Cryptocurrency Market Faces Bearish Trend as Major Assets Struggle

The cryptocurrency market is experiencing a bearish trend, with several major assets facing significant challenges. XRP, Shiba Inu, Bitcoin, and Dogecoin are all struggling to overcome their technical hurdles, with bears holding the upper hand in most cases.

XRP is currently trading at a crucial technical level, testing the lower boundary of its descending triangle formation. The 50-day and 100-day moving averages continue to serve as overhead barriers, and every attempt at a rally has been thwarted close to the declining resistance line. Momentum indicators provide little hope, with the Relative Strength Index (RSI) in the mid-30s, indicating that downside pressure may persist.

Shiba Inu is also facing difficulties, trying to maintain its rising support line. A potentially bullish continuation setup was invalidated when recent selling pressure forced SHIB out of a rising wedge structure. The larger technical structure is still overwhelmingly bearish, with SHIB's 50-day, 100-day, and 200-day moving averages all declining.

BTC has lost critical technical levels, dropping toward the $71,000-$72,000 region. The breakdown below the ascending trendline that guided Bitcoin's rally from April lows significantly weakens the bullish case in the short term. Momentum indicators paint a similarly cautious picture, with the RSI at approximately 31, placing Bitcoin firmly in oversold territory.

DOGE recently broke below an ascending trendline, ending its medium-term recovery structure and shifting momentum back toward bears. The breakdown highlights the lack of bullish conviction in the market, despite occasional spikes in volume. The technical outlook remains fragile, with room for additional downside pressure if broader market sentiment continues deteriorating.