Rising supply pressure in the crypto market leads to a minor setback in the recovery rally in the majority of major cryptocurrencies.
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While the leading cryptocurrency Bitcoin faces supply pressure around the $27500 mark, several altcoins have witnessed a halt in their ongoing relief rally. However, this minor pullback may offer interested traders dip opportunities before the crypto market resumes on the recovery track. In this article, we analyze the price behavior of popular crypto coins PEPE, SHIB, and XRP to determine their near future trend.
Also Read: Paper BTC Surge Undermines Bitcoin; Spot Delay Explained
Pepe Coin Price Analysis: Range Breakout May Trigger 18% Rise
Source- Tradingview
Despite the broader crypto market enjoying an uptrend, the Pepe coin price dynamics have been stagnant for the last fortnight. This lackluster performance has hemmed the coin price between $0.00000071 and $0.0000006, delineating a tight trading range evident in the daily chart. As of the latest update, Pepe coin is priced at $0.00000068.
If it refrains from closing below the previous day’s low of $0.00000066, it could be a sign of buyer resilience, suggesting that they are gearing up to challenge and potentially breach the upper resistance at $0.00000071. Achieving this would set the stage for an impressive 18% rally.
Yet, for traders and investors seeking robust confirmation of a potential turnaround in Pepe price, a breakout from the overhead resistance of the longstanding channel pattern would be crucial.
Shiba Inu Price Analysis: Bearish Pattern Hints 10% Drop
Source- Tradingview
The currency uptick in the Shiba Inu coin price is bounded by a pair of ascending trendlines, signaling the emergence of a bearish flag pattern. While, at a glance, this formation seems to denote a bullish trajectory, its typical objective is to rejuvenate waning bullish momentum. A breach below the pattern’s lower trendline could usher in a more pronounced bearish phase, spearheaded by sellers.
At the time of this analysis, this memecoin value stands at $0.00000735, registering an intraday dip of 1.6%. Should the coin rupture the flag pattern downwards, the price may descend below the $0.000007 threshold. This potential decline could further escalate, culminating in a 10% drop, with the SHIB price targeting the $0.0000065 level.
XRP Price Analysis: Will $XRP Reclaim $0.55? Soon
Source- Tradingview
On September 21st, the XRP price experienced a pronounced pullback from the symmetrical triangle pattern’s resistance trendline. This pattern has been dictating the lateral price movement for over a month. Yet, the sellers’ failure to capitalize on this downturn points to a potential lack of bearish strength.
At the moment, the XRP price is valued at $0.5, notching a modest intraday increase of 0.5%. Given the apparent wane in sellers’ momentum, buyers might seize this opportunity to instigate a bullish breakout above the triangle’s top trendline. Such an upward shift could intensify buying interest and potentially propel altcoin by around 8% to target the $0.558 level.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
