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Ripple is struggling to break above $ 0.20 amid improved market sentiment

 

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.

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Will TRON (TRX) keep the delayed rally above $ 0.030?

TRON remains on green territory along with other Altcoins

And this week, the 10 crypto currencies continue to move on green territory, with only Cardano, Binance Coin and Tether traded with a loss for the past 7 days. Overall, investors continue to analyze the crazy rally of the past week.

TRON (TRX) also saw another short-term rally on Monday, reaching a two-month high of $ 0.03153. And although we saw a slight retreat on Tuesday, today TRX is trading again on green.

The 11th largest crypto currency gained nearly 8.3% on a weekly basis and became one of the best performing top-20 crypstos. TRON’s market capitalization reached $ 2.01 billion, while the daily average trading volume amounted to $ 556.4 million.

TRON’s current rally came as co-founder Justin Sun announced the deadline for launching SUN Network. The Level 2 solution promises an scalability for the already relatively fast TRON network.

The launch of the testnet on May 30 will support sidechains designed for greater efficiency for distributed apps. Other changes should improve the running of the smart contracts in the TRON network. The main launch of SUN Network is scheduled for August 10th. In this case, can we expect a longer ascending TRX/USD refund?

Daily technical analysis for Tron

If we look at the TRX/USD daily chart, we can see that Tron has finally completed the 7-month reversed head and shoulder (H&S) figure as the right shoulder breaks for a while, returns under and currently testing again the neckline at $ 0.0304.

What does that mean? The reversed H&S model is characterized by two parabolas (left and right shoulders) that stand on either side of a much larger downside trend (the head). In any case, the three parabolas of sell-offs go back up and rise to the same recovery zone, the neckline.

The neckline is not always horizontal, but usually when the inverted H&S figure is tilted upwards, it can predict the start of bullish trend. Usually a clear break above the right shoulder is followed by a strong upside movement.

At the moment I expect to see further confirmation that TRX is about to develop a bullish trend, with a clear break above 0.0304. So far, the price has closed over $ 0.03 for the first time since August 2018, after jumping from $ 0.0219 (March 26 low). In addition, the RSI indicator also indicates that TRX buyers still hold control, because it’s in the overbought area at 72.3 level.

If this scenario works, the next bullish target will be 0.3245, where is 23.6% Fibonacci correction of the fall from 0.1010 (high in April 2018) to 0.0122 (low of November 2018). Convincing breakout above it should cause further upside pressure for testing the psychological level of 0.40. But, actually, the goal of the inverted head and shoulders figure is around $ 0.50 – 0.56. In this zone is also a 50% Fibo retracement of the above mentioned decline, which in fact makes it a strong resistance.

It is possible before that, however, we see some consolidation or even temporary retreat from the neckline, before the TRX price reaches its bullish trend. On the downside, the first strong support is in the area of ​​0.2304 (the bottom of March 31).

The temporary downside pressure can be seen as an buying opportunity by those investors who have enough risk tolerance to expose themselves to the volatility of the crypto market. Always remember that you only have to invest the money you can afford to lose.

 

 

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.

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