Major tokens like BTC, XRP, SHIB hit oversold levels after $20K fall

Shiba Inu and XRP struggle to find support

On the Shiba Inu front, the uptrend channel that had carried the price since March has been decisively broken to the downside, disrupting any recovery structure seen on the daily chart. Following the breakdown, SHIB dropped to the $0.0000045 region. Although some buyers emerged at this level, the response has been weak and there’s no clear sign yet of a meaningful reversal.

The relative strength index (RSI) has fallen to the 27–30 range, confirming that SHIB has entered oversold territory. Historically, similar levels have led to short-lived recoveries. Still, with the price lingering below its 50, 100, and 200-day moving averages, any rallies at this stage look like mere countertrend moves rather than a sustained change in direction.

The technical setup points to a process of bottom formation for SHIB rather than a confirmed bottom; while oversold conditions might support a rebound, a significant trend shift seems unlikely until key moving averages are reclaimed.

XRP’s outlook has also deteriorated sharply after the descending triangle structure formed since March broke downwards. Losing support between $1.28 and $1.30 quickly sent XRP tumbling to around $1.10. This breakdown likely triggered a wave of stop-losses and forced liquidations.

Even so, XRP is now attempting to stabilize in the $1.15–$1.18 zone after its recent lows, with its RSI also indicating oversold conditions. Yet, resistance from the 50-day ($1.27), 100-day ($1.35), and 200-day ($1.40) moving averages remains formidable, suggesting selling could strengthen again if XRP manages to recover to those levels.

Dogecoin eyes rebound but faces tough resistance

Dogecoin is facing similar downward pressure. The break of its ascending trend line, in place since February, hastened selling and sent DOGE as low as $0.085, where some buyer interest has returned.

The main positive for DOGE is that its RSI has dropped below the 30 mark, a level which in the past has led to sharp rebounds. Nonetheless, DOGE will need to contend with resistance at the 50-day (around $0.096) and 100-day ($0.102) moving averages, factors likely to cap recovery attempts in the short term.

Bitcoin searches for a floor after steep correction

On the Bitcoin chart, a break below the trend line spanning March to May triggered one of the year’s steepest selling waves. Prices plunged from above $80,000 to nearly $60,000, marking one of the largest liquidation events of the year across the market.

The prominent spike in trading volume suggests the move was intensified by forced selling and panic exits. Daily RSI readings have reached the mid-20s, representing rare oversold conditions for Bitcoin. Such periods typically awaken a search for at least a short-term rebound in the market.

Currently, the picture indicates that Bitcoin is seeking to establish a bottom after a heavy liquidation phase, rather than beginning a fresh uptrend; a confirmed change in direction will require Bitcoin to decisively regain its key moving averages.

Bitcoin continues to trade below its 50, 100, and 200-day moving averages. Initial resistance is near $70,000, with further supply expected between $74,000 and $75,000. The recent stabilization in the $62,000–$63,000 range signals that selling pressure may have eased compared to the first leg down.