued growth, with the short-term averages above the longer-term ones, suggesting that the immediate trend is upward.

Bitcoin/USD Chart by TradingView

The key support levels have been established at $54,683 and $48,151, which have provided a solid foundation during the recent climb. As long as these levels hold, the path toward $70,000 remains open. 

However, it is notable that the buying power is showing signs of fatigue, as indicated by the decreasing volume on the recent uptrend. This divergence between price and volume could suggest that a consolidation or minor pullback might occur before any further significant upward movement.

Come to my page!

Despite the fading buying power, there is a possibility of a supply shock on the Bitcoin market. A supply shock occurs when there is a sudden decrease in the available supply of Bitcoin, often due to hoarding by long-term holders or institutional acquisitions. Such a reduction in liquidity can lead to a rapid price increase as demand outstrips supply.

Shiba Inu explodes

Shiba Inu continues to display a bullish performance that keeps market woes at bay. The token appears to be gearing up for another rally, potentially pushing it to new heights.

The price analysis of SHIB shows a clear uptrend, with the asset breaking past several resistance levels in recent months. The token has been making consistent gains, drawing in both retail and speculative investors attracted by its volatile yet lucrative market movements. Support levels have risen correspondingly, with the token finding new floors at higher price ranges after each spike.

The current trend for SHIB is positive, with the token showing resilience and maintaining its gains despite broader market fluctuations. The immediate resistance to watch is at the recent high; if SHIB breaks through, there could be little stopping it from achieving new record levels.

In a bearish scenario, a sudden shift in investor sentiment or broader market dynamics could trigger a sell-off, leading to a sharp correction. The meme coin space is crowded with new entrants seeking to replicate SHIB’s success, and the competition could dilute interest and impact the price negatively.

XRP on the edge

XRP has recently approached a significant resistance level at $0.64, a price point that has historically acted as a major breakpoint for the asset. This level is critical for XRP’s continued upward movement, and breaking through could signal a new bullish phase for the cryptocurrency.

Currently, XRP is trading in a range where the moving averages are starting to realign in a way that might indicate an upcoming golden cross — a technical chart pattern where a shorter-term moving average crosses above a longer-term moving average, typically suggesting a potential bull market on the horizon.

In the bullish scenario, the golden cross would materialize, and with a strong volume breakout above the $0.64 resistance, XRP could enter a new uptrend, targeting previous highs. This could potentially attract more investors, both retail and institutional, leading to a substantial price increase.

However, there is also the bearish possibility to consider. If XRP fails to break the $0.64 level, it may result in a price rejection that could see it retreating back to lower support levels. These levels, around $0.55 and $0.52, could serve as consolidation points before another attempt at resistance. A drop below these support levels might indicate a more prolonged bearish trend, potentially undoing recent gains.

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