- Summary:
- The stock market decline has impacted cryptos, but as you will see on Top crypto prediction, XRP, Solana and Shiba Inu price are looking up.
The cryptocurrency market flashed red on Tuesday, mirroring the decline in equities markets. The market capitalisation fell below 1.9 trillion on Wednesday, with the CoinMarketCap Fear and Greed Index reading “Fear.” A sustained period of gains by the stock markets faces headwinds, with the ripple effects permeating into the crypto market. However, I believe that a turnaround could be in the horizon, and XRP, Solana and Shiba Inu are currently positioned for good returns.
XRP price prediction
XRP price was down by 1.2 percent as of this writing, extending its losses from Tuesday. However, with its price at $0.550, it still has an underlying bullish momentum, confirmed by the 20-EMA which is above the 50-EMA. Notably, the price on the chart below corresponds to the 200-EMA, and should serve as the initial support on the daily chart.
However, the 30-minute chart shows that the sellers are in control, with the downward action likely to continue if resistance persists at $0.552. The first support will likely be at $0.546, but extended bearishness could lead to further declines to test 0.$541.
On the other hand, a move above $0,552 will favour bullis control, but the first resistance could come in at $0.556. If the bulls extend their control, it could enable them to overcome that barrier and test $0.561.
Solana price analysis
Solana price declined sharply last week, losing 19 percent of its value. The coin’s losses have extended this week, and an extended stay below the psychological round figure mark $140 to the current hovering around $128 underscores the bearishness surrounding it. The Solana ecosystem attracted significant traffic, thanks to its Pump.fun meme coin launchpad, but that is turning out to be a source of pressure to SOL price.
With the crypto market growth spurt failing to spike post-BTC halving, many digital assets have developed a closer correlation to equities, leading to a notable decline in volatility. That has seen meme coins offer better returns than other crypto assets, as they still maintain comparatively higher volatility, and thus higher profits in the short-term.
However, Solana price could reverse its downward trajectory in the near-term, as it has come within touching distance of the $125.12 support level seen on the parallel channel on the daily chart below.
Look for the upside on Solana price if it stays above the 128.75 pivot mark. The first resistance will likely be at $131.00, but extended bullish control could break that mark and send the price higher to test $132.70.
Conversely, the sellers will be stronger below 128.75, with the first support likely to be at 126.90. However, that level could be breached if the sellers extend their control, with the resulting momentum invalidating the upside narrative and potentially testing $125.10.
Shiba Inu
Shiba Inu has lost about 4 percent of its value in the last week, but it remains profitable year-to-date, with its gains at 27 percent as of this writing. The token’s burn mechanism has ensured that the price remains relatively stable by ensuring there’s no oversupply. This has made it closely correlated with the crypto bellwether, Bitcoin.
For context, BTC lost 5.6 percent of its value in the last week and is up by 33 percent YTD. On the other hand, Ethereum price lost 2.3 percent in the last week, but has only gained 5 percent YTD. Shiba Inu’s meme coin peer, Dogecoin, has lost 2.8 in the last seven days and only gained 7.1 percent this year.
These figures show that Shiba Inu price has not been able to replicate its hot streak last seen in 2021, it has found stability amid lower volatility and offers more stable returns. This makes it a good buy under te current market conditions. Meanwhile, SHIB DAO is set for launch this week, bringing decentralised governance to the fast-growing ecosystem. That will likely trigger significant investor interest in Shiba Inu.
Shiba Inu price forecast
The momentum indicators on Shiba Inu price call for further upside. The price has returned above the psychological mark at $0.0000130 and is on an ascending trajectory above the lower Bollinger Band level at $0.0000128,signaling control by the buyers. Meanwhile, the MACD line is attempting to make a bullish crossover above the signal line, affirming this view.
On the 30-minute chart, Shiba Inu price is likely to head up if the action stays above $0.0000131. With the bulls in control, the first resistance will likely be at $0.0000132. However, extended control could enable them to clear that hurdle and test $0.0000133.
Conversely, moving below $0.0000131 will favour the sellers to take control, with the first support likely to be at $0.0000129. If the sellers extend their control, it will enablethem to breach that mark and potentially test $0.0000128.
