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Following
DOGE 
HYPE 
SHIB 
XRP Cryptocurrency market dynamics: XRP, Shiba Inu, Hyperliquid and Dogecoin hit new highs
In August, the cryptocurrency market ushered in exciting developments, with XRP, Shiba Inu (SHIB), Hyperliquid (HYPE) and Dogecoin (DOGE) all achieving significant gains. These four assets broke through key technical resistance levels driven by rising trading volumes. However, various indicators show that some tokens have entered overbought areas, suggesting that the risk of a correction may increase.
Can XRP and SHIB continue their gains?
After hovering around US$1.00, XRP finally hit the US$1.40 mark, with a one-day increase of about 10%. The token continuously breaks multiple moving averages in a single transaction. The key now lies in whether it can hold the support range of US$1.34 to US$1.35, which will be the basis for an impact on US$1.45 or even US$1.50. XRP trading volume climbed to 277 million, but the daily RSI indicator reached 83, which has entered the overbought area, indicating a possible correction in the short term.
For XRP, the real test is not the initial price surge, but whether it can hold the support level of $1.34 to $1.35.
Meanwhile, Shiba Inu (SHIB) rose 5.7% to $0.0000523 and struggled to firm its footing at the $0.00005 mark. The cryptocurrency successfully broke through short-term resistance and moved towards a higher level. Supported by approximately 1.53 trillion SHIB trading volume, its next resistance level lies between US$0.000057 and US$0.000058. Compared with XRP, the fatigue of SHIB is not obvious yet. If it can hold on to the support of US$0.000005, it is expected to retest the previous high near US$0.000060.
Is the future for Hyperliquid and Dogecoin clear?
Hyperliquid's token HYPE soared to US$76, breaking the key average. After regaining recent losses, the token hit the top of the trading range. If the closing price can stabilize in the US$76 to US$78 range, it is expected to challenge the US$80 mark. However, the current RSI of 78 highlights its overbought status, and we need to be wary of resistance to continued rise in the short term.
Dogecoin broke the trading pattern since August, rising 4% to US$0.087. This trend allowed it to break through its short-and medium-term moving averages, with trading volume reaching 1.07 billion DOGE. Despite the progress, whether it can stand above $0.095 is crucial to DOGE's continued rise.
For DOGE, in addition to short-term success, regaining US$0.095 remains critical to weakening the overall downward trend.
Highlights of recent market analysis:
XRP key support level: US$1.34; resistance range: US$1.45 to US$1.50
SHIB support threshold: US$0.000005; resistance range: US$0.000057 to US$0.000058
Despite gains, both assets are facing RSI overbought levels
Hyperliquid and Dogecoin are at key resistance levels
These digital assets are in a transition stage, and their subsequent movements seem to depend on whether they can hold current key prices. Whether driven by market trends or influenced by investor sentiment, these tokens have set the tone for future trends. Investors can use these factors as important references when formulating strategies.
