Major cryptocurrencies faced a broad sell-off on June 24, with Shiba Inu, XRP, Bitcoin, and Hyperliquid all posting losses. Bitcoin slipped below $62,000, threatening the $60,000 support, while SHIB and XRP extended their downtrends. HYPE, despite a recent rally, corrected sharply from highs above $75.
Shiba Inu Struggles to Hold Support
Shiba Inu remains one of the weakest large-cap tokens. After breaking out of a multi-month rising channel earlier in June, SHIB attempted a brief recovery but failed to sustain momentum. The token is now slipping below a small ascending support line formed after the June capitulation, indicating sellers remain in control.
SHIB trades near $0.0000045, below all major moving averages. The 50-day moving average at $0.0000050 acts as immediate resistance, while the 100-day and 200-day averages are higher. The Relative Strength Index is near oversold territory, but prolonged suppression is common in extended bear markets. Volume has declined during recovery attempts, signaling weak buyer conviction. Key support sits at $0.0000044; a break below could trigger further selling. Bulls need to reclaim $0.0000050 for a meaningful recovery.
XRP Fails to Recover After Breakdown
XRP is trading around $1.10 after losing the critical $1.28 support zone that held for months. The breakdown led to a sharp decline, invalidating the prior consolidation structure. Multiple recovery attempts have been met with selling pressure near the 50-day moving average, with the latest rejection around $1.18.
Technically, XRP remains below its 50-, 100-, and 200-day moving averages, with the 100-day average at $1.28 serving as significant resistance. The RSI has recovered from oversold levels but remains below neutral, indicating weak momentum. The immediate concern is whether XRP can hold above the psychological $1.00-$1.05 support zone. A break below that could trigger another round of selling. Bulls need to reclaim $1.20 before a trend reversal can be discussed.
Bitcoin Tests Critical Support
Bitcoin is under heavy pressure after losing the $65,000 support level and failing to reclaim it during a recent relief bounce. The uptrend that pushed BTC to $82,000 earlier this year is clearly broken. Sellers have maintained control since the June crash, with every recovery attempt rejected by the 50-day moving average.
Bitcoin now trades near $62,000, dangerously close to recent local lows. Volume increased during the breakdown, confirming a genuine shift in market sentiment. BTC is below all major moving averages; bulls would need to reclaim the 100-day and 200-day averages around $72,000 and $77,000 for a trend reversal. The RSI has recovered slightly from oversold conditions but remains weak. The next move could target $60,000 psychological support. A break below that level might lead to a much deeper correction.
Hyperliquid Faces First Major Correction
Hyperliquid, after one of the biggest rallies of the year, is undergoing its first significant stress test. HYPE corrected from highs above $75 to trade near $63. Despite the decline, the chart remains stronger than most altcoins.
Unlike Bitcoin, HYPE still trades above its 50-, 100-, and 200-day moving averages, indicating the overall uptrend is intact. The correction appears driven by profit-taking rather than structural weakness. A support zone is emerging around the 50-day moving average at $64. Momentum indicators are cooling, with the RSI returning to neutral territory after being overbought for weeks. This reset could be beneficial if buyers return. HYPE maintains a bullish long-term trend, though it remains vulnerable to broader market weakness if Bitcoin's decline accelerates.