Shiba Inu (SHIB) Bounces Back Amid Market Downturn
Shiba Inu (SHIB) made a striking recovery over the weekend, defying the bearish performance that plagued the broader crypto market. SHIB’s price took a hit on June 5, breaking down from a long-standing symmetrical triangle pattern that lasted a whopping 350 days. Breakdowns from such prolonged structures typically lead to substantial downward movements.
However, by June 10, the SHIB price hit a low of $0.000000540 before promptly bouncing back, indicating significant buying pressure. Although SHIB is still trading below the $0.00000800 horizontal level, which previously offered support, the tide seems to be turning. Whether SHIB breaches this level or experiences rejection will likely dictate the trend’s trajectory.
Zcash (ZEC) Soars Towards Key Resistance Level
Zcash (ZEC) is another altcoin making impressive strides, recovering strongly after a steep drop on June 10 to a low of $21.70. The quick rebound demonstrates robust buying pressure.
Presently, ZEC is moving closer to a descending resistance line that has been in place since late May. This line aligns with the 0.382 Fibonacci retracement resistance level at $26.60, indicating a critical point. Should the ZEC price break this level, it might lead to a surge towards $29. Conversely, a rejection could see the price dropping back to $21.60 or potentially lower.
XRP Poised for Potential Breakout
The XRP price has been in a decline since reaching a high of $0.56 on June 13. Despite what initially appeared to be a breakout from the $0.54 resistance zone, the price was unable to maintain its upward momentum, hinting at strong selling pressure.
However, if XRP can manage to exceed the $0.56 high, the trend could still prove to be bullish, with the possibility of the price advancing to $0.65. Otherwise, a bearish trend could potentially drive XRP down to the $0.38 level.
