In today’s market pulse we comb through analysis of couple of major coins: XRP, EOS, ADA and ETH.
Ripple price declined recently and broke the $0.3750 support zone. XRP is now trading near another support at $0.3660, below which there could be more losses.
- Ripple price declined after trading to a new weekly high at $0.3860.
- There is a major bullish trend line formed with support at $0.3685 on the 30-minute chart.
- XRP must stay above $0.3660 to start a fresh upward move in the near term.
Overall, ripple price is preparing for the next move either above $0.3750 or below $0.3660 in the near term. Source
- Resistance levels: $ 6, $7, $8.
- Support levels: $3, $2, $1.
Yesterday, January 7, the price of EOS was in a bullish trend. The crypto’s price reached the high of $3.0 but faced resistance at that level. The retraced price has broken the 12-day EMA and the 26-day EMA but found support at the 26-day EMA. Today, the bears have broken below the 12-day EMA and the 26-day EMA.
The crypto’s price is likely to fall as the price is below 12-day EMA and the 26-day EMA. The crypto is trading at $2.79 as at the time of writing. If the bearish pressure continued the price might likely fall to the low of $2.51. Meanwhile, the stochastic is out of the overbought region but below the 20% range. This indicates that the price of EOS is in a strong bearish momentum and a sell signal. Source
The second largest crypto in the market is trading at $152, although it started the trading this week at approximately at $160. Ethereum is trading below both the 50-day and the 100-day SMA on the 1-hour chart. This means that the bears continue to gain ground against the buyers as the community awaits the hard fork upgrade in less than one week. Source
Cardano could be due for a huge reversal from its previous long-term slide as an inverse head and shoulders pattern has formed on its 4-hour time frame. Price has yet to break past the neckline resistance at the 0.0500 level to confirm that an uptrend is underway.
The chart pattern spans 0.0280 to 0.0500 so the resulting uptrend could be of the same height. The 100 SMA is already above the longer-term 200 SMA to indicate that the path of least resistance is to the upside or that the uptrend is more likely to carry on than to reverse.
Price is also trading above both moving averages to indicate bullish pressure and also to have two dynamic support levels keeping losses at bay in the event of dips.
However, RSI is heading south after hitting overbought levels, so price could follow suit as sellers take over. Stochastic is also moving down to confirm that selling pressure is in play. Both oscillators have a lot of ground to cover before hitting oversold levels, which suggests that bears might have the upper hand for a bit longer. Source
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