After a daily loss of 1.83% Stellar's price is currently at $0.22

After a daily loss of 1.83% Stellar's price is currently at $0.22, aggravating the bearish state of the asset. As a result of the overall decline in the market, XLM is now in danger of a death cross

Stellar (XLM) continues to struggle, posting a daily loss of 1.83% and slipping to the $0.22 mark, further compounding the bearish state of the asset. As a result of the overall decline in the market, XLM is now in danger of a death cross, a bearish technical signal that appears when the 50-day moving average falls below the 200-day moving average.

The gap between XLM's 50-day MA and 200-day MA is closing quickly, and if this bearish event materializes in the next few days, it may deepen the downtrend and erode investor confidence further. Eearly support was seen when the 100-day MA provided support at around the $0.238 levels and the 200-day MA offered support at around the $0.216 mark. However, XLM has since broken below both MAs, indicating weakness.

Currently, both MAs are stacked above the current price levels, and the next crucial support level is around $0.20. This is a historical and psychological price point, and a break below it could either invite a series of additional losses or cause a bounce. The Relative Strength Index (RSI) is approaching oversold territory at 32, adding to the cautious outlook. While this suggests that there may be a brief recovery, it also implies that bears may still push lower before experiencing full exhaustion.

Shiba Inu must take action

Shiba Inu (SHIB) is at a critical juncture as market signals suggest that there may be a breakout or a breakdown. After days of sideways movement and a recent decline to the $0.000011 level, SHIB is now exhibiting indications of possible upward movement with the help of a noticeable rise in trading volume.

As per the chart, SHIB is currently trading at around $0.00001132 and is positioned marginally above a historically robust support level. On several occasions in the last few months, this area has served as a rebound point. Curiously, trading volume increased dramatically as SHIB retested this level, suggesting rekindled investor interest and potential whale accumulation.

This spike in volume indicates that SHIB might be getting ready for a reversal. Increasing volume at a support level frequently indicates the accumulation of buying pressure, which is a sign of bullish momentum. Should this buying strength persist, SHIB might try to push toward the resistance level of $0.00001280. A break above that level might lead to the 50-day moving average, which is located close to $0.00001320.

The RSI (Relative Strength Index) is presently trading at about 35, nearing oversold territory. This technical condition further supports an immediate bullish reversal because, historically, SHIB tends to recover when the RSI falls below 40. However, SHIB needs to act swiftly. If the $0.00011 support is not held, the price could move toward psychological levels around $0.000010 or lower, potentially adding the dreaded extra zero.

Bitcoin's turn

After a week of intense volatility, Bitcoin (BTC) has reached a critical turning point as it attempts to stabilize above the crucial $80,000 mark. The biggest cryptocurrency in the world is now scrambling to recover and hold the psychologically crucial threshold after a severe correction that saw the price plummet from over $85,000 to as low as $77,000.

This selloff was triggered by the recent market turbulence, which included growing geopolitical tensions and tariff concerns, and has put pressure on markets as traders become more skittish.

Bearish sentiment was exacerbated by a breakdown below Bitcoin's 200-day moving average, and the RSI moved closer to oversold levels. However, a notable increase in volume suggested that buyers were feeling confident as Bitcoin swiftly recovered from the $77,000 area. This recovery has rekindled market optimism, with Bitcoin managing to stabilize between $79,000 and $80,000.

There is more to the fight for $80,000 than meets the eye. It's a crucial support level that might enable Bitcoin to restore its bullish structure if it is reclaimed and maintained. Immediate resistance is seen near $83,500 and $85,000, which were levels of support during Bitcoin's consolidation earlier this year. The good news is that the quick recovery indicates that there is a high level of demand below $80,000. Unfortunately, despite that recovery, Bitcoin closed below this crucial level, which may encourage more short-term selling if momentum stalls.