Kraken Data Shows Bitcoin Testing Critical Support Levels Amid Bearish Trend
Bitcoin's price correction has intensified, with Kraken exchange data revealing a break below key support at $118,000. The cryptocurrency now faces potential testing of the $112,000 level before any bullish recovery can materialize. Technical indicators show bearish dominance as BTC struggles against a descending trendline resistance near $118,000, with the 100-hour moving average reinforcing the downward pressure. Market analysts are closely watching these critical levels on the Kraken BTC/USD chart for signs of either further decline or potential stabilization.
Bitcoin Price Extends Decline, Could Test $112K Before Bulls Return
Bitcoin's price correction continues as it trades below $118,000, showing bearish signals that may push it toward $112,000. The cryptocurrency broke through key support levels after failing to hold above $120,000, with the 100-hour moving average now acting as resistance.
A descending trendline NEAR $118,000 on the BTC/USD chart (Kraken data) presents the immediate hurdle for any recovery attempt. The asset currently consolidates below the 23.6% Fibonacci retracement level from its recent $124,420 high to $114,715 low. Market participants await a decisive break above $118,500 to confirm bullish momentum.
XRP Price Struggles Below Key Resistance as Bearish Pressure Mounts
XRP continues to face downward momentum, failing to breach the critical $3.10 resistance level. The digital asset now trades below both this psychological threshold and its 100-hour moving average, signaling sustained bearish control.
A descending trendline near $3.07 on the XRP/USD hourly chart (Kraken data) reinforces the resistance zone. The cryptocurrency briefly dipped to $2.941 before a partial recovery faltered at the 76.4% Fibonacci retracement level of the recent decline.
Market observers note the $3.07-$3.12 range as the immediate bullish battleground. A decisive break above this barrier could shift momentum, while failure may precipitate further tests of the $2.95 support level.
Ethereum Price Retreats as Market Eyes $4,200 Support Level
Ethereum's price has entered a corrective phase, slipping below the $4,550 support level with increasing bearish momentum. The second-largest cryptocurrency now faces critical tests at $4,200 after failing to maintain positions above key moving averages.
A descending trendline resistance at $4,450 on hourly charts suggests continued downward pressure. Market participants are watching for potential rebounds near the 50% Fibonacci retracement level of $4,400, though sustained trading below the 100-hour SMA indicates weakened bullish sentiment.
The recent decline from $4,581 to $4,228 reflects growing risk aversion across digital asset markets. Ethereum's performance mirrors Bitcoin's retreat, with both assets showing vulnerability to profit-taking after their 2024 rallies.
Solana (SOL) Falls Below Key Support Amid Bearish Pressure
Solana's native token SOL has breached critical support levels after failing to sustain momentum above $210. The asset now trades below $185, signaling potential for further downside as bearish technical patterns emerge.
A descending trendline near $188 presents immediate resistance, with the 100-hour moving average reinforcing the bearish outlook. The current price action mirrors broader market weakness seen in Bitcoin and Ethereum, suggesting correlated downward pressure across major cryptocurrencies.
Technical indicators show SOL has retraced over 76% of its recent rally from $173 to $209. Market participants await either a decisive break below $172 support or a reversal above $188 resistance to determine the next directional bias.
Investment Outlook for Shiba Inu, Ripple, and Little Pepe Through 2028
The meme and altcoin markets are poised for transformation over the next three years, with divergent trajectories expected for established tokens versus high-risk newcomers. shiba inu (SHIB) maintains its position as a stable meme asset, trading at $0.000014 in August 2025—a price range-bound between $0.000012 and $0.000014. Whale accumulation suggests guarded optimism, though analysts at Kraken project only a 7% rise to $0.000015 by 2028. A $1,000 investment today would yield approximately 71.4 million SHIB tokens, positioning it as a low-volatility harbor in the meme coin ecosystem.
Ripple (XRP) represents a middle ground between safety and growth potential, while Little Pepe (LILPEPE) emerges as the speculative wildcard capable of outsized returns—if it survives the coming market shakeout. The contrast highlights a fundamental tension in crypto investing: the tradeoff between the liquidity of mature assets and the asymmetric upside of untested projects.
Wyoming Launches First U.S. State-Issued Stablecoin, FRNT
Wyoming has made history as the first U.S. state to issue a blockchain-based stablecoin, the Frontier Stable Token (FRNT). The token, backed by U.S. dollars and short-term treasuries, launched on multiple blockchain networks, marking a significant milestone in public sector digital asset adoption.
The Wyoming Stable Token Commission announced FRNT's mainnet launch during a press briefing, with Governor Mark Gordon emphasizing the state's commitment to financial innovation. "This reaffirms Wyoming's leadership in merging regulatory clarity with technological progress," Gordon stated, framing the MOVE as a natural evolution of the state's pro-crypto policies.
FRNT will debut on solana through Kraken's Wyoming-domiciled exchange, with additional distribution via Avalanche-powered payment platform Rain. The dual-chain approach demonstrates Wyoming's pragmatic strategy for maximizing accessibility while maintaining regulatory compliance.
