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Analysis

XRP/USD Technical Analysis: Sideways movement bores investors as bulls and bears refuse to take action

Anirudh VK

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XRP/USD Technical Analysis: Sideways movement bores investors as bulls and bears refuse to take action
Source: Unsplash

XRP has begun to see the same kind of sideways movement that the market has experienced since the past week. It is also trading in a very tight range, a movement usually indicative of a breakout to be seen in the near future.

1 hour:

An uptrend from $0399 – $0.45 forms the base for an ascending triangle. The ceiling for this pattern is at the $0.47 resistance.

The price is trading in a very close range since a week in between the $0.47 resistance and $0.440 support.

The Klinger Volume Oscillator seems to be heading for a bearish crossover, as evidenced by the line moving downwards

The MACD is also headed for a cross in the bearish zone, as seen by the price slowly moving downwards and the histogram tending towards zero.

1 day:

A downtrend is prevalent after the drop from May. This is described by the price movement from $0.894 – $0.579 – $0.456. However, there is also a sharp support uptrend from the $0.27 – $0.376 level, continued in price movement from $0.393 – $0.45.

The Relative Vigor Index is moving upwards after a bullish crossover earlier in the week.

The Stochastic RSI indicator is in the bearish zone as it is indicative of an overbought position

The Parabolic SAR is demonstrating a bullish signal, as seen by the presence of the dots below the candlesticks.

Conclusion:

The price of XRP seems to be headed for an uncertain conclusion. However, the presence of the trend patterns and the tightened trading of the coin might imply that there is a breakout soon in long-term. The consensus for the rest of the week seems to be the sideways movement observed until now.




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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

XRP/USD Technical Analysis: Sideways movement to end as breakout imminent

Priyamvada Singh

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XRP/USD Technical Analysis: Sideways movement to end as breakout imminent
Source: Pixabay

As the cryptocurrency market switches their allegiance between the bull and the bear, XRP is painted red at the moment. The token is slumped by more than a percent wherein the coin is trading at $0.3 with the market cap of $12.4 billion. The 24-hour trading volume is calculated at $305.8 million.

1-hour

XRP 1-hour candlesticks | Source: tradingview

XRP 1-hour candlesticks | Source: tradingview

In the 1-hour price chart, the downtrend is ranging from $0.315 to $0.311 whereas the uptrend is extending from $0.301 to $0.308. A clear possibility of a trend breakout is visible as the prices are packed tightly, ready to explode in either direction.

The Parabolic SAR is bullish on the cryptocurrency as the dots have assembled themselves below the candles to support the bull.

The Aroon indicator is showing a greater strength in the downtrend, which is a bearish sign for XRP. However, it can be observed that the red trend is losing its power and crashing.

The Awesome Oscillator is slightly bullish on the coin as the bars have turned green at present.

1-day:

XRP 1-day candlesticks | Source: tradingview

XRP 1-day candlesticks | Source: tradingview

In the 1-day timeline, the downtrend is stretching from $0.51 to $0.31 whereas the uptrend has been observed from $0.27 to $0.3. A trend breakout is not visible as of now.

The Klinger Oscillator has made a bullish crossover by the signal line. This indicates that the reading line is traveling in favor of a green trend.

The RSI is extremely bearish on the cryptocurrency as the indicator has crashed to the bottom of the graph. A trend reversal is not expected as well, as the reading has not hit the oversold zone.

Conclusion:

In this technical analysis, it is clear that the indicators are giving a mixed sign, advocating for a sideways trend. However, since a trend breakout is predicted in the shorter timeframe, a bullish win might take over the price chart.


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Analysis

Ethereum [ETH/USD] Technical Analysis: Bull’s presence dims the market

Priya

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Ethereum [ETH/USD] Technical Analysis: Bull's presence dims the market
Source: Unsplash

After a mass massacre, the bear seems to have slowed down its rampage in the market as the cryptocurrencies have not witnessed a massive price movement. The most-affected coins in the market include Bitcoin [BTC], Litecoin [LTC], Monero [XMR], Cardano [ADA], and Ethereum [ETH].

According to CoinMarketCap, at press time, Ethereum is trading at $89.70 with a market cap of $9.3 billion. The cryptocurrency shows a trading volume of $1.53 billion and has plunged by more than 11% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the coin demonstrates a downtrend from $102.14 to $96.89. It also shows another fall from $89.99 to $88.45. The coin has an uptrend from $82.85 to $85.90, and a second one from $86.58 to $87.76. The immediate resistance is at $90.40 and the strong resistance at $97.38. The coin has set its immediate support ground at $85.88 and a strong support ground at $82.82.

Parabolic Sar is showing a bearish trend as the dots have aligned on top of the candlesticks

Chaikin Money Flow is demonstrating a bullish trend as the line is above the zero mark.

Bollinger Bands are forecasting a less volatile market for the coins as the bands have started to converge.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart demonstrates that the coin has a downtrend from $466.01 to $208.77. It records another steep downwards trend from $208.77 to $89.09. The immediate resistance for the coin is at $122.28 and the strong resistance is set at $317.84. The support level is set at $86.87.

RSI is predicting a bearish move as the coin is currently oversold in the market.

MACD indicator has pictured the moving average line make a bullish crossover.

The same seems to the case with Klinger Oscillator as well, as the reading line has made a crossover only to take the upwards direction.

Conclusion

The bearish trend is predicted by the Parabolic SAR from the one-hour chart and the RSI from the one-day chart and the bullish trend is predicted by MACD and Klinger Oscillator from the one-day chart and the CMF from the one-hour chart.


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