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XRP/USD Technical Analysis: Cryptocurrency falls back in the bear trap after bullish spike euphoria

Akash Anand

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XRP/USD Technical Analysis: Cryptocurrency falls back in the bear trap after bullish spike euphoria
Source: Unsplash

The cryptocurrency market’s behavior has been quite stagnant with investors and users being affected due to the constant bear attacks. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] have all fallen in value, a situation that has not changed despite multiple updates on the network front. XRP has captured news headlines multiple times over the past few weeks due to its unrelenting push to make cryptocurrency usage mainstream.

1 hour:

The one-hour graph shows a sudden increase in value as the bear trend seems to have settled back into its groove. The support has been holding at $0.287 while the immediate resistance is at $0.339. The recent uptrend lifted the value of XRP from $0.294 to $0.34.

The Relative Strength Index shows the cryptocurrency staying near the oversold zone. This is a sign of the selling pressure being more than the buying pressure.

The Awesome Oscillator displays the pickup in market momentum as shown by the graph.

1 day:

XRP’s one-day chart does not seem to have taken the recent uptrend into account as the graph stays in the bear region.  The long term support is holding at $0.262 while the visible downtrend brought down the prices from $0.571 to $0.375.

The Chaikin Money Flow indicates a sudden spike on the graph followed by a fall. The graph is still below the zero line which is a sign of the capital leaving the market being more than the capital coming into the market.

The MACD indicator shows the signal line and the MACD line moving as a conjoined pair. The MACD histogram has also undergone a lull due to the price drops.



Conclusion:

The above-mentioned indicators have taken the side of the bear after the recent spike seems to have been nullified. As the market continues to crumble under the bear pressure, XRP still has a lot to do before escaping the bear trap completely.





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Analysis

Litecoin [LTC] smashes $100 valuation for the second time this year

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Litecoin [LTC] smashes $100 valuation; twice in the same year
Source: Pixabay

Litecoin [LTC] posted massive gains and came out as the biggest winner among altcoins as the week came to an end. The digital coin led the altcoin pack towards another bull run.

The latest pump, however, drove the crypto-asset’s price over $100-mark for the second time this year. Subsequently, the silver coin took over EOS to secure its position as the fifth largest crypto-asset by market cap.

As the crypto market started embracing green, many analysts in the space are of the opinion that the “altseason is upon us”. With the latest upswing, LTC became the fourth coin in the top ten with a three-digit valuation after Bitcoin [BTC], Ethereum [ETH], and Bitcoin Cash [BCH].

Source: TradingView

At press time, the coin was priced at $103.4 after surging by 7.93% over the last 24 hours. LTC registered a market cap of $6.40 billion and a 24-hour trading volume of $6.14 billion. Additionally, the digital coin rallied by 17.52% over the past week.

Litecoin was trading highest on Coineal via the trading pair LTC/BTC, accounting for a volume of 11.98%. The crypto-asset exchange was followed by EXX, which held 8.48% of the trading volume via LTC/USDT.



The upcoming Litecoin second halving event, scheduled for August 2019, and institutional adoption of the crypto were attributed to the series of bull domination this year.

Litecoin crashed soon after June 2018 and hit the lowest point at $30 earlier this year. The coin’s market recovery was resisted by bears as it was juggling within the range of $85-$90 before breaking the much-anticipated $100-mark.





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