Shiba Inu, Loopring, XRP Price Analysis – November 12, 2021
The total market cap witnessed a marginal drop in the last 24 hours as top cryptocurrencies showed mixed trading gestures. Meanwhile, XRP touched its 2-month peak on November 10, while Loopring hit an all-time high on the same day.
The altcoin’s short-term technicals appeared to favor retracements by indicating decreased buying momentum. On the other part, Shiba Inu had its bulls showing rebirth gests after a 37.5% correction since its record ATH.
XRP
XRP saw an extended rally after staying in an ascending channel over the previous 15 days. The 7th largest cryptocurrency recorded a nearly 14% ROI over the last fourteen days. Furthermore, Ripple bulls amplified their actions as the token breached its closest resistance level. With that, the altcoin’s price touched a 2-month peak on November 10.
Meanwhile, bears seemed to tighten their grip to ensure resistance around the top trend-line. That has the price retracing between the price channels. The correction dragged XRP under the 20- and 50-SMA, confirming a short-term bearish drop. With that, the short-term technicals supported sellers as bulls attempted to crack $1.226 again. While writing this article, XRP had its value at $1.196 after an almost 2% drop in a day.
The Relative Strength Index remained at the 44-level and was declining. The bearish divergence also showed selling momentum. Also, the Awesome Oscillator (AO) and the MACD readings affirm the previous analysis. However, the ADX exhibited a fragile directional price tread.
Shiba Inu
The canine-themed crypto saw an instant upsurge since October 23. The altcoins surged more than 200% in the following five days to touch an ATH on October 28. However, it retreated after that, following a descending triangle under its closest resistance as it witnessed a plummet.
Meanwhile, SHIB has lost 37.5% since the ATH as it dipped in the retracement phase. However, the meme assets remained in green at the monthly price chart. The alt trades at $0.00005345 while publishing this article.
Short-term technicalities have indicated bullishness on the last day after bearishness dominated the week. The Relative Strength Index saw a 17 point increase in the past 48 hours from the oversold territory. Also, the Awesome Oscillator indicated a plunging bearish strength in the short term. However, ADA showed a feeble directional trend.
Loopring
LRC saw a massive price rally of more than 800% from October 28 until November 10. The token entered a price discovery after overcoming a bull pennant. With that, it secured an ATH of $3.85 on November 10. As bears seem to counter the bullish influence and momentum, Loopring witnessed a 13% plunge in the last 24 hours.
