[DigitalToday reporter Jinju Hong (홍진주)] XRP, Dogecoin (DOGE) and Shiba Inu (SHIB) are trying to rebound after a recent sharp drop, but an analysis said it is still too early, based on technical indicators, to discuss a full-fledged trend reversal.

According to blockchain media outlet U.Today on June 23 (local time), XRP is attempting to rebound near $1.1 after one of its biggest declines so far this year. It remains below key moving averages, keeping the market cautious.

XRP recently broke below $1.28, viewed as a key support level, and slid to around $1.05. Some buying interest later emerged, but the rise has been limited.

Market attention is focused on whether it can reclaim $1.2. XRP is trading below $1.2, where its 50-day moving average sits, while the 100-day and 200-day moving averages stand at $1.28 and $1.35, respectively.

Technically, short-, mid- and long-term moving averages are all above the current price, which has been interpreted as the downtrend still holding the upper hand.

Some positive signals have also appeared. Trading volume, which surged during the sharp drop, has returned to normal levels, and the relative strength index (RSI) has moved out of oversold territory, suggesting selling pressure has eased somewhat.

Analysts see a potential relief rally to $1.28 if XRP recovers $1.2. They assessed that if it fails to break above $1.2, the possibility of retesting recent lows cannot be ruled out.

Dogecoin is also at an important crossroads. It is trading around $0.084. It has given back most of the upside expectations formed earlier this year, but it is holding the $0.08 area, seen as psychological support.

Concerns about further declines were raised after it fell below an upward trendline that had continued since February, but the analysis said bargain buying has not disappeared entirely.

The technical structure remains close to bearish. Dogecoin is trading below its 50-, 100- and 200-day moving averages, and the short-term resistance level was presented at $0.089, where the 50-day line sits. After that, the $0.098 and $0.114 areas are cited as key resistance zones.

The market is watching whether Dogecoin can recover $0.1 again. It is a psychological recovery zone known in the crypto community as the so-called "remove a zero rally".

Shiba Inu is being assessed as the most vulnerable of the three. It recently fell out of an upward channel that had continued since March. An analysis said this broke the bullish structure that had held for months. It is trading around $0.0000047, below the 50-day moving average of $0.0000050 as well as the 100-day of $0.0000055 and the 200-day of $0.0000057.

A recently formed rising wedge pattern has been cited as a burden. In technical analysis, a rising wedge often leads to further declines when it appears within a downtrend. Shiba Inu is testing the lower end of that pattern, and the rebound has not been accompanied by meaningful buying volume. Some analysts have raised the possibility that the recent bounce may be a technical rebound driven by short-covering rather than actual accumulation.

The market views it as important whether Shiba Inu can first reclaim $0.000005 and break back above the 50-day moving average. If it fails in that process, the outlook said the chances of retesting recent lows could increase.

Overall, XRP and Dogecoin retain the possibility of technical rebounds after the sharp drop, but they have not yet recovered key resistance levels. Shiba Inu, by contrast, is assessed as being exposed to the greatest downside pressure among the three due to a break of key trendlines and weak trading volume.