Home web3.0 SHIB, TON, and XRP Price Analysis: Key Levels to Watch as Market Sentiment Shifts

SHIB, TON, and XRP Price Analysis: Key Levels to Watch as Market Sentiment Shifts

Sep 12, 2024 pm 12:12 PM
XRP Shiba Inu (SHIB) Toncoin (TON)

The trading volume of Shiba Inu has been exhibiting an ascending dynamic, which suggests a critical reversal. This spike in volume suggests a growing interest in the asset, potentially signaling a change in market sentiment based on data from recent price charts.

SHIB, TON, and XRP Price Analysis: Key Levels to Watch as Market Sentiment Shifts

The Shiba Inu (SHIB) token has recently exhibited an ascending trading volume dynamic, suggesting a critical reversal. According to price chart data, this spike in volume indicates a growing interest in the asset, potentially signaling a change in market sentiment.

However, SHIB experienced a pullback due to its inability to breach local resistance levels. Nonetheless, there is a more important development: the formation of a higher low. This higher low formation is encouraging for SHIB as it suggests that the long-term downtrend may finally be over.

If this pattern continues, higher lows could mark the beginning of a more sustained recovery for the Shiba Inu. Higher lows usually indicate a change in the seller-to-buyer power dynamic. Another important consideration is to observe the trading volume among major investors.

This whale activity could have a significant impact on SHIB’s price direction. If the whale accumulation holds or strengthens, it could provide the buying pressure needed to break out of current resistance levels. Keep an eye out for these three key price points for SHIB in the near future:

The local resistance level is $0.0000135 and is a resistance level that SHIB is currently trying to break. A break above this level would indicate a strong uptrend. To confirm a longer-term bullish run, SHIB must break above the key resistance level at $0.00001712. A break above this resistance will attract more buyers, pushing the price higher. The key support level at $0.00001124 must remain intact for SHIB to continue higher. A break below this level could lead to another bearish move.

Toncoin reversal ends

Despite Toncoin’s upward movement being strong and showing potential for a breakout, it recently suffered a brutal rejection at the $5.5 level. Many traders are expecting Toncoin to break through key resistance levels after one of the biggest price gains in the entire digital asset market.

However, the bulls were forced to reconsider as the market had other ideas and the bullish momentum quickly dissipated. Despite the digital asset’s recent outperformance, the rejection at $5.50 shows that the market is still experiencing a lot of selling pressure at higher prices. The $5.50 resistance shown on this chart has proven to be a key area of ​​contention. Once it hit that level, Toncoin quickly reversed course, showing that sellers still control the market at these prices.

One of the main reasons for this reversal is the drop in trading volume. With Toncoin showing a significant drawdown near $5.05, there appears to be little appetite for follow-on buying. With insufficient volume to break through the resistance, the price quickly fell and was met with a sharp rejection.

The next key level to watch is Toncoin around $5. This psychological support level will largely determine whether the asset regains bullish momentum or continues its downward trend. A key level to hold below is the $4.50 support.

XRP Triangle Formation

The chart shows that XRP is forming a key symmetrical triangle pattern, which typically marks a period of consolidation followed by significant price action. The pattern is two converging trend lines formed by the confluence of an asset's lower highs and higher lows.

As an asset approaches the apex of a triangle, traders often anticipate a breakout that will determine the direction of the next major price move. For XRP specifically, the triangle formation is important as it signals that volatility is waning and a major move is imminent.

When XRP reaches the end of this pattern, let’s consider two possible scenarios:

Positive outlook: If XRP breaks out of the triangle, it could signal a continuation of the bullish trend and the price could move towards overhead resistance, around $0.58 and sometimes even higher. In this case, $0.55 would be the first target, while the next key upper resistance is $0.58. If XRP can break above $0.58, the next psychological level could be $0.60.

Bearish Scenario: On the other hand, if XRP fails to sustain the lower bound of the triangle, it could signal a bearish trend breakdown.

In this scenario, XRP could fall back to around $0.52 and $0.50 support levels, which have historically served as key support levels. If the price falls below $0.50, then in a deeper sell-off, market sentiment may turn negative as the price falls towards the $0.48 area, or the overall cryptocurrency market may decline.

The above is the detailed content of SHIB, TON, and XRP Price Analysis: Key Levels to Watch as Market Sentiment Shifts. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

WallitIQ (WLTQ): From $0.0171 To $80? Understanding The Growth Potential WallitIQ (WLTQ): From $0.0171 To $80? Understanding The Growth Potential Nov 11, 2024 pm 12:18 PM

WallitIQ (WLTQ) is a revolutionary decentralized wallet with features expected to drive the WallitIQ price from the current presale price of $0.0171 to $80.

Ripple CEO Brad Garlinghouse Discusses Donald Trump's Support for Cryptocurrency, Criticizes SEC's Approach to Crypto Regulation Ripple CEO Brad Garlinghouse Discusses Donald Trump's Support for Cryptocurrency, Criticizes SEC's Approach to Crypto Regulation Nov 09, 2024 pm 06:28 PM

CEO Brad Garlinghouse discussed Donald Trump's support for cryptocurrency, where Trump has positioned himself as a "crypto advocate" during his campaign.

Rexas Finance (RXS): The Token Poised to Make You Rich Rexas Finance (RXS): The Token Poised to Make You Rich Nov 11, 2024 am 01:20 AM

Missing out on investing in Rexas Finance now could be something to regret, as the token has the potential for 10X returns in the next 90 days.

XRP Price Prediction: XRP Is Close to a Key Breakout Level at $0.66, with Potential to Rally Up to $1.50 XRP Price Prediction: XRP Is Close to a Key Breakout Level at $0.66, with Potential to Rally Up to $1.50 Nov 13, 2024 am 12:28 AM

XRP saw a 19% jump this week as strong market indicators, including reduced selling pressure and increased open interest, point to further bullish movement.

Can Ripple (XRP) Recover From Legal Scrutiny? Can Ripple (XRP) Recover From Legal Scrutiny? Nov 10, 2024 pm 09:20 PM

Ripple XRP has seen several setbacks in 2024 due to its ongoing legal battle with the SEC. This has prevented Ripple XRP from rallying despite several ecosystem upgrades and growing investor adoption.

Will Dogecoin and XRP Finally Moon During This Bull Run? Will Dogecoin and XRP Finally Moon During This Bull Run? Nov 10, 2024 am 04:14 AM

Cryptocurrency is well-known to be the most lucrative asset class, though the past few months have been wrought with frequent fluctuations and FUD.

The Ongoing FUD on XRP The Ongoing FUD on XRP Nov 20, 2024 am 12:34 AM

Since Ripple unveiled the Ripple USD (RLUSD), FUD (Fear, Doubt, Uncertainty) spreaders have been disseminating misinformation about its potential

Bitcoin ETF to Drive Market Momentum? Bitcoin ETF to Drive Market Momentum? Nov 20, 2024 am 01:24 AM

The crypto market today has been showcasing an upbeat momentum since Asian trading hours, with the market cap climbing by 1.74% to $3.08 Trillion.