Several cryptocurrencies, including Shiba Inu (SHIB), Dogecoin (DOGE), and Ripple (XRP), showed signs of stability in the past 24 hours amidst a tumultuous week in the market. Despite this temporary relief, the broader crypto market is expected to encounter heightened volatility in the upcoming weeks. This analysis delves into the potential survival of these cryptocurrencies amidst anticipated fluctuations.
Shiba Inu (SHIB)
At the current moment, SHIB is facing resistance around $0.000023 as bears attempt to curb its upward momentum. Nevertheless, data from the Relative Strength Index (RSI) indicates increasing buying pressure, hinting at potential bullish opportunities. If bulls overpower bears, SHIB could target the $0.000027 resistance level. Conversely, a failed breakout may lead to a decline towards $0.000020. Additionally, the Moving Average Convergence Divergence (MACD) further validates the RSI signals, with a crossover above the zero threshold.
Dogecoin (DOGE)
DOGE is trading at $0.15 according to the 4-hour chart and is struggling to break out following a recent downtrend. Unlike SHIB, DOGE displays a unique price structure, as indicated by the Elder Force Index (EFI) flatline. This suggests a potential lack of significant price movement in the short term, with DOGE likely to fluctuate within the $0.14-$0.16 range. The Directional Movement Index (DMI) mirrors this sentiment, with the +DMI (green) trailing below the -DMI (red).
Ripple (XRP)
The Exponential Moving Average (EMA) on the 4-hour chart signals a bullish bias for XRP. A recent golden cross formation between the 9 EMA (blue) and 20 EMA (yellow) on April 19 propelled XRP towards $0.51. However, the proximity of the price to both EMAs poses a risk of a potential downturn, possibly dropping to $0.46 if support is breached. Conversely, a sustained upward trend could elevate XRP towards $0.56 in the near term.
It is essential to note that the information presented in this analysis serves for informational and educational purposes only. It is not intended as financial advice, and readers are advised to exercise caution and conduct thorough research before making any investment decisions in the crypto market.
