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XRP displayed the probability of a descending triangle breakup, with a price as low as $1.31. Even after Elon Musk’s appearance on Saturday Night Live, Dogecoin stunned the market with a continued sell-off. Ethereum has defied many sell warnings and is on the way to the $4k threshold.
On the hourly timeframe, a few XRP candlewicks dropped below $1.53, indicating that this support had been broken. As the candlesticks traded below all three moving averages, more bearish signs were illustrated (20-SMA, 50-SMA, 200-SMA- not shown). A falling triangle was also seen on the charts, and if the bottom trendline is not protected against bearish strain, a sell-off could occur.
This will most likely cause XRP to fall to its first solid area of support at $1.44, but another decline might carry it all the way to $1.31. MACD has remained below the half-line in recent days as the market has failed to climb above $1.66.If it does get through this barrier, the pattern would be broken. The Awesome Oscillator, like the MACD, stayed below equilibrium as sellers maintained momentum.
Prior to Elon Musk’s SNL debut, Dogecoin experienced a sell-off, and while some wished for a better impact and higher prices after the broadcast, this was not the case. Instead, DOGE’s price began to fall, and it was now down by 25% in the last 24 hours. A single candlewick moved below $0.58 support on the 4-hour charts. If this is reversed in the coming hours, another support area at $0.42 exists, but a more developed line of defence at $0.275 exists.
Awesome Oscillator developed a bearish twin peak setup and threatened to dip below equilibrium, indicating the market’s prevalent selling pressure. The RSI also showed a bearish divergence as it approached 40.
Several bearish signs were offset by bulls as EtTH approached the $4,000-mark at the time of publishing. As bullish signals returned to the market, the 4-hour charts revealed a breakout from the upper trendline of an ascending channel. The Squeeze Momentum Indicator, which had previously seen decreasing bullish momentum, has now seen a sequence of increasing green bars. The white dots indicated a’squeeze release,’ and higher volatility could drive ETH even higher before a pullback.
Although the RSI did jump in a reversal zone, it has stayed above 55 for the past two weeks, making a sharp correction seem impossible. If this occurs, the funding levels are $3,600 and $3,377.