Shiba Inu is in dire need of an escape after weeks of reduced performance
The range bound in the market continues as the majority of assets remain in the neutral zone with almost no volatility despite the upbeat sentiment we saw last week. The most likely reason for this is investor fears and expectations of another market collapse.
Shiba Inu gathers strength
The prominent memecoin, which is failing to catch up with its big brother Dogecoin, appears to be in accumulation mode following its price action over the past 20 days. SHIB has been trading in the narrow range with no attempts to break through.
With no bullish move on the horizon, another dip in the cryptocurrency market will send Shiba Inu to this year’s lows and create dangerous momentum for the meme token that may not recover after another bearish move.
The modest trading volume suggests that traders are not executing larger trades on fears of a downside volatility spike. On November 10, Shiba Inu attempted to break the local resistance level immediately after the FTX-powered crash. Unfortunately, the lack of purchasing power led to the rally slowing down and another reversal.
On the plus side, Shiba’s behavior in the market is similar to what we see in highly accumulated assets. The increased activity of the whales could be a confirmation of this thesis. As more funds exit centralized and decentralized exchanges and return to whales’ wallets, the less selling pressure is on SHIB holders’ shoulders.
Better market conditions and a healthy distribution of supply across the network will become a powerful fuel for SHIB’s performance during the bull market, but most importantly, the meme token must survive the downtrend in the market.
XRP could show us a reversal
XRP’s performance over the past few weeks has been quite problematic as the cryptocurrency lost more than 10.8% of its value after a successful breakout from the ascending triangle.
Technically, the successful execution of the pattern should have resulted in an accelerated recovery rally, but the lack of traction and the unclear situation surrounding the ripple case led to the reversal and return below the chart pattern’s upper border.
Surprisingly, XRP found some strength to get back above the triangle’s resistance, but this has already been debased and another breakout will not lead to a surge in volatility, leaving the seventh largest asset on the market in full swing.
ChainLink beats the market
Chainlink is notorious for its rebellious behavior in the cryptocurrency market: LINK often moves against general market trends. It’s the same today: Despite the depressing market trend, LINK has successfully gained more than 25% of its value in the last eight days.
However, according to the Ichimoku Cloud indicator, the asset has reached the local resistance level. The lack of trading volume and the overall state of the cryptocurrency market also heralds the upcoming correction of LINK.