U.Today: Its price is starting to show signs of strength and is preparing for another attempt to rise. It has served as a crucial support level when XRP recently retraced to its 26-day Exponential Moving Average (EMA).
For traders looking for another breakout, this bounce from the 26 EMA suggests that the asset is attempting to maintain its bullish momentum. Trading volume is declining, which is a worrying factor. Generally, price movements require an increase in trading volume to sustain, particularly when important resistance levels are broken.
The short-term bullish pressure on XRP may be hampered by declining volume, which indicates a lack of buying pressure. The current situation offers mixed possibilities. It is evident that there is still some buying interest around these levels, making the EMA 26 support a positive indicator.
However, volume is low, indicating that there may not be enough interest to push XRP to all-time highs. A sustained upward move could be supported by an increase in volume, so traders should keep an eye on those levels.
Toncoin recovery begins
Despite the shock surrounding Pavel Durov’s arrest, Toncoin is finally showing signs of recovery. The market seems to be reacting favorably to Toncoin’s recent price movement despite the legal troubles facing Durov, which include the possibility of being sentenced to 20 years in prison on 12 criminal charges.
Although the legal drama is clearly a cloud in the sky, the Toncoin price is on the rise again, suggesting that a recovery may be possible. After a substantial drop, Toncoin has technically stabilized. The 200-day moving average, which has historically served as a solid support level, was recently touched by the price. It is possible that buyers are entering the market at these lower levels, as indicated by the bounce off the 200-day moving average.
The large red volume bars show that there was heavy selling before the recovery. But today's green candle and the accompanying surge in volume indicate that buyers are regaining control at least temporarily. The 50-day moving average or orange line is an important resistance level that, if broken, could lead to further gains in price. At this point, price is attempting to break above it.
stands firm
Bitcoin is showing bullish momentum that could soon take it to higher levels as it remains stable at $63,000 after a brief dip. Maintaining this optimistic outlook largely depends on the recent bounce off the 100-day exponential moving average.
Bitcoin found support at this critical level, which prevented a prolonged downtrend and opened the door for further gains. The current setup is especially intriguing due to Bitcoin’s location on the chart: a descending channel. BTC is currently heading towards the upper boundary of this channel, which is located at approximately $68,000, after the lower boundary held steady.
A breakout towards $70,000 is looking increasingly likely if momentum continues to rise. This optimistic scenario is supported by a number of technical indicators. First, an uptrend in the RSI indicates that buyers are gaining momentum. Additionally, a bullish crossover is taking place between the 50-day and 100-day exponential moving averages, which typically signals significant bullish moves.
While not particularly large, trading volume has been consistent, suggesting that interest in Bitcoin remains stable at these levels. This consistency is significant because it indicates that there is still room for more buying as we approach important resistance levels and that the market is not overextended.
This article was originally published on U.Today
