In the cryptocurrency market, Shiba Inu, Zcash, Monero, and Dogecoin exhibit signs of pressure in the short-term outlook. Despite attempts to rebound after recent declines, Shiba Inu and Dogecoin saw muted trading volumes. Meanwhile, Zcash is testing a significant moving average following a pullback from its late September high, and Monero continues to trade within a narrower range.
Shiba Inu and Dogecoin’s Rebound Efforts Falter
Shiba Inu is trading around $0.00000521. Following Monday’s sharp downturn, the asset dropped below its 100-day moving average, establishing resistance around $0.00000530 in the short term. The long lower wick stretching to $0.00000502 during intraday candlestick formations indicates that buyers became active near the $0.0000050 mark.
For Shiba Inu, a daily close above $0.00000530, preferably surpassing $0.00000542, is necessary. Otherwise, questions about the durability of the rebound will persist.
However, the attempted rise occurred with low volume. A close below $0.0000050 could nullify the recent rebound, bringing the $0.00000475 to $0.00000490 range back into focus. Below this, the August low region of $0.00000440 emerges as a critical level.
Dogecoin mirrored this scenario. After bouncing off $0.0800, the price climbed approximately 5% to reach $0.0845. Nonetheless, DOGE continues to trade below all major moving averages — the 20, 50, 100, and 200-day marks. The Relative Strength Index (RSI) remaining below 50, coupled with limited reaction volume, suggests that short-term strengthening has yet to be confirmed.
Zcash Retreats to Crucial Level Amid Sell-Off
Zcash trades around $1,196 following a 30% decline from its late September peak near $1,700. The price currently attempts to hold above its 50-day moving average. Such a retracement is considered technically normal after the strong rally observed since August.
For Zcash, maintaining the $1,120 level is crucial in the short term. A closure below this threshold could open the door to $1,050 and subsequently approximate the 100-day moving average at $985.
Intraday wicks stretching down to $1,123 demonstrate buyers’ efforts to defend this territory. Yet, the failure to sustain a position above $1,230 and the ongoing presence of the 20-day moving average overhead signal that recovery remains limited. The RSI also dipped below the 50 mark.
Monero Maintains Strength on Broader Scale
Monero is trading near $528, successfully holding above its 50-day moving average. Despite a 17% retreat from its September high around $635, leading moving averages pointing upward indicate that the broader trend remains favorable. Monero is recognized for its privacy-focused nature in the cryptocurrency ecosystem.
Recent declining trading volumes suggest that sellers are not mounting an aggressive campaign, yet buyers have also not re-entered the market forcefully. While the range between $515 and $545 is maintained, a close above $545 may bring the $560 and $590 levels back into consideration. Should the price fall below $515, it could target $483 or the 100-day moving average near $472.
