EN ▼
Favorites
My Favorites
View All
Market Cap Price 24h%

Disclaimer: Content does not constitute investment advice. Trading involves risks—please invest with caution!

After August's rally, the cryptocurrency market turns to correction

2026-08-29 12:41:09
Bookmark

Cryptocurrency market adjusts direction after August gains

Cryptocurrency market is seeking balance after a strong rise in August. Ripple (XRP), Shiba Inu (SHIB), Stellar (XLM) and Bitcoin have all experienced short-term slowdowns despite breaking through important thresholds in recent weeks. However, the technical foundation of these assets remains more solid than in their early stages.

What are the key price points for XRP and SHIB?

XRP reached about $1.70 when it initially surged, and then fell back to about $1.42. Despite the correction, the asset remained above its four major daily moving averages, particularly above its 200-day moving average of $1.35. This level is significant because XRP will be below this moving average for most of 2026. On the other hand, SHIB has rebounded from August lows but remains on the verge of broader technological change, with its price hovering around about $0.0000530.

XLM's recovery trajectory: Is it over?

After a rapid recovery from the $0.155 range, XLM is currently trading close to $0.184. As an open-source blockchain network used for cross-border payments, Stellar Coin faces recent technical resistance in the US$0.190 area due to the suppression of the 200-day moving average. If we can continue to stand above $0.20, we may reposition $0.22 as the focus of attention. Support has consolidated between $0.176 and $0.182, with multiple moving averages densely intertwined here. As trading volume gradually shrank after the initial rise, the current trend seems to be more due to consolidation than new selling pressure.

Is Bitcoin targeting the US$82,000 mark?

Bitcoin recently made one of its strongest technical moves in months, jumping from about $63,000 to nearly $80,000. After briefly breaking through $80,000, it has fallen back to about $79,360, marking a break out of the $62,000 to $65,000 range dominated in July and August. The US$80,000 to US$82,000 range is a key resistance level for Bitcoin in the short term. Bitcoin's breakthrough of its 200-day moving average of approximately $72,060 is the most important technical shift. The current support level is very solid, with multiple moving averages forming a solid foundation below current prices. Despite this, the Relative Strength Indicator (RSI) remains at a high of 77, indicating an overbought condition. If Bitcoin can clearly break the $82,000 mark, it may pave the way for further gains. Conversely, if the resistance level holds, the focus may return to the US$76,000 to US$77,000 range, and the 200-day moving average of US$72,000 will become an important pullback support.

Key Points

XRP remained strong above US$1.35, indicating a stronger foundation. SHIB showed signs of consolidation around $0.0000530, with the goal of breaking through resistance. XLM's consolidation around $0.184 shows that despite short-term obstacles, there is still future potential. Bitcoin's resistance range is between $80,000 and $82,000, and the supporting foundation is crucial. Overall, although the August craze has cooled, the technical prospects of these cryptocurrencies show resilience and have upside potential if they successfully break through the current resistance zone.

Disclaimer:

All content published on this website, including hyperlinks, related applications, forums, blogs, and other media accounts, originates from third-party platforms and their users. CoinMarketInsight makes no representations or warranties of any kind regarding the website or its content. All blockchain-related data and materials are provided for informational and research purposes only and do not constitute financial, legal, or investment advice. Users and third parties are solely responsible for the content they publish. CoinMarketInsight shall not be liable for any losses arising from the use of this website. You should exercise caution and conduct your own independent research, review, analysis, and verification before making any decisions.

Read Full Article
More News
TOP

TOP