The post Why Is It Bullish? Dogecoin (DOGE) Delivers Crucial Signal, Shiba Inu (SHIB) Boom Turns to Bust appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Concern among investors has been raised by XRP’s notable 25% decline in value. This correction may not be as concerning as it first appears, though. The cryptocurrency was in overbought territory after its recent explosive rally, and this pullback might just be a healthy retracement that paves the way for further growth. XRP’s explosive surge to above $3 was driven by robust momentum and rekindled market interest. But like any rally, there would inevitably be a retracement. With this decline, XRP is now nearer more reliable support levels like $2.30 and $1.95, which may serve as the basis for a subsequent move. XRP has shown resilience by staying well above its prior long-term resistance levels in spite of a steep drop. XRP/USDT Chart by TradingView The asset is still above its major moving averages such as the 50-day EMA, which has a track record of serving as a dependable support area during declines. This correction may be a much-needed reprieve that will help XRP gain momentum. A fresh round of buying could drive the asset back toward $3 and possibly higher if it can hold steady around the $2.30 level and sustain trading volume. However, significant bullish momentum and wider market support are needed to break above $3 once more. The next crucial zone on the downside…

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Filed under: News - @ December 6, 2024 8:14 am