Shiba Inu (SHIB), a meme-inspired cryptocurrency, is currently experiencing a significant slump, dropping to a crucial price level that has prompted a sharp decline in the asset’s profitability. In fact, about 93% of its holders are now grappling with losses, underlining the dire state of affairs for SHIB at this point in time. For SHIB to reverse this trend and regain its profitability, it has to surmount three fundamental price levels.
The first key target for SHIB lies at $0.0000078. This particular price point holds great significance as it marked the level of a decisive breakdown for the asset. Overcoming this hurdle would signal a successful rejection of the bearish bias and could potentially spur a rally among SHIB’s holders, reinstating confidence in the beleaguered asset.
The next major target for SHIB is the $0.000009 mark. This level presented a significant resistance that SHIB could not surmount back in May. Reaching and surpassing this level would not only mark a successful recovery from the recent downfall but also place SHIB on an upward trajectory. It would demonstrate a robust recovery and mark the asset’s return to the bull phase.
The third and final target that SHIB needs to reach is the $0.00001 level. This price point is an important psychological barrier and market threshold for SHIB. Overcoming this level would not only herald a new bull run for the meme coin but also reinforce the conviction of its holders.
XRP’s unusual behavior
In the run-up to the much-anticipated release of the Hinman documents, XRP exhibits a bearish divergence. This divergence at the current price level is turning heads, suggesting a potential correction looming on the horizon.
The Hinman documents, a set of critical testimonies from the former director of the SEC’s Division of Corporate Finance, William Hinman, are set to potentially redefine the landscape of the cryptocurrency market. These documents may have a far-reaching impact, potentially redefining the status of assets like XRP and Ethereum in the eyes of regulatory authorities. As the cryptocurrency community eagerly awaits the release of these documents, the market holds its breath.
However, XRP’s price actions sound a discordant note. Despite the potentially bullish event, the asset is painting a bearish divergence at the current price level. This divergence, observed when the price of an asset moves in the opposite direction of an indicator or another price, could foreshadow a future correction.
The timing of this divergence raises questions. As the crypto world looks forward to potentially positive news, the divergence suggests that traders might be apprehensive, fearing the worst even as they hope for the best. The divergence could be a result of market participants hedging their bets, preparing for possible turmoil following the release of the documents.
BNB has some strength left
Despite the ongoing legal tussle between Binance and the Securities and Exchange Commission (SEC), Binance Coin (BNB) appears to be displaying some resilience in the face of adversity. Amid a volatile climate that saw a deluge of BNB trading pairs being delisted and the value of BNB plummeting by an alarming 40%, the native token of the embattled cryptocurrency exchange has shown some promising signs of recovery.
One of the most encouraging indicators of BNB’s potential for resurgence lies in the realm of technical analysis. BNB’s Relative Strength Index (RSI), a popular tool used to measure the momentum of a price change, has recently dipped below 20. This is an important milestone as an RSI below 30 is commonly perceived as an indication that the asset is oversold, suggesting that a price rebound could be imminent.
Equally noteworthy is the fact that BNB has managed to maintain a price level above $220, a local low established in December. This has been a critical support level for BNB, and the token’s ability to stay above this threshold despite turbulent market conditions bodes well for its short-term prospects.