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XRP has exhibited a concerning pattern on its charts. The asset has formed what is known in the trading community as a "Death Cross." A death cross typically indicates a possible substantial sell-off. It occurs when a shorter-term moving average crosses below a long-term moving average, signaling a potential bearish turn for the asset.
However, there is a catch that investors need to be aware of. The "Death Cross" for XRP has been observed on a shorter term, specifically the four-hour timeframe. While a four-hour chart is not the longest-term time frame, it provides enough insight into the asset's current midterm sentiment. It reveals a prevailing bearish tendency among investors which, if prolonged, might impact the asset's long-term trajectory.
Moreover, another troubling sign for XRP enthusiasts is the descending volume. A declining volume during such a phase can be a strong bearish indicator. In trading, volume often validates the movement of the price, and if the volume is descending during bearish indicators, it signifies a lack of buying interest. This scenario can further exacerbate the potential drop in price.
For a long-term perspective, these combined factors paint a not-so-rosy picture for XRP. If the bearish sentiment stemming from the "Death Cross" on the four-hour chart persists and volume continues to decrease, XRP might face significant downward pressure. This could lead the asset to nosedive.
Shiba Inu to face large resistance
With a recent surge in its price trajectory, SHIB is actively pushing toward the significant $0.00001 mark. This positive momentum comes on the heels of the token breaking through a vital threshold, the 200 Exponential Moving Average (EMA). This technical achievement, seen as a bullish indicator by many, signals that SHIB might be entering a new phase of growth.
There are a few factors driving this upward movement. The launch of Shibarium, Shiba Inu's Layer 2 blockchain solution, has injected newfound enthusiasm among its backers. By providing a more scalable and efficient infrastructure, Shibarium is expected to usher in a range of decentralized applications (dApps) and other projects under the SHIB banner.
Moreover, the Shiba Inu community, lovingly referred to as the "Shiba army," continues to expand. Their unwavering support and active campaigning across various social media platforms give SHIB a sort of viral marketing that most projects can only dream of.
While the $0.00001 mark might seem minuscule in absolute terms, for SHIB and its holders, it represents a significant psychological barrier. Breaking past it would not only be a testament to the token's resilience but also a signal of its potential to achieve even higher milestones.
Aptos' recovery failed
Aptos (APT), a relatively new name in the crypto community, has recently been the subject of investor focus. As it tries to forge its way upward, APT has unfortunately hit a stumbling block. Despite several attempts, the digital asset is currently struggling to breach the crucial 50 Exponential Moving Average (EMA) resistance level, a key metric that traders and analysts often look to for determining an asset's potential trend direction.
Aug. 9 saw an unusual surge in trading volume for Aptos, with a staggering 63% spike. Such volume surges typically play a pivotal role in pushing an asset past resistance levels, but in the case of APT, this was not enough. The asset could not capitalize on this momentum to clear the 50 EMA mark, a sign that perhaps larger market forces or inherent valuation concerns are at play.
The inability of APT to use this volume surge to its advantage by breaking through the 50 EMA is a cause for concern among its holders. With the current volume not sufficient to provide the necessary push, it places Aptos in a precarious position. For any asset, consistently failing to break key resistance levels can dampen investor sentiment and potentially lead to a bearish phase.