U.Today: XRP’s short-term performance is under our radar as it struggles with the recent market volatility. XRP is facing difficulties in maintaining momentum above $0.60, so it is important to keep an eye on those price levels.
Around $0.55 is the first critical level to watch out for. Recent price action has prevented further declines by acting as a significant support level. If XRP manages to hold its current level, this could signal a period of consolidation, allowing the market to settle before making further moves. However, a break below $0.55 could allow for additional declines and possibly result in a retest of previous support levels.
An important psychological threshold that has historically supported and opposed XRP is the $0.50 mark. The next area of interest is $0.50 if the price falls below $0.55. Investor confidence depends on this level holding because a drop below $0.50 could signal a more severe correction, undermining the optimistic outlook for the near future.
The $0.60 resistance level remains crucial. XRP’s recent upside potential has been limited by its inability to establish itself above this level. A rally towards higher targets is likely to be initiated and attract further buying interest if the price can break above $0.60 and sustain above it. A breakout of this barrier would signal an upcoming reversal for XRP.
Toncoin can't recover
Although Toncoin’s transaction volume has increased significantly recently, the price has not kept pace with the increase and has remained disappointingly low. Pavel Durov, the creator of Telegram and a driving force behind Toncoin, was recently arrested, which undoubtedly contributed to the cryptocurrency’s poor performance.
News of Durov’s release and the ensuing lockdown in France briefly sent the price of TON higher, but this gain was fleeting as the price soon lost steam. Despite the high trading volume, this slow price action is indicative of broader cryptocurrency market fatigue.
Without many new innovations or catalysts to drive prices, the market has been stagnant. Toncoin is one of many assets that are in a state of uncertainty as a result of apparent investor caution and a lack of interesting startups in the cryptocurrency space.
It is crucial to remember that Toncoin still has a strong foundation despite these difficulties. It is backed by Telegram, one of the most resilient ecosystems in the cryptocurrency space. Toncoin’s long-term potential is well-founded due to the strong community support and the coin’s integration into the Telegram ecosystem. However, even fundamentally sound projects struggle to gain traction in the current market conditions.
he loses it
After failing to break above the crucial resistance level of $60,000, Bitcoin has experienced a major setback. The cryptocurrency experienced a significant drop below the 200-day exponential moving average (EMA) and is currently trading at approximately $58,000.
A critical technical signal from this breakout is that it signals the end of the current local uptrend and suggests that Bitcoin’s recent bullish momentum has come to a halt. One of the major technical and psychological hurdles for Bitcoin has been the $60,000 mark. The recent drop is a result of strong selling pressure that has been applied to multiple attempts to break above this level.
The inability to sustain a move above $60,000 is an indication of the current uncertainty in the market as well as the lack of bullish conviction needed to drive prices higher. It is especially worrying for traders and investors when the breakout occurs below the 200-day EMA.
Long-term market trends are often best predicted by the 200-day EMA. Bitcoin is usually considered to be in a bullish phase when it trades above this line. On the other hand, a possible shift to a bearish trend is indicated when the price falls below the 200-day EMA.
The local uptrend that began earlier this year may be coming to an end, given that Bitcoin has now fallen below this crucial level. Another sign of doom is the Relative Strength Index (RSI), which has fallen below 50 and suggests a loss of momentum. The idea that Bitcoin may struggle to regain its footing in the near future is supported by the drop in volume, which also seems to indicate a decline in buying interest.
This article was originally published on U.Today
