Following the market-wide sell-off, XRP has rallied on its own from a six-month low at $0.5489. Now, it needs to gather momentum to test the 23.6% Fibonacci level. Similarly, Shiba Inu bounced back from the three-month $0.00001708 support and found a hurdle at its 4:20 SMA.
On the other hand, LUNA has regained its golden Fibonacci level but struggled to gather trend-changing volumes.
XRP
Source: TradingView, XRP/USDT
XRP has broken out of a three-week bearish channel (yellow). However, since the sellers entered the $0.8029 level, the altcoin price has been steadily falling. As a result, it formed another descending channel (in white) on its 4-hour chart.
After a bearish engulfing candle bar on January 21, XRP plummeted and recorded a 28.2% loss until hitting a six-month low on January 22. Now, the 23rd Fibonacci level .6% is the immediate hurdle for the bulls.
At press time, XRP is trading at $0.6214. Downtrend RSI and the price seems to be harmonious for the most part. After hitting a 13-month low, it hit a test of 44 points. Besides, CMF struggled to pick up after giving the seller an edge. To sustain a close above 23.6%, the CMF needs to reach equilibrium.
Shiba Inu (SHIB)
Source: TradingView, SHIB/USD
As the 61.8% Fibonacci resistance level holds, the breakout of the descending channel (white) is not profitable for the investors. Furthermore, the January 21 sell-off saw a retracement of more than 39.94% until the SHIB hit a 15-week low on January 10.
It then saw an excellent rally after buyers entered the $0.00001708 level. As a result, it broke the 23.6% Fibonacci resistance but again reversed from 20-SMA (red) resistance.
At press time, the alt is trading at $0.0002265. The RSI bounced back from oversold territory after hitting a record low of 12.35. It revived with over 30 points in the past day but failed to get past the midfield. While the bulls begin to recover, the gap between + DI and -DI subtract. But this indicator continues to appear a bearish threshold at the time of writing.
Terra (LUNA)
Source: TradingView, LUNA/USDT
The $86.49 resistance held up as the alt saw a bullish channel breakdown (yellow). Accordingly, LUNA fell 38.06% (from January 20) to a 5-week low on January 22 after losing the golden Fibonacci level.
Over the past 24 hours, altcoins clawed back and regained 61.8%. Now, the test point for the bears stands at $66. Any reversal will find resistance near the $69 mark.
At press time, LUNA trades at $67.83. The RSI I see a decent slant but haven’t tested the midline yet. To top up, Super trend keep flashing a red signal. Also, it’s important to note that Volume Oscillator fell below balance during the recent rally, indicating a weak upside move.