SHIB Recovery Potential, DOGE Breakout Setup, and XRP Technical Analysis

Source: CryptoNewsNet Original Title: U.Today Crypto Digest: Shiba Inu (SHIB) Has Chance for Recovery, Dogecoin (DOGE) Price Eyes 22% Rebound, XRP Bull Run Imminent, According to Bollinger Bands Original Link:

Shiba Inu Price Eyes Stability Near $0.00001

Shiba Inu price is facing a crucial test, but the 910% surge in burn rate might change the outlook.

SHIB Bulls Activity

Data from Shibburn shows total burn activity surged by 910.98% over the past 24 hours. Shiba Inu (SHIB) bulls appear ready to push price up toward the $0.00001 level, or prevent further slips at least. In the last 24 hours, Shiba Inu’s bulls sent a total of 4,369,584 SHIB to dead wallets in renewed efforts to reduce the circulating supply. The move comes as SHIB fluctuates within a price range of $0.058491 and $0.059009 in the last 24 hours.

SHIB Burn Mechanism Impact

More than 4.37 million SHIB removed recently brings the total burned supply to 410.75 trillion tokens. The Shiba Inu ecosystem has always relied on the burn mechanism to control available supply. The community hopes that by limiting circulating supply, scarcity could make prices appreciate, or stabilize and prevent further decline.

With the removal of more than 4.37 million SHIB permanently from circulation, this brings the total SHIB burnt from the initial supply to 410.75 trillion. The total supply in the ecosystem now stands at 589,245,769,952,109 SHIB. Out of this amount, 585,406,785,022,741 SHIB remain in the circulating supply.

Dogecoin Tests Key $0.152 Neckline as Major Breakout Looms

Dogecoin has just formed an inverse head-and-shoulders pattern, with a neckline at $0.152.

DOGE Price Setup

Dogecoin may be approaching its most important daily breakout since early 2023, with traders closely watching the $0.152 neckline on the chart. Once popular meme coin and still ninth-biggest cryptocurrency Dogecoin (DOGE) might be about to have its most important daily breakout since early 2023. After printing an almost textbook inverse head-and-shoulders formation with a bottom at $0.117 and two symmetrical shoulders above $0.138, DOGE is now pressing up against the last major resistance that separates it from a potential +22% rally.

DOGE Breakout Potential

A confirmed breakout above the neckline would open the door to a rally toward the $0.178–$0.186 range. If the breakout is above the $0.152 neckline, technical projections suggest a move toward the $0.178-$0.186 range.

The right shoulder popped up fast, picking up momentum from under $0.13 with rising volume and confirmation of previous support flips. The consolidation under $0.152 is similar to what we saw during DOGE’s earlier rallies, where there was a big breakout after a period of tight compression.

As long as the price of Dogecoin closes above $0.152 today or there is a high-volume rejection, then the next move is up. In the bullish case, the target price from this pattern is about $0.186, which would fix weeks of loss in just a few hours.

XRP Holds Key Bollinger Support as Pullback Cools Momentum

XRP price has retraced, but technical indicators like the Bollinger Bands show a rebound is imminent.

Price Setup

XRP slipped 1.05% in the last 24 hours, falling from $2.15 as profit-taking and technical resistance weighed on price. Despite this, XRP’s Bollinger Bands setup suggests that the price volatility might be over for the fourth-ranked cryptocurrency.

Data shows that while the upper Bollinger band is set at $2.33, the lower band sits between $1.75 and $2.04. Despite XRP’s price volatility, the coin’s price remains above the middle Bollinger band level of $2.11.

Breakout Potential

XRP remains above the middle Bollinger band at $2.11, a level that could act as near-term support. This middle band might prove to be a crucial support to push the price of XRP to higher levels in the coming days. XRP’s trading volume also dipped by 20.57% to $3.73 billion within the same time frame. The Relative Strength Index (RSI) of XRP is currently at 57.59, signaling neutral momentum.

Considering this, it indicates that the immediate price crash in the XRP ecosystem is a temporary development. A rise in volume from the red to green zone might be the breakout catalyst that XRP needs to overcome its resistance level.