XRP, Shiba Inu, LUNA Price Analysis: 23 January
After the market-wide sell-off, XRP picked itself up from its six-month low at $0.5489. Now, it needs to gather thrust to test the 23.6% Fibonacci level. Similarly, Shiba Inu bounced back from the $0.00001708 three-month support and found a barrier at its 4-hour 20-SMA.
On the other hand, LUNA reclaimed its golden Fibonacci level but struggled to gather trend-altering volumes.
Source: TradingView, XRP/USDT
XRP managed to break out of the three-week down-channel (yellow). But, since the sellers stepped in the $0.8029-level, the alt has been on a persistent decline. Thus, it formed another descending channel (white) on its 4-hour chart.
After a bearish engulfing candlestick on 21 January, XRP steeply plunged and noted a 28.2% loss until it touched its six-month low on 22 January. Now, the 23.6% Fibonacci level stood as an immediate hurdle for the bulls.
At press time, XRP was trading at $0.6214. The bearish RSI and price seemed to be in harmony for the most part. After hitting its 13-month low, it eyed a test of the 44-mark. Also, the CMF struggled to pick up after giving an edge to the sellers. To sustain a close above the 23.6% level, the CMF needed to approach the equilibrium.
Source: TradingView, SHIB/USD
As the 61.8% Fibonacci resistance stood sturdy, the down-channel (white) breakout failed to bag in returns for the investors. Furthermore, the 21 January sell-off saw an over 39.94% retracement until SHIB nudged its 15-week low on 10 January.
Then, it saw an excellent rally after the buyers stepped in at the $0.00001708-level. As a result, it breached the 23.6% Fibonacci resistance but again reversed from the 20-SMA (red) resistance.
At press time, the alt was trading at $0.00002265. The RSI bounced back from the oversold
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