Will the Bitcoin Bulls Continue the Rally?
Over the last 7 days, Bitcoin has grown in value, rising 15.37%. Bitcoin traded volume in the last twenty-four hours is $ 43.06 billion, or 27.4% of the total cryptocurrency volume.
Technically, on a weekly chart Bitcoin is still in the downward price channel since June 2019. But since mid-March, we’ve seen higher lows and highs. The 200-day SMA is very close to the $ 8,100 area, but the main resistance previously is 7 871.60.
On the downside, if the bulls manage to protect $ 7,000 psychological support, the northward movement should continue.
Things Looking Up for Ripple?
With steady bullish momentum, the third-largest digital asset with a market capitalization of about $ 9 billion has risen in price in line with other Altcoins. With an increase of 14.5 percent over the last 7 days, XRP looks decent. As the price went up, the volume also increased, which is a very bullish sign.
Undoubtedly, the news also helped lift the sentiments. This weekend WhiteBIT has announced that XRP will join its exchange. And the RippleNet network is picking up speed even in times of a pandemic. The partners are now more than 300 companies, including Money Gram, American Express and Santander bank.
Steady Bullish Momentum of XRP/USD over $ 0.2000
On Tuesday, the price of Ripple climbed above the key resistance of $ 0.20 for the first time since the collapse of March 12. But earlier this morning the cryptocurrency receded and at the time of writing it is trading around $ 0.1995.
To continue their upside momentum, the bulls will need to break yesterday’s high of $ 0.2050 and the 50-day SMA. If that happens, the next resistance at $ 0.2119 is likely to come into play. And overcoming it may open the door to 0.2356, where the 200-day SMA is located.
However, on a daily chart, XRP/USD has already gone above the upper line of the Bollinger Bands indicator, indicating that the asset is currently overvalued. This means that a short-term bearish correction may be around the corner. If we look at the oscillators too, the RSI has moved to the positive zone but seems a bit oversold. This may mean that the price could pullback in the short term in order to increase later.
If Ripple fails to continue the rally above the $ 0.2000 resistance, the XRP/USD may correct lower. In this scenario, the first support is at $ 0.1920, followed by $ 0.1820 and 0.1760 levels. There are located 50 and 200 SMAs on the 4-hour chart.
Author: Silviya Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.