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XRP Makes Comeback for Survival, Shiba Inu (SHIB) Has No Ground Under Its Feet, Solana (SOL) Downtrend Becoming Scary
The cryptocurrency market is facing significant challenges as the prices of most digital assets continue to plummet. However, this bearish trend has sparked hope in some corners, particularly with Ripple’s XRP token making a remarkable comeback. On the other hand, Shiba Inu’s SHIB token seems to be stuck in a hopeless situation, while Solana’s SOL token is struggling to break free from its downtrend.
XRP’s Recent Recovery
XRP has been one of the most notable victims of this bearish market trend, with its price plummeting over 50% since November. However, recent developments have given investors some cause for optimism. In a remarkable turnaround, XRP has managed to bounce off the $0.29 level and is now struggling to breach the descending trendline resistance around $225.
The cryptocurrency’s RSI (Relative Strength Index) is currently trading below 50, indicating that the momentum remains neutral to bearish. However, if we see XRP manage to close above this key resistance level, it could be a strong indication of a potential reversal and a retest of the $240 region.
Shiba Inu’s Downtrend
On the other hand, Shiba Inu (SHIB) has failed to recover from its significant losses in recent weeks. The token is currently stuck under the psychological barrier at $0.000015 and seems to be lacking any meaningful buying pressure. Its RSI is trading firmly below 30, indicating a strongly bearish trend.
If SHIB fails to break above this level in the short term, it may continue its downtrend, potentially targeting the next major support at $0.0000125. As things stand, Shiba Inu seems to be struggling to find any grounds for recovery.
Solana’s Downtrend
Meanwhile, Solana (SOL) is stuck in a scary downtrend that shows no signs of reversal. The token has lost around 70% of its value since September and has failed to break above the $25 level in recent weeks. Its RSI is trading below 30, indicating an extremely bearish trend.
Solana’s poor performance can be attributed to a combination of factors, including the lack of institutional investment and general market sentiment. At this point, it is difficult to see any real upside potential for SOL unless there are significant changes in its fundamentals.
Conclusion
As the cryptocurrency market continues to grapple with its current bearish trends, investors should keep a close eye on XRP’s potential breakout above $225 and Solana’s failure to recover from its massive losses. Meanwhile, Shiba Inu seems to be stuck in a losing streak that may continue unless significant support is found.
The author’s opinion:
Source: u.today
