The broader cryptocurrency market is showing the first tentative signs of a shift today, July 15, as bearish pressure appears to be slowly weakening across several key assets. Near Protocol (NEAR) has notably broken above the crucial $2.00 level, while XRP, Shiba Inu (SHIB), and Dogecoin (DOGE) are exhibiting reduced selling pressure, signaling a potential turn from their recent downtrends.
This evolving market sentiment comes as wider economic indicators, such as US inflation easing to 3.5%, contribute to a boosted demand for speculative assets. The Crypto Fear & Greed Index, currently registering 28, reinforces a cautious yet less fearful outlook among market participants, suggesting a gradual move away from extreme pessimism.
Near Protocol shows strength in market shift
Near Protocol (NEAR) has emerged as a standout performer, successfully surpassing the psychological $2.00 mark after weeks of consolidation. This move is particularly significant because NEAR is now trading above its 50-day, 100-day, and 200-day moving averages simultaneously, a pattern often viewed as bullish during recovery phases.
The asset found robust support around the $1.80 level, aligning with its 200-day moving average. Buyers have consistently pushed prices higher since then, signaling an improving market structure. While trading volume hasn’t matched the explosive rally seen in May, NEAR’s ability to hold above all major trend indicators points to underlying strength.
The immediate challenge for Near Protocol sits around $2.10, where the 100-day moving average currently provides resistance. A decisive break above this level could clear the path toward $2.30 and potentially higher. Furthermore, the Relative Strength Index (RSI) has moved above 50, indicating a return of bullish momentum to the asset.
XRP’s limited recovery attempts continue to face resistance
Unlike Near Protocol, XRP is still grappling with a more pronounced bearish structure, trading below its 50-day, 100-day, and 200-day moving averages. Currently priced at $1.09, XRP faces significant resistance from a descending moving average cluster positioned between $1.11 and $1.15.
Every recent attempt at a rally has met rejection at these critical levels, preventing any meaningful trend reversal. The chart shows a consistent pattern of lower highs and lower lows since a substantial breakdown occurred in June. This indicates persistent selling pressure keeping the asset subdued.
However, XRP has avoided establishing new lows recently, suggesting a potential floor forming. The lack of strong conviction from either buyers or sellers is reflected in a neutral RSI reading of 47. For an improved outlook, XRP needs to establish stable support above $1.12 and reclaim its 50-day moving average.
Until these conditions are met, XRP will likely remain in a corrective phase. Its current trajectory stands in contrast to Near Protocol’s more aggressive recovery, highlighting divergent paths for these crypto assets as market sentiment tentatively shifts.
Memecoins Shiba Inu and Dogecoin battle persistent downtrends
Both Shiba Inu (SHIB) and Dogecoin (DOGE), the market’s two largest memecoins, remain entrenched in well-defined downtrends. They’re consistently trading below important moving averages, struggling to generate the necessary buying pressure for a significant rebound. Shiba Inu, in particular, faces a challenging environment.
SHIB experienced a prolonged decline after failing to maintain a rising wedge pattern earlier this year, erasing much of its spring gains. The token is currently below its 50-, 100-, and 200-day moving averages at a price of $0.0000042. Numerous recovery attempts have failed, with fresh selling pressure quickly following any local breakouts.
Early July saw a brief improvement in sentiment for SHIB, but buyers quickly lost their momentum. Compounding these issues, trading volume has continued to decline, suggesting low market participation. Despite these headwinds, one potentially positive indicator is SHIB’s RSI, which is nearing oversold territory at 36.
Historically, such oversold conditions have often preceded relief rallies, offering a glimmer of hope. However, for a more comprehensive recovery narrative, SHIB would first need to reclaim resistance close to its 50-day moving average. This lies within a stacked resistance zone, making a sustained breakout challenging.
The fact that SHIB is still far from its major moving averages complicates any bullish resurgence. Bulls face the daunting task of overcoming several technical obstacles, including the 50-day EMA above the current price, and the 100-day and 200-day trend lines even higher.
Dogecoin shows a similar pattern, sitting well below critical indicators and suggesting a potential for further downside if bullish momentum doesn’t materialize. The asset hasn’t fully recovered from a significant breakdown in June, with buyers unable to overcome resistance levels between $0.076 and $0.083.
Lower highs continue to form on Dogecoin’s chart, maintaining its bearish technical structure. Its RSI, while having recovered slightly from oversold levels, still doesn’t indicate a significant bullish trend reversal, mirroring SHIB’s behavior. Both memecoins are in a state of exhaustion.
Neither DOGE nor SHIB is currently experiencing aggressive capitulation, but they’re also not attracting substantial capital inflows. Instead, selling pressure has decreased, but demand remains insufficient. For Dogecoin, reclaiming the area above $0.076 is crucial, while Shiba Inu needs to regain $0.0000045 to show meaningful improvement.
Underlying market indicators suggest broader changes
The cautious optimism emerging in segments of the cryptocurrency market today isn’t happening in isolation. Broader macroeconomic factors are playing a significant role in influencing investor sentiment. The recent easing of US inflation to 3.5% provides a more favorable backdrop for riskier assets like cryptocurrencies.
Lower inflation typically reduces pressure on central banks to maintain aggressive monetary tightening policies, which can free up capital for speculative investments. This macro shift, coupled with the Crypto Fear & Greed Index registering 28, suggests that while fear still dominates, it’s less intense than in previous periods.
A score of 28 on the Fear & Greed Index indicates “Fear” but is a noticeable improvement from “Extreme Fear” readings often seen during deeper market downturns. This psychological shift can underpin the weakening bearish momentum observed in several cryptocurrencies.
However, it’s important to contextualize this. The crypto market in 2026 has largely been characterized by a bear market, defined as a sustained price decline of 20% or more from recent peaks. Any signs of bearish trend weakening must be viewed against this backdrop of prolonged correction.
While some assets like Near Protocol are showing genuine signs of recovery and momentum, others, including XRP and the memecoins, still have significant technical hurdles to overcome. The overall market is in a delicate balance, where waning selling pressure doesn’t automatically translate to strong buying interest.
The coming weeks will be critical in determining whether these early signs of a changing tide solidify into a more robust market recovery. Investors will closely watch for sustained breaches of key resistance levels and an increase in trading volume across the board.