Market
XRP Price On The Edge: Can It Survive and Start Fresh Increase
XRP price failed to climb above the $0.5850 resistance zone. The price dipped and now shows a few bearish signs below the $0.5750 level.
- XRP price is struggling to climb above the $0.5850 level.
- The price is now trading below $0.5750 and the 100-hourly Simple Moving Average.
- There was a break below a key rising channel with support at $0.5745 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $0.580 resistance zone.
XRP Price Dips To Support
XRP price remained stable near the $0.5650 level and attempted more gains. However, it failed to clear the $0.5850 resistance and started another decline like Bitcoin and Ethereum.
There was a move below the $0.580 and $0.5750 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5457 swing low to the $0.5835 high. Besides, there was a break below a key rising channel with support at $0.5745 on the hourly chart of the XRP/USD pair.
The price is now trading below $0.5750 and the 100-hourly Simple Moving Average. It is holding the 50% Fib retracement level of the upward move from the $0.5457 swing low to the $0.5835 high.
On the upside, the price is facing hurdles near the $0.5750 level. The first major resistance is near the $0.580 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.60 resistance. The next major resistance is near the $0.6150 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
More Losses?
If XRP fails to clear the $0.580 resistance zone, it could start another decline. Initial support on the downside is near the $0.5650 level. The next major support is at $0.560.
If there is a downside break and a close below the $0.5600 level, the price might continue to decline toward the $0.550 support in the near term. The next major support sits at $0.5350.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5600 and $0.5550.
Major Resistance Levels – $0.5800 and $0.5850.
Market
Traders Show Confidence in Solana Recovery After Sub-$260 Dip
On November 23, Solana’s (SOL) price hit a new all-time high, sparking speculation that the altcoin could rally as high as $300. While that did not happen, recent data shows that Solana traders are betting on a rebound.
Why are traders confident? This on-chain analysis explores whether these positions could deliver gains or if many are at risk of liquidation.
Solana Longs Keep Shorts Out of the Way
Data from Coinglass reveals that Solana’s Long/Short ratio on the 1-hour timeframe has climbed to 1.17. This ratio gauges market expectations, indicating whether most traders hold bearish or bullish positions.
When the ratio falls below 1, it indicates more shorts (sellers) than longs (buyers). Conversely, a ratio above 1 suggests a higher number of traders betting on a price increase compared to those anticipating a decline.
Currently, 54% of Solana traders hold long positions, while 46.17% expect a drop below $255. This indicates a bullish leaning among traders, with more optimism about the token’s price rising than falling.
Additionally, it appears that these traders’ positions could prove profitable, thanks to an uptick in Solana’s Transaction Rate, which is the number of successful transactions processed per second on its blockchain.
An increasing Transaction Rate signals heightened user activity and engagement with the cryptocurrency, while a decline indicates reduced interest. According to Glassnode, Solana’s Transaction Rate has been climbing. If this trend continues, it could propel SOL’s price past its all-time high.
SOL Price Prediction: Upside Potential Remains
On the weekly chart, Solana’s price has surged above the 20 and 50 Exponential Moving Averages (EMAs), key indicators that measure trends. When the price sits above the EMAs, it signals a bullish trend, while a drop below them typically signals bearish momentum.
With SOL currently priced at $255, above both EMAs, the altcoin seems poised to continue its upward direction. The formation of a bull flag further supports this bullish outlook.
A bull flag is a continuation pattern, indicating that once the price breaks out, it’s likely to maintain the prior upward momentum. As seen below, SOL has already broken out of the consolidation pattern and is heading higher.
As long as the price remains above the upper trendline of the consolidation phase, it could rise toward $325. However, if selling pressure takes hold, this bullish scenario could shift. In that case, SOL might fall below $200.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why Are Shiba Inu Holders Selling Their Coins?
The meme coin mania of the past few weeks pushed Shiba Inu’s (SHIB) price to an eight-month high of $0.000030 on November 12. Due to this hike, a significant portion of SHIB’s supply is now profitable.
However, as market sentiment shifts, many Shiba Inu holders are now opting to secure their gains by selling their SHIB coins.
Shiba Inu Holders Sell For Profit
According to IntoTheBlock’s Global In/Out of the Money indicator, 829 trillion SHIB coins held by 851,000 addresses, which comprise 62% of all the meme coins holders, are “in the money.”
