As the cryptocurrency market faces a recent downturn, major players like Bitcoin, NEAR, XRP, and Shiba Inu are encountering significant technical barriers. Bitcoin stabilizes around $82,949, significantly below its recent highs, while NEAR struggles under its primary resistance at $4.79. Meanwhile, XRP clings to its 200-day average, and SHIB descends below it.
Bitcoin and NEAR Maintain Critical Levels
Bitcoin retraced from the $87,000 zone to $80,300, finding support near its 20-day moving average at $80,700. This rebound indicates continued bullish momentum. Key technical levels are marked by the 50-day average at $79,800, the 100-day at $75,900, and the 200-day at $75,200.
Bitcoin could not surpass the $87,000 mark twice. However, as long as it remains above $80,000, buyers still retain some control.
The Relative Strength Index (RSI) has fallen to 45, a stark contrast to the elevated levels seen in August and September, suggesting cooling activity in the market. Despite the recent drop being accompanied by heavy trading, indicating persistent selling pressure, Bitcoin has made substantial gains from $63,000 to $87,000 since August. A daily close above $85,000 may drive the price towards $87,000 again, while slipping under $80,000 could shift the focus to $79,800, with $77,000 following closely.
NEAR Protocol, renowned for enabling developers to build scalable blockchain applications, trades around $4.79 amid recent volatility. The asset surged over 250% from $1.60 in late August to $5.60 by September’s end, yet failed to sustain levels above this point.
In its latest decline, NEAR dropped to $4.44 before bouncing back. The buying response near the 20-day average at $4.35 suggests the bullish structure remains intact. With the RSI settling into the mid-50s, room exists for another upward move. However, a daily close above $5.00 remains elusive, making another attempt towards $5.60 challenging. Consequently, sideways movement between $4.35 and $5.60 appears likely in the short term.
XRP and SHIB Navigate Critical Averages
XRP trades near $1.38, just above its 200-day average, a crucial short-term directional gauge. Recent declines saw prices dip under the 20 and 50-day averages, sparking renewed buyer interest after touching $1.32. This rebound underscores demand near the 100-day average at $1.335.
The $1.33 to $1.40 range is pivotal for XRP’s short-term trajectory.
The RSI stands at 42, indicating weak momentum, though not excessively oversold. As trading volume remains low, neither buyers nor sellers dominate. A close above $1.40 may test $1.45, then $1.50. If the 200-day average is breached, the focus shifts to $1.33 and later to $1.25.
Shiba Inu trades around $0.00000536, trapped under the 200-day average following sell-offs from the $0.00000600 region. This breakdown accelerated selling pressure, but the decline halted near the 100-day average at $0.00000529 before a limited recovery ensued.
In the SHIB market, the RSI hovers around 45, representing a neutral to slightly weak stance. Tepid buying interest suggests buyers have yet to reassert strength. Resistance at short-term averages between $0.00000545 and $0.00000548 and the 200-day average at $0.00000565 could stymie any upward moves. Conversely, breaking the support at $0.00000529 may bring $0.00000500 and potentially $0.00000470 into play.
