Will Whales Buy Its Bottom? Shiba Inu (SHIB) on Verge of Adding Zero, Bitcoin (BTC) Surprisingly Strong

XRP’s price plummeted by 43%, wiping out weeks worth of gains. Just the most recent daily candle has created a vicious knife that is 30% downward, indicating extreme volatility and panic selling. Will whales buy the dip as XRP falls toward important support levels, or is this the start of a more severe crash?

Critical support levels have been lost as XRP has fallen to $2.00 from its peak of $3.40. A change in momentum toward bearish territory was confirmed by the most recent candle, which cut through the 50 EMA. If the 100 EMA, or $2.15, fails to act as the next significant support, XRP may test the 200 EMA, which is currently at $1.60. 

XRP is currently in a vulnerable position. A relief rally could be triggered by a strong bounce from the $2.15 zone, which could push prices back toward $2.60 or even $2.85 if buyers regain control. But if support is broken, losses could quicken, and the price could drop to $1.160 or less.

Large investors have historically tended to amass during severe price collapses. Whale activity may indicate a bottom formation if it increases between $2.00 and $2.15. But XRP might keep declining if there is not any significant buy pressure, particularly if the overall state of the market is still poor. 

Shiba Inu gets hit

A critical breakdown is imminent for Shiba Inu, and its price is about to drop by another zero. SHIB, which is now trading at about $0.00001429, could drop below the $0.00001 mark, which would have disastrous effects on the mood of the market. SHIB is in danger as a result of the massive sell-off. In recent weeks, SHIB has lost more than half of its value, indicating a sharp decline in the market.

After it lost significant support levels, such as the 50 EMA, 100 EMA and 200 EMA, the breakdown quickened. Since it has become harder for bulls to regain control due to the growing bearish momentum, everyone is now watching the $0.00001 threshold. Investor confidence would be further undermined if SHIB fell below this psychological barrier, adding another zero to its price. 

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A move into the five-zero range could lead to even more selling pressure because meme coins like SHIB have historically relied heavily on psychological price levels and community hype. The bearish scenario is that SHIB will drop sharply toward $0.000008, a level that has not been touched since mid-2023, if it breaks below $0.00001.

Since the majority of the bullish momentum from earlier months would be lost, a drop this deep would make recovery even more challenging.

Bullish scenario: SHIB may experience a relief bounce back toward $0.000017, where it will encounter its next resistance if buyers intervene close to $0.00001. Any recovery could be brief, though, if demand is weak.

Bitcoin stays resilient

Despite the wave of liquidations that has swept through the cryptocurrency market, Bitcoin has proven remarkably resilient. It has maintained above $95,000, demonstrating its resilience even in volatile times, while many other altcoins have experienced double-digit losses. Due to the recent market crash, over-leveraged traders lost out on over $2.24 billion in liquidations.

With numerous assets plummeting by more than 40% in a matter of days, altcoins suffered the most. Bitcoin, however, managed to escape a disastrous decline and is currently trading above important support levels in spite of hundreds of millions of liquidations. The price action of Bitcoin indicates that institutional investors and whales are still active, creating strong demand around $92,000 to $95,000, averting a more significant breakdown.

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Bitcoin’s structure was largely preserved when buyers swiftly intervened when it momentarily fell below $95,000. A critical technical support level, the 100 EMA is still above the price of Bitcoin. Bitcoin may pick up steam and try to retest $100,000 in the upcoming days if the price stays above $92,000. Around $83,000, where the 200 EMA is currently located, is the next significant support, though, if selling pressure increases and Bitcoin breaks the $92,000 mark. 

A decline below that might indicate a more serious correction, which could push Bitcoin down to $75,000. Bitcoin’s relative strength indicates that the long-term uptrend is still in place despite the sell-off. Bitcoin continues to dominate, solidifying its standing as the safest cryptocurrency wager during tumultuous times, in contrast to many other altcoins that are having difficulty recovering.