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Analysis

XRP, ADA and SHIB Price Analysis: 23 August

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Source: Unsplash


Bitcoin has continued to trade near the $21k mark struggling to breach the $22k resistance level. Well, coins like ADA, XRP, and SHIB have followed suit.

Owing to a lack of demand, at press time, these altcoins were continuing their sideways movement.

XRP

Source: XRP/USDT, TradingView

XRP, at the time of writing, was trading at $0.3370 continuing its sideways movement after a sharp fall on 19 August.

The RSI was at the 41-mark below the neutral 50 level, indicating a weak market movement overall. The OBV further gave a downtrend confirmation with its bearish movement.

The $0.33 level acted as support for the crypto while the $0.40 level acted as resistance. If XRP flips the resistance level into support then a move upward could be expected.

Cardano (ADA)

Source: ADA/USDT, TradingView

At the time of writing, ADA stood at $0.4544 with a 3.06% increase over the past 24 hours. The leading indicator RSI rested at the 39 mark, indicating a weak trend. This was further reinforced by the reading of Awesome Oscillator (AO).

If Cardano is able to breach the $0.4755 resistance level then a further move upward can be expected.

Shiba Inu (SHIB)

Source: SHIB/USDT TradingView

At press time, SHIB was trading at $0.00001310 with a 1.79% growth in the last 24 hours. The meme coin has been facing some resistance at 0.00001383 while the 0.00001264 level is acting as a support. 

The Relative Strength Index (RSI) was at 43 level, indicating the absence of buy pressure while the AO also hinted at the possibility of a pullback.

If SHIB breaks past its current sideways movement above the $0.00001383 then a move upward can be anticipated.  

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With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.

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