An address is considered “in the money” when the current market price of the asset it holds is higher than the average acquisition cost of the tokens in that address. This indicates that the holder would realize a profit by selling their holdings at the prevailing market price.
On the other hand, 82.39 trillion SHIB coins held by 398,000 addresses are “out of the money.” These are addresses that currently hold their coins at a loss.
With 62% of all its holders now in profit, there has been a resurgence in profit-taking activity. This is reflected in SHIB’s declining Chaikin Money Flow (CMF). As of this writing, this indicator is at 0.08, trending downward toward the center zero line.
The CMF measures the market’s buying and selling pressure. When it falls toward the zero line, it signals weakening buying momentum, indicating that market participants are losing conviction in the uptrend.
Additionally, the setup of SHIB’s moving average convergence divergence (MACD) indicator confirms this bearish outlook. At press time, the coin’s MACD line (blue) rests below its signal line (orange).
This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. When the MACD line falls below the signal line, it indicates a bearish trend and confirms the reversal of an uptrend. It suggests that selling pressure is increasing, and the asset’s price could decline further.
SHIB Price Prediction: A Decline To $0.000020?
SHIB is trading at $0.000025, marking a 4% decline in the last 24 hours. It remains above key support at $0.000022. If SHIB falls below this support, its price could drop further to $0.000020.
On the other hand, if profit-taking activity relaxes and the meme coin witnesses a resurgence in new demand, it will break above resistance at $0.000026 to reclaim its eight-month peak of $0.000030.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will the MANA Crypto Price Rally End After a 70% Weekly Surge?
MANA, Decentraland’s native cryptocurrency, has seen an impressive 70% price increase over the past week. This MANA crypto price surge is part of a broader rally in Metaverse-related tokens, which has caught the attention of the market.
While the development might have surprised some, a closer look by BeInCrypto provides insights into the catalysts behind this movement. This on-chain analysis looks at what could be next for the token.
Decentraland Active Addresses, Volume Reach New Heights
The recent rally in MANA crypto price can be attributed to a significant increase in the token’s active addresses, which indicates heightened user interaction on the blockchain. Interestingly, this also matches the condition of The Sandbox (SAND), which was also one of the frontrunners of the Metaverse revival.
Active addresses measure the number of unique users successfully completing transactions. A rise in this metric signals increased engagement with the network, which is often considered bullish for a cryptocurrency. Conversely, a decline implies reduced traction, which is typically seen as bearish.
On November 20, MANA’s active addresses were around 810. Fast-forward a few days, and this figure has surged nearly fivefold, reflecting a growing interest in the token. This spike in activity likely provided the momentum for MANA’s price to climb from $0.40 to $0.70 — the highest level since March.
Following the development, Santiment data showed that MANA’s volume climbed to $1.57 billion. Volume represents the total value of a specific cryptocurrency traded over a defined period.
This metric reflects a coin’s level of activity and liquidity. A high trading volume indicates notable buying and selling, which often suggests strong market participation. On the other hand, low volume may signify reduced activity, leading to weaker market interest.
Therefore, the hike in the token’s volume validated the signs shown by the active addresses. However, since MANA’s price has dropped from its recent peak, it could be challenging to keep up with the uptrend, with this analysis suggesting that another pullback could be close.
MANA Price Prediction: Pullback Imminent
From an on-chain perspective, the MANA crypto price rally might have hit a local top. This prediction is based on the signs shown by the In/Out of Money Around Price (IOMAP).
The IOMAP is a key metric that analyzes the distribution of cryptocurrency holders based on whether their holdings are in profit, loss, or at breakeven. It also provides insights into potential support and resistance levels in the market.
When there are large clusters “out of the money,” this indicates addresses holding at a higher price than the current market value. Such areas often act as resistance. Conversely, Large clusters “in the money” typically act as support, as holders may buy more or hesitate to sell, expecting further price gains.
For MANA, approximately 36.47 million tokens held by addresses that accumulated near $0.70 are currently “out of the money.” This volume surpasses the tokens held between $0.61 and $0.68, marking that range as a key resistance zone.
As such, the MANA crypto price might experience retracement. If that is the case, then the cryptocurrency’s value could drop to $0.61 in the short term.
However, if buying pressure increases and volume outpaces the one at $0.70, this might not happen. Instead, MANA could climb to $0.80.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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