The crypto market experienced a bearish performance last week, with a downward trend persisting into the weekend. However, amidst this backdrop, Shiba Inu (SHIB), Zcash (ZEC), and XRP emerged as the weekend’s notable crypto winners. Let’s delve into the recent price movements and key resistance levels that may shape the future trajectory of these cryptocurrencies.
Shiba Inu (SHIB) Recovery Leads the Way:
Following a sharp breakdown from a 350-day symmetrical triangle pattern on June 5, Shiba Inu (SHIB) faced significant downward pressure. The price briefly bottomed at $0.000000540 on June 10, but a strong rebound swiftly followed, marked by a long lower wick. This recovery suggests increased buying pressure as sellers struggled to push the price lower.
Despite the recent rebound, SHIB currently trades below the $0.00000800 horizontal area, previously acting as support and now posing as a resistance level. The market’s reaction to this critical level will likely determine the future trend. A successful breakout above it could lead to a further increase, with the next resistance at $0.0000125. Conversely, a rejection may trigger a decline towards $0.00000400.
Zcash (ZEC) Makes Strides Towards Resistance:
Zcash (ZEC) experienced a notable surge after a substantial fall on June 10 that saw the price reach a low of $21.70. This downturn resulted in a significant bounce, characterized by a long lower wick.
At present, the ZEC price is edging closer to a descending resistance line established since late May. Moreover, this resistance line coincides with the 0.382 Fibonacci retracement level at $26.60. Thus, the price’s reaction at this juncture will likely determine its future trajectory. A breakout above the resistance line could pave the way for a move towards $29, while a rejection might result in a drop to $21.60 or potentially lower.
XRP’s Attempt at Another Breakout:
XRP’s price exhibited a decline after reaching a high of $0.56 on June 13. This peak appeared to initiate a breakout from the $0.54 resistance area. However, the inability to sustain the upward momentum resulted in a long upper wick, indicating selling pressure.
The wave count analysis presents a bearish outlook, with the previous price surges appearing as A-B-C corrective structures (white). Meanwhile, the decline that began in March is viewed as a corrective pattern (black). Consequently, it is likely that the XRP price will decrease towards the $0.38 level.
Notwithstanding this bearish prediction, if the price manages to surpass the $0.56 high, the overall trend would remain bullish, potentially propelling XRP towards $0.65.
Conclusion:
In a week marked by a generally bearish sentiment in the crypto market, Shiba Inu (SHIB) and Zcash (ZEC) demonstrated remarkable recoveries, defying the downward trend. Meanwhile, XRP faced resistance after a potential breakout, leading to a bearish outlook. Traders and investors will closely monitor the key resistance levels and price reactions in the coming days to gauge the future trajectory of these cryptocurrencies.
