- Solana rally canceled
- Shiba Inu recovery imminent
With the much-anticipated golden cross setup now formally off the table, Solana has once again failed to secure a sustainable bullish breakout. Even though the shorter-term moving averages briefly hinted at a possible crossover of the longer-term trendlines, the momentum quickly waned, pushing the asset back below significant resistance levels.
A classic bullish signal that frequently precedes major rallies is the golden cross, which is usually created when the 50-day moving average crosses above the 200-day moving average.
The 50 EMA was unable to break decisively above the 200 EMA in Solana’s case, despite a brief convergence of the moving averages in early June. Rather than that, the averages just touched before diverging once more, suggesting that Solana’s recent price action lacked strength. A bearish tone throughout the chart has been strengthened by this technical failure.
SOL/USDT Chart by TradingView
SOL is currently having trouble holding below all important moving averages, including the 26, 50, 100 and 200-day EMAs after failing to maintain above the $150 USDT zone initially. The asset has not maintained its slight recovery from last week’s lows of about $130, and it is currently trading close to $143. There is no genuine buying interest, as evidenced by the volume’s continued downward trend.
Because of the RSI hovering around the low 40s, market participants are reluctant to take on risk and momentum is still muted. Structurally speaking, Solana’s rejection close to the 200 EMA, and the absence of volume support imply that unless there is a resurgence of overall market strength, the asset may continue to be stuck in a sideways or even downward pattern.
As of right now, traders should exercise caution because the golden cross setup’s invalidation eliminates a crucial bullish narrative, and Solana looks ready to consolidate, or worse, revisit support levels around $125, in the absence of fresh volume or a macro catalyst.
Solana rally canceled
Following a surprising recovery from the recent decline to the $2.10 level, XRP is once again at a critical technical juncture, testing the 26-day exponential moving average. Bulls are trying to regain momentum and push the price above important resistance levels, and the asset’s current battle with the 26 EMA is looking like it could make or break the asset. XRP was able to recover successfully from the 200 EMA, which has historically served as dynamic support after forming a descending wedge pattern.
The 26 EMA, which is currently serving as immediate resistance, was directly approached by the upward movement that followed. A successful breakout above this line would be a bullish technical signal that might open up more upside particularly if volume is also rising.
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But that is where the trouble starts. The volume profile is still unimpressive, even though the price on the chart is resilient. A lack of notable traction or whale accumulation is reflected in on-chain indicators and trading activity has been gradually decreasing. Put more simply, this move is not supported by any real firepower, at least not yet. The fact that XRP’s RSI is in the neutral zone indicates that there is still potential for movement in either direction, but it lacks conviction.
The bounce might become a brief fakeout instead of the beginning of a more extensive reversal if the current move is not backed by stronger volume inflows and on-chain confirmation. All eyes are still on the 26 EMA in the near future. A move toward $2.30 and possibly higher can happen if XRP breaks through and stays above it. However, if this is not done, the $2.10-$2.00 support range might be retested. Traders should exercise caution for the time being, as XRP is showing promise but not strength.
Shiba Inu recovery imminent
Although Shiba Inu has shown a slight market recovery, a closer examination of the daily chart indicates that prudence might be necessary. SHIB was able to recover the $0.0000120 zone following a significant reversal from the recent local low at around $0.0000110 USDT. This was made possible by increasing momentum on the Relative Strength Index (RSI), which rose from oversold conditions.
The foundation of the current rally has been this increase in RSI, but it may not be sufficient. Even though the short-term price action appears to be positive, the existence of a shooting star candlestick pattern raises doubts about how long this move can last. The shooting star pattern, which usually shows up at the top of upswings and indicates possible exhaustion, is distinguished by a long upper wick and a small real body close to the session’s low.
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This might be seen as a warning that the recent buying pressure on SHIB is already abating. Volume indicators are still comparatively muted, which makes it impossible to verify how strong the bounce was. The market may experience a brief retracement before any long-term breakout is possible because it is unable to produce meaningful follow-through at this point.
The 26 EMA (approximately $0.0000134 USDT) is now SHIB’s direct resistance. To move sentiment from recovery to a complete reversal, there would need to be a clear break and consolidation above that level. In the meantime, the combination of a bearish candlestick pattern and low volume strongly suggests exercising caution.
