XRP Fights for Survival Right Now, Shiba Inu (SHIB) Lost It, Will Solana (SOL) Finally Bounce?

XRP, which is hovering inside a descending triangle pattern on the chart, is clearly experiencing difficulties. Although XRP saw a significant rally earlier, it is currently struggling to recover and surpass significant resistance levels. The digital asset is currently testing the upper limit of the descending triangle, which served as an important resistance area at $2.17.

XRP is currently facing the strongest resistance at $2.50 as sellers have consistently rejected upward moves. Beating this level could push towards $2.80, a crucial rejection zone during the asset’s recent peak. Bullish momentum may return and allow for additional upside if XRP manages to break out of the current descending triangle. On the contrary, the 26 EMA or $2.05 is the closest support for XRP.

If this level is not maintained, it could accelerate the decline towards the $1.87-$2.00 range, a crucial demand zone where buyers previously intervened. Right now, XRP’s on-chain metrics are a major hurdle. As mentioned earlier, XRP payout volume has dropped by a staggering 97%.

This decline indicates a decline in transaction activity, eroding market sentiment and the network’s overall use of the asset. XRP may not be able to sustain the price recovery if there is no strong on-chain support. Right now, XRP is facing a critical situation. An upside recovery requires a breakout of the descending triangle and reclaiming $2.5. However, further downward pressure may be expected if on-chain metrics continue to deteriorate and the 26 EMA support is broken.

Shiba Inu pouts

The crucial indicator that was once the basis of the recent rise in Shiba Inu prices, the 26 EMA support level, has been breached. This collapse reinforces the bearish outlook by indicating increasing market weakness. SHIB is now showing signs of exhaustion after failing to gain momentum despite temporarily holding above this level.

SHIB’s bullish momentum was essentially ended by forming a distinct lower high on the chart. The fact that sellers are now controlling the trend and that buying pressure has decreased significantly is confirmed by this bearish structure.

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SHIB is currently struggling to stay afloat and is hovering around $0.00002749 after failing to regain lost ground. Near $0.00002640, where SHIB may face a short-term respite, immediate support exists. The asset may test the $0.00002200 – $0.00002300 range, which corresponds to the 50 EMA, if it falls below this level.

On the upside, the previously broken 26 EMA and resistance are currently around $0.0000285. SHIB would have to break this level decisively in order to regain its bullish outlook, which seems unlikely given the state of the market. The main problem that SHIB faces is that it has been unable to maintain the momentum after its recent rally. In addition, declining trading volumes indicate declining investor interest and eroding confidence.

Furthermore, the unpredictability of the larger cryptocurrency market is putting additional pressure on SHIB’s price recovery. Now that SHIB is making lower highs and is having difficulty finding strong support, the asset’s rise appears to have stalled.

SHIB may be pulled back to the 200 EMA support, which is near $0.00002200, if buyers do not intervene quickly. Although the Shiba Inu has clearly lost ground at the moment, regaining $0.00002850 is still crucial to any hopes of recovery.

The end of the downtrend for Solana

As the asset attempts to regain its upward momentum, Solana is at a critical crossroads. After a strong rally that saw SOL rise from $150 to approximately $260, the asset is currently facing pressure from sellers and impending supply issues. Solana is currently trading at $218.78, and the 50 EMA at $216 provides immediate support.

This level has held so far, avoiding a more serious collapse. But there is still a big hurdle for the bulls and that is the resistance at the downtrend line around $230. Above this level, a clean breakout could signal the beginning of a recovery and pave the way for a test of $250. The next downside target is at $194 around the 200 EMA, if SOL cannot maintain current support.

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A drop to this level would validate ongoing pessimism, perhaps fueled by concern over the March token unlock event, which has been priced as a bearish catalyst. Investor confidence is affected by the $2.63 billion opening event scheduled for March 1. Over the past month, SOL has underperformed due to concerns about oversupply with 11.2 million SOL (2.35% of circulating supply) expected to reach a level of 11.2 million SOL (2.35% of circulating supply). market.

Although Chris Burniske and other analysts believe the market has already priced in this event, people are still cautious. Bulls must reclaim $230 and hold above it for Solana to rebound. SOL could target $250-$260 in the near future if it succeeds. However, a drop to the $194-$200 range may occur if the 50 EMA support is not maintained.