Shiba Inu ($SHIB) and Zcash ($ZEC) are recovering after sharp sell-offs last week. $XRP is approaching a long-term resistance area.
The crypto market had a bearish performance last week, a trend that continued into the weekend. However, these three cryptocurrencies bucked the trend and posted decisively positive performances, being labeled as the weekend’s crypto winners.
Shiba Inu ($SHIB) Recovery Leads Crypto Weekend Winners
The $SHIB price broke down from a symmetrical triangle on June 5. The breakdown was an important event since the pattern had previously been in place for 350 days. Breakdowns from such long-term structures usually lead to significant downward movements.
While the price fell to a low of $0.000000540 on June 10, it bounced immediately afterward and created a long lower wick. This is considered a sign of buying pressure since sellers could not push the price down. Rather, buyers took control and caused a significant pump.
Despite the increase, the $SHIB price still trades below the $0.00000800 horizontal area, which previously acted as support. The area is now expected to provide resistance
. Whether $SHIB breaks out above it or gets rejected will likely determine the trend’s direction. A reclaim could increase the resistance line at $0.0000125, while a rejection will likely cause a drop to $0.00000400.
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Zcash ($ZEC) Surges Towards Resistance
The $ZEC price has increased since a massive fall on June 10 led to a low of $21.70. The bounce created a long lower wick.
Currently, the $ZEC price is approaching a descending resistance line in place since the end of May. Additionally, the line coincides with the 0.382 Fib retracement resistance level at $26.60. Therefore, whether the price breaks out or down from it will likely determine the future trend.
A breakout will likely lead to a move to $29, while a rejection could lead to a drop to $21.60 and possibly lower.
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Will $XRP Make Another Breakout Attempt?
The $XRP price has fallen since reaching a high of $0.56 on June 13. The high was crucial since it seemingly caused a breakout from the $0.54 resistance area. However, the price failed to sustain its increase and created a long upper wick, considered a sign of selling pressure.
The wave count provides a bearish outlook. Both previous increases look like A-B-C corrective structures (white) while the decrease that started in March (black) looks corrective. As a result, the $XRP price will likely decrease to the $0.38 level.
Despite this bearish $XRP price prediction, an increase above the $0.56 high will mean that the trend is still bullish. In that case, the $XRP price could increase to $0.65.
cryptopolitan.com
coindesk.com
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