XRP vs Shiba Inu: interpreting price trends
The market shows signs of a potential breakout, with several coins retesting their resistance points, indicating a possible uptrend. Analysts are focusing on XRP and Shiba Inu (SHIB), expecting more growth in 2024 and beyond.
This article will explore their price projections and future outlooks based on on-chart data and overall performance.
XRP retests $0.93
XRP fell to $0.58 last week but recovered to $0.62 and is now nearing a horizontal resistance zone.
On the weekly time frame, technical analysis reveals that XRP has followed an ascending support trend line since the beginning of 2023. This trajectory enabled the coin to break through a crucial horizontal resistance zone, approaching a new yearly high at $0.93.
With the current RSI above 50, analysts like Cryptobull and JD are bullish on XRP.
By their predictions, XRP can reach $0.9879 by early Q1 2024.
Shiba Inu may break out
Shiba Inu is up 10.7% in the past 30 days.
The 30-day average for Shiba Inu is also on the rise, with a trading volume of $110,502,553, indicating significant market activity.
In 2023, the Shiba Inu ecosystem expanded by introducing the Shibarium layer-2 network and its proprietary name service.
These initiatives aim to strengthen the fundamentals of the Shiba Inu network.
Moreover, the upcoming SHIB: The Metaverse launch could trigger more demand.
Analysts forecast SHIB to reach $0.000013 in the coming year.
Exploring alternatives
XRP and SHIB are bullish, but a newcomer, Meme Moguls, is also expanding in the play-to-earn (P2E) space.
Meme Moguls offers unique meme-backed assets and a stock market/exchange platform with leaderboards and other ecosystem elements for players to monetize their time.
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