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XRP Bulls Charge Hard To Pull Prices Up Past $0.34 After A Dismal August

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XRP is looking extremely bullish on a short-term outlook. In the long game, the timeframe charts show an incredible selling opportunity in the next three months.

  • XRP looking bullish from a short-term perspective
  • Price mid-point of $0.36 is now poised as both key resistance and support zones
  • Ripple to target $1 next

However, XRP bulls may need to wait a little longer for a breach to take effect.

In June, the crypto was seen to breach the support key of $0.39. Since the support zone was breached, this same level was also poised as the key resistance.

XRP price was also spotted to form a range from $0.3 to $0.41, with the mid-point set at $0.36 which acted as both the resistance and support zones.

Related Reading: How Litecoin (LTC) Is Able To Muster A 5-Day Straight Rally

Chart from TradingView.com

XRP Bulls Losing Aggressiveness?

In August, XRP is seen to try to breach the $0.39 level for two weeks. However, the bulls are running out of steam sending the price crashing down under the range’s mid-point. The price dropped further down to the $0.30 level after a couple of days.

According to CoinMarketCap, XRP price has nosedived by 0.12 % or trading at $0.3558 as of this writing.

Technical indicators for the token demonstrate a sudden twist in bearish foreplay. RSI has surged past 50 and hoisted it to act as support showing a strong uptick that could linger for the next couple of days.

More so, the Accumulation/Distribution (A/D) line was able to breach the key resistance level spotted in May which is a very critical development so far.

But, such development may not validate further progress above the $0.39 level. On the flip side, this would indicate that a breach is a possibility and could happen in a couple of weeks.

XRP’s Chaikin Money Flow (CMF) also climbed, surpassing +0.08 showing remarkable buying activity.

Spike In XRP Demand Shows Bullish Stance

The sudden surge in the crypto’s demand indicates that the bulls may have taken the driver’s seat. However, a breach that would rip off the key resistance may take some time to happen.

Beyond the SEC issues, the challenge is breaching the resistance line that has been rock-solid since May 2021. 

XRP has tested and failed this resistance zone many times but it’s dead-set to retest it again. Flipping the resistance zone will definitely help hoist XRP to target $1 next.

Xrp Bulls Charge Hard To Pull Prices Up Past 034
XRP total market cap at $17.2 billion on the daily chart | Source: TradingView.com

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Uniswap Could Slide Below Support Zone

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On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.

It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.

Statistics show that there is a moderately high relationship between UNI and Bitcoin.

Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.

As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.

As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.

Uniswap Indicator: Bearish

UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.

The momentum indicator is at a bearish low at the moment.

Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.

As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.

During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.

Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.

A Retreat, Or Advance?

A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.

A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.

However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.

This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.

However, UNI has struggled to surpass the $6.49 level of resistance.

A breach of this resistance might initiate a gradual rally toward the $6.7 price level.

As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.

UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com

Featured image from Brightnode, Chart: TradingView.com

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Binance Registers as Financial Service Provider in New Zealand

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Binance Registers As Financial Service Provider In New Zealand
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