Shiba Inu, the popular meme-inspired crypto-currency, is approaching a key resistance level after the Federal Reserve’s recent decision to raise interest rates. This resistance level, which SHIB has already tried to break, is likely to cause some volatility in the token’s price in the near future in the event of a successful breakout.
SHIB has seen significant growth since the market reversal in January. However, the recent interest rate hike by the Fed has caused some uncertainty in the crypto-currency market, and it remains to be seen how SHIB will act upon reaching the extended trendline resistance level.
According to the composition of indicators on the blockchain, Shiba Inu received support from retail investors after the token’s profitability reached a new local high and approached the 40% threshold.
XRP’s upward movement
XRP, the crypto-currency associated with the Ripple payment platform, has reached its 200-day moving average, a key level that serves as a barrier for assets in bullish and bearish trends. Reaching this level follows the recent rally in the crypto-currency market that began in January.
While the rally has certainly been beneficial for XRP, the coin still faces significant challenges. Perhaps the most important is that XRP has yet to find a consistent source of funding, which could limit its potential for future growth. Despite its association with Ripple, XRP remains largely dependent on the broader crypto-currency market for support.
Source : TradingView
In addition, XRP is still under regulatory scrutiny, with the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Ripple for alleged unregistered securities offerings. This legal battle has cast a shadow over XRP and raised questions about its future prospects.
However, despite these challenges, XRP remains one of the most traded crypto-currencies and is supported by a strong community of investors and enthusiasts. It has also made significant progress in its adoption as a payment platform, with Ripple partnering with a number of financial institutions and payment providers to bring blockchain-based payment solutions to market.
Solana goes cold
Solana, a fast and scalable blockchain platform, has seen its trading volume reverse from 4.8 million SOLs to a more consistent range of less than 500,000 SOLs after the recent slowdown in the crypto-currency market recovery rally.
Despite the slowdown, Solana has seen a steady rise over the past 30 days, driven by increased demand for decentralized finance solutions (DeFi) and non-fungible tokens (NFT). The platform has also benefited from the growing interest in risky assets in general.
However, the recent drop in momentum in the crypto-currency market has led to a decline in Solana’s trading volume and a consolidation of its price around the local support level of the 21-day moving average. This suggests that Solana is likely to enter a period of consolidation in the near future, as traders and investors take a wait-and-see approach to market conditions.
Despite these short-term market conditions, Solana’s long-term outlook raises some questions as large amounts of SOL are still held in whale portfolios and could be injected into the market at any time.