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Analysis

XRP/USD Technical Analysis: Market suffocates cryptocurrency as prices remain unchanged

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Market suffocates cryptocurrency as prices remain unchanged
Source: Unsplash

The cryptocurrency market’s volatile nature has been prolonged with a majority of the top coins suffering the same fate. Cryptocurrencies like Bitcoin [BTC], XRP and Ethereum have been going through a mixed phase of bullish and bearish trends, sometimes taking the side of the bull for a longer time. XRP, at the time of writing, had a bearish undertone, which was reflected by most of the other cryptocurrencies too.

1-hour:

XRP’s one-hour graph paints the picture of a cryptocurrency undergoing sideways movement as a result of the unmoving market. XRP’s immediate support has been holding at $$0.318 while the resistance is at $0.343. The downtrend brought the prices down from $0.337 to $0.322.

The Relative Strength Index shows the graph staying in the middle of the overbought zone and the oversold zone. The hold in the middle is a sign of a relative equilibrium between the buying pressure and the selling pressure.

The MACD indicator comprises of the signal line and the MACD line moving as a conjoined pair after a bearish turn. The MACD histogram, on the other hand, is a mix of both bearish and bullish signals.

1-day:

The one-day graph for XRP bears a resemblance to the one-hour graph as both shows sideways price movement. The long-term support is currently at $0.262 while the recent downtrend resulted in the price falling to $0.374 from $0.515.

The Chaikin Money Flow indicator has taken a steep dip below the zero line. This is a sign of the capital leaving the market increasing in momentum compared to the capital coming into the market.

The Awesome Oscillator has shown a dip in its graph when placed side by side with the other time periods. The lull in the graph signifies the lack of market momentum.



Conclusion:

The above-mentioned indicators all point to a bear regime, with an extended bear run predicted. As the investor sentiment sours due to the unmoving market, proponents of the field expectantly wait for the market to go green before recording the longest bear market in the history of cryptocurrencies.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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