Solana is currently facing a challenging situation as it tries to bounce back from recent losses. The chart shows a declining trendline and persistent selling pressure. Buyers are struggling to protect the crucial 26 EMA support level. The failure to break above the descending trendline at $240 suggests hesitancy among market participants. The 26 EMA has been a lifeline halting further collapse, and maintaining above it may lead to a retracement towards the $240 descending trendline. A break above this level could pave the way for a move towards $260, while a decline below the 26 EMA at $213 may result in further declines.
Shiba Inu, on the other hand, has managed to maintain its position as the 26 EMA serves as a crucial support level. Despite recent downward pressure, SHIB has rebounded well and is currently trading at $0.00002817. The ability to stay above this key level indicates the possibility of a short-term recovery. Buyers have stepped in to protect the 26 EMA, showing confidence in SHIB’s bullish structure. However, volume data suggests lower activity compared to the peaks during SHIB’s rally, indicating insufficient buying power to raise prices. The RSI is near neutral, suggesting there is potential for a reversal or continuation of the current trend.
XRP, after a remarkable rally in November, is now trading in a descending price channel and consolidating around $2.38. This consolidation phase, along with declining trading volume, could signal the beginning of an accumulation pattern. The ability to maintain this structure without dropping below important support levels indicates buyer confidence. The 26 EMA serves as a strong support level, increasing the likelihood of a short-term rebound. A breakout above the descending channel’s upper boundary could target a move towards $2.80 and a retest of the previous high around $3. Conversely, failure to maintain support levels around $2.20 could lead to more downside, with the next support level at $1.99.
In the medium term, Solana’s fate is uncertain as investors are at a breaking point due to the resistance zone it is currently facing. The 26 EMA has been a critical support level preventing further collapse and may lead to a retracement towards the $240 descending trendline if maintained. SHIB, however, has shown resilience by holding above the 26 EMA level, indicating the possibility of a short-term recovery. XRP, on the other hand, is in a consolidation phase within a descending channel, with buyers still holding onto their positions. The 26 EMA serves as a strong support level, increasing the likelihood of a short-term rebound. The RSI for all three assets is near neutral, suggesting potential for a major move depending on market reactions to support and resistance levels.
