Cryptocurrencies resumed the decline this week. They stalled for a few weeks after the sizeable drop in November and last week the crypto market started spinning up. Shiba Inu and Ripple Co-ins made some gains but are turning down this week as market sentiment turns negative again. So while I prefer this decline as it would make it more attractive to buy, let’s see where to buy them.
Shiba Inu Daily Chart – Retesting Support at $ 0.000030?
Shiba Inu coin made a massive surge in October, increasing more than ten times in value, but has steadily declined since then. Although the crypto market was also declining during this period, some of the losses came from it.
There have been occasional attempts to turn up, but they have not been successful and the recent turnaround appears to have failed as well. The rise ended at the 50 daily SMA (yellow) and now SHIB / USD is facing the 100 SMA (green). below that is the support at $ 0.000030, which is where we would like to buy if the decline stops there. If not, the $ 0.000020 to $ 0.000025 range is a good area to look for longs.
The popularity of Shiba Inu remains high, with Coinmarketcap revealing that the Shiba Inu was the most viewed cryptocurrency on its platform with 188 million views. The crypto gift card exchange platform GiftChill has also started accepting Shiba Inu as payment, while it could join Robinhood early next year. The increasing popularity and acceptance should help protect the Shiba. to increase coin but the market remains bearish for now so the decline is likely to continue until the market reverses.
Ripple Daily Chart – MAs transform into resistance for XRP
Will XRP hit $ 0.50?
Ripple Labs has been stuck in a lawsuit with the SEC for more than a year, which is the main reason XRP has missed most of its rallies since September. XRP / USD hit a high of $ 1.42 in early September, but has since made lower highs and lower lows, suggesting bearish momentum.
The most recent attempt to get bullish ended at the 100 SMA (green) on the daily chart just above $ 1 and now XRP is trading at $ 0.80 again. The November low was at $ 0.60 so we could see this downward move expanding down there, which would be a good place to buy a Ripple coin. If the decline continues, then $ 0.50 would be the ultimate level of support to buy. Hopefully, Ripple will win the case with the SEC in 2022 which would drive the price up, so this drop isn’t that bad.
XRP / USD
Source: Crypto News Deutsch