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Monero, Zilliqa, XRP Price Analysis: 07 May

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Monero, Zilliqa, XRP Price Analysis: 07 May
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Bitcoin has steadied itself within the $35.8k to $36.2k zone and could spend a considerable chunk of the weekend within this area. Monero and Zilliqa looked likely to test their demand areas once more. XRP had a more neutral outlook on shorter timeframes.

Monero (XMR)

Monero, Zilliqa, XRP Price Analysis: 07 May

Source: XMR/USDT on TradingView

XMR has a bearish outlook on the charts. It has bounced from the $196 level twice now but the second bounce was shallower than the first. This suggested that bears have a strong grip on the market.

The $210 and $200 levels are likely to serve as support for the price. A reversal in the trend toward the bullish side was unlikely, even though the RSI climbed above the neutral 50 line. The OBV has been flat over the past week.

Until XMR can break past the $227 level and retest it as support, buying XMR would be a risky proposition.

Zilliqa (ZIL)

Monero, Zilliqa, XRP Price Analysis: 07 May

Source: ZIL/USDT on TradingView

The bull trap was strong with ZIL a couple of days ago, and any buyers of the $0.086 support must have closed at a loss pretty quickly. With such volatility in mind, it remains a daunting task to trade ZIL in the near future.

The price attempted to climb to $0.086 but the long upper wick in recent hours meant that sellers remained strong. The Awesome Oscillator was also unable to climb past the zero line, while the A/D indicator has been on a downtrend except for the nasty spike in between.

A revisit of the $0.074 area remains likely, but it was unclear if bulls can force another bounce.

XRP

Monero, Zilliqa, XRP Price Analysis: 07 May

Source: XRP/USDT on TradingView

XRP appeared to form a range between $0.58 to $0.63, with a spike past $0.64 that was swiftly reversed to trap the bulls. The MACD was beneath the zero line to show that bearish momentum was dominant, but the CMF climbed above -0.05. This showed that the strong capital flow out of the market was not quite so strong anymore.

The $0.58 level could be used to enter a scalp long position, but caution is advisable. Bitcoin hovered above the $35.7k support, and strong volatility could be seen over the weekend.

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Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
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