The cryptocurrency market is exhibiting notable momentum shifts, highlighted by significant movements across major assets Bitcoin and prominent altcoins Shiba Inu and XRP, all backed by strong volume indicators.
Shiba Inu (SHIB) has decisively broken above its 200-day Exponential Moving Average (EMA), signaling a potential resurgence of bullish sentiment. This technical breakout suggests possible upward targets near $0.00001650, with potential for further gains should momentum sustain.
XRP has surged past the key resistance level of $3.50, propelled by substantial buying pressure. Technical analysis based on current indicators forecasts a realistic near-term price target of $5.00 for the cryptocurrency amidst this strong upward trajectory.
Meanwhile, Bitcoin, though exhibiting consolidation, remains firmly positioned near the $120,000 threshold. Its price is currently stabilizing around the $117,500 mark. Critical support levels are identified at $113,500 and near the 50-day EMA around $109,000.
Analysts emphasize that the significant volume accompanying the surges in SHIB and XRP confirms these movements as substantial structural shifts within the market, differentiating them from short-lived, low-liquidity price spikes. This underscores a broader dynamic where altcoins like XRP and SHIB demonstrate impressive performance while Bitcoin undergoes a period of consolidation.