As technical indicators dominate the cryptocurrency market, major assets like XRP, Zcash, Toncoin, and Shiba Inu remain in search of short-term direction. Recent data highlight a significant multi-month support loss for XRP, while certain cryptocurrencies are showing early signs of recovery following extensive selloffs.
Focus shifts to support loss in XRP
XRP has moved into a technically weak phase after falling below the long-held support level near 1.30 dollars. Daily charts show the price struggling under key moving averages, with the 200-day average lingering around 1.60 dollars. This divergence puts a spotlight on how recent selling activity has disrupted the technical outlook.
One notable development was the breakdown from a descending triangle pattern that had formed between March and May. Although buyers managed to defend the 1.30 dollars level for a while, intensifying selling pressure ultimately pushed prices lower. XRP is now trying to stabilize around the 1.14 dollars mark.
Momentum indicators continue to paint a lackluster picture. While the RSI briefly dipped into oversold territory and showed some limited recovery, this alone does not signal a lasting turnaround.
The first major test for XRP buyers now lies in reclaiming the 1.30 dollars region, which has turned from support into a tough resistance area.
If current levels do not hold, psychological support around the 1.00 dollars mark could quickly become relevant again. For any lasting bounce, traders are looking for higher lows, increased volume during upswings, and a sustained move back above 1.30 dollars.
Zcash resists after sharp plunge
Despite experiencing one of the month’s most severe liquidation waves, Zcash has shown more resilience compared to many other altcoins. ZEC dropped sharply from over 600 dollars down to nearly 250 dollars in a matter of days, but then rallied forcefully to stabilize near 430 dollars. Zcash is known as a privacy-focused blockchain project.
The primary trigger for the sharp fall was the discovery of a software bug that allowed unauthorized ZEC creation. This incident triggered panic in the markets, resulting in forced liquidations and a surge in heavy selling.
Mini glossary: Liquidation refers to when leveraged positions are closed automatically by exchanges due to insufficient collateral. This process often causes sudden spikes in volume and volatility.
Despite this setback, buyers jumped in quickly, helping to prevent a complete breakdown of the broader market structure. ZEC continues to hold above its 200-day moving average of 370 dollars, with 400 dollars providing support and the 450 to 500 dollars range serving as resistance.
Outlook for TON and SHIB
Toncoin, having experienced weeks of volatility, is showing signs of stabilization. A dramatic rally above 2.80 dollars in May was largely erased by subsequent corrections. Nevertheless, TON’s ability to remain above its 100-day moving average near 1.68 dollars is considered a positive sign. The key resistance area is between 1.80 and 1.85 dollars; breaking through could open the door to a move towards 2.00 dollars.
Shiba Inu, on the other hand, stands out as one of the more vulnerable assets from a technical perspective. Breaking down from a multi-month ascending channel, SHIB’s chart signals a continuing downtrend rather than a brief adjustment. The token slumped to the 0.0000045 dollars area amid steady selling pressure.
Although SHIB has attempted a rebound, its price remains below the 50, 100, and 200-day moving averages, indicating sellers are still in control. Immediate resistance is seen at 0.0000055 dollars, with a stronger barrier between 0.0000058 and 0.0000060 dollars. If buyers fail to regain momentum, retesting the 0.0000045 dollars support remains a clear risk.
