Crypto Market Review: Shiba Inu (SHIB) Breaks Curse, Ethereum Can Hit $2,500 After This Breakout, XRP's First Attempt to Hit $2

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The market is certainly looking better and healthier. We are witnessing the recovery of large and smaller assets like Shiba Inu, XRP and Ethereum. However, we are seeing an increase in exchange inflows, which might become a problem next week. After months of ongoing weakness, Shiba Inu may now be exhibiting the first technical indications of a recovery. The well-known meme asset has successfully broken above a significant short-term resistance level, regaining the 26-day exponential moving average (EMA) and getting close to another crucial barrier that might dictate its future course. As of this writing, SHIB is trading close to $0.0000061, having recently dropped to $0.0000055. The move signifies a significant change in momentum following weeks in which the asset was stuck in a declining structure that kept driving prices lower. The break above the 26 EMA, which has served as a dynamic resistance level during the recent decline, is among the most significant developments. Every attempt to move above this indicator over the previous few months was met with resistance and increased selling pressure. But this time, SHIB was able to overcome it with a discernible boost in volume, indicating that buyers are starting to reenter the market. What’s even more intriguing is that the 50 EMA is almost ready to be tested and currently sits directly above the current price. If this second moving average is successfully broken, the asset’s technical outlook could...