The cryptocurrency majors crashed at established barriers this week, putting resistance levels under the microscope. The 200-day simple moving average (SMA) at $0.733 paralyzed XRP price strength. Bitcoin price retreated from the crucial $35,500 level, Ethereum price stalled at the 50 percent Fibonacci retracement level at $2,237, and XRP price strength stalled at the 50 percent Fibonacci retracement level at $2,237. Last week’s positive technical developments did not provide enough impetus to securely break over higher resistance levels, delaying attempts to untangle from the current churn.
After recovering from $0.04 to $0.16, the VeChain price has been unable to go higher. VET has corrected further and is looking for buyer support. The $0.1 region is placing a strong ceiling on Vechain’s potential future rise. The VeChain price appears to be in a difficult situation, with little upside potential, but even for sellers, going short VET does not appear to be enticing.
On June 28, the Shiba Inu price formed an inverse head-and-shoulders pattern. Despite this, the breakout was short-lived, as SHIB has since settled into a consolidation, releasing overbought circumstances on the lower timeframes. If the new cryptocurrency can maintain a climb above the sliding 50-day SMA, it might rise by 33% before hitting significant resistance./n
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