Shiba Inu (SHIB) Runs Into Short-term Resistance as Bulls Target $0.000030
The Shiba Inu bulls took control on Sunday, with SHIB posting a stunning near 34% intra-day gain, its best one-day performance since October 2021. SHIB/USD surged amid technical buying after the cryptocurrency was finally able to rally above key resistance in the $0.00001250-0.00001300 area that it had been probing for the last few weeks.
SHIB nearly reached as high as $0.000018 on Sunday, but after running into a significant area of resistance, has reversed lower on Monday, with the downbeat tone to broader cryptocurrency markets also weighing. SHIB was last trading back in the $0.000015s and down a little over 7% on the day on Monday.
The cryptocurrency was unable to break above its 200-Day Moving Average at $0.00001793, January and late-May lows at the $0.00001714 and $0.00001846 levels, and a downtrend from the December 2021 highs. A short-term dip back towards the $0.000013 resistance area now looks to be on the cards, where dip buyers might once again come in.
If SHIB is able to regain composure and advance above the above-mentioned key resistance area, this could open the door to a quick surge back towards the next major area of resistance around $0.000030.
Ripple (XRP) Consolidation Continues Ahead of Key Ripple vs SEC Court Ruling
Ahead of what could be a pivotal court ruling this week in the ongoing SEC vs Ripple lawsuit, XRP is in consolidation mode. As has been the case now for the last few weeks, XRP continues to trade just above its 21DMA in the low-$0.37s, while any rallies towards $0.40 continue to be faded.
The cryptocurrency is currently testing an uptrend that has been in play since mid-July. So long as it doesn’t break to the downside of this uptrend, or below its 21DMA, XRP appears to have a chance at rallying back towards $0.40, depending on how things go in court this week.
According to FX Empire’s head of crypto analysis Bob Mason, an important court decision in the ongoing SEC vs Ripple lawsuit that “is likely to dictate the direction of the case” could come this week. As Mason explains, “in late July, the SEC filed an objection to a July Court ruling denying its attempt to shield the William Hinman speech-related documents under the attorney-client privilege”.
Analysts think that comments made by Hinman, a former SEC Chair, if available to use as evidence, could swing the case in favor of Ripple, which stands accused of being unregistered security by the SEC. “We expect investor caution ahead of the Court decision,” FX Empire’s Mason said.
Celsius Network (CEL) Succumbs to Profit-taking in Volatile Trade
CEL, the utility token of the now bankrupt cryptocurrency lending platform Celsius Network, has seen extreme volatility on Monday. In earlier trade, it swung to fresh yearly highs in the $4.60s per token, taking its gains on the month to as much as 320%. Just as quickly as it rallied, it then succumbed to profit-taking and briefly dipped as low as the $2.80s per token, an intra-day peak to trough drop of around 38%.
The cryptocurrency was last changing hands near $3.30, down about 16% in the last 24 hours, making it the worst performing cryptocurrency in the top 100 by market capitalization. Recent price action suggests the short-squeeze of the last few weeks may have already or be close to running its course. Technicians will be eyeing a retest of major downside support levels, like around $2.60 and the long-term downtrend from mid-2021 in the low-$1s.