While the technical outlook stands out in the cryptocurrency market, the search for short-term direction continues for XRP, Zcash, Toncoin and Shiba Inu. While the data indicate that an important multi-month support has been lost, especially in XRP, the recovery effort after sharp sales in some assets is noteworthy.
Support loss came to the fore in XRP
XRP has entered a technical weak phase after breaking below the multi-month support zone around $1.30. On the daily chart, it can be seen that the price remains below the major moving averages, while the 200-day moving average is around $1.60. This difference reveals the impact of the last selling wave on the technical structure.
One of the prominent developments was the downward break of the descending triangle formation that formed between March and May. Although buyers maintained the $1.30 base for a while, the price quickly declined as the selling pressure became stronger and XRP is currently trying to stabilize around $1.14.
Momentum indicators also present a weak picture. The RSI showed a limited recovery after briefly entering the oversold zone. However, this situation alone does not signal a permanent return.
The first big test for buyers for XRP stands out as regaining the $1.30 region, which now seems to have become resistance.
On the downside, if the current band cannot be maintained, psychological support around $1.00 may come to the fore again. In order to talk about a more permanent recovery, higher lows, increasing volume on up days and holding above $ 1.30 will be monitored.
Zcash showed resistance after a sharp decline
Although Zcash experienced one of the harshest liquidation waves of the month, it showed a more resilient appearance compared to many altcoins. After falling from over $600 to around $250 in a few days, ZEC reacted strongly and started to trend sideways around $430. Zcash is known as a privacy-focused cryptocurrency network.
The reason behind the last sharp decline was the detection of a software bug that allowed unauthorized ZEC production. This development increased panic in the market and brought about compulsory liquidations and intense sales.
Mini dictionary: Liquidation is the automatic closing of leveraged positions by the stock market due to insufficient collateral. This process can lead to sharp increases in volume and volatility in a short time.
However, the rapid involvement of buyers prevented the broader market structure from completely disrupting. While ZEC continues to remain above its 200-day moving average of $370, $400 stands out as support and the $450 to $500 band stands out as resistance.
View on TON and SHIB side
On the Toncoin side, a more balanced structure has emerged after weeks of volatile price movement. The correction that followed the sharp rise above $2.80 in May erased most of the gains. On the other hand, TON’s holding above the 100-day moving average around $1.68 is considered positive. While the range between $1.80 and $1.85 is watched as the main resistance area, if this area is exceeded, the $2.00 level may come to the fore again.
Shiba Inu, on the other hand, was among the more technically fragile creatures. A breakout of the multi-month ascending channel on the daily chart indicated a continuation of the downtrend rather than a short-term correction. SHIB retreated to the $0.0000045 region due to selling pressure.
Despite the recent recovery, SHIB is trading below the 50, 100 and 200-day moving averages, indicating that sellers are maintaining control. While $0.0000055 is the first obstacle above, the band between $0.0000058 and $0.0000060 constitutes a stronger resistance area. If buyers fail to maintain their strength, the $0.0000045 level may be retested.
