U.Today – has failed; the reversal attempt began on June 24. The asset has been gradually gaining some strength in the market but has failed to break above the 26 EMA, proving that the current move has no momentum or strength behind it.
XRP's inability to break above the 26 EMA is a sign of the absence of buying pressure in the market. If the 26 EMA does not break, it indicates that the bulls are not in control. The 26 EMA frequently serves as a significant resistance level.
Any price movement without much volume will likely be erratic and short-lived. There has been volatility in the larger cryptocurrency market, with key assets such as and experiencing declines. It is difficult for altcoins like XRP to gain traction in this environment. XRP price action is being significantly affected by the overall bearish sentiment in the market.
With the RSI currently in the 40 to 50 range, it appears that XRP is neither overbought nor oversold. The lack of significant momentum in either direction is supported by this neutral RSI reading. XRP needs to see a move above 50 in the RSI, along with increasing volume and bullish market sentiment, in order to stage a meaningful comeback.
Lower support levels may be retested if XRP struggles to stay below the 26 EMA. At $0.46, which has historically served as the asset's floor, is another important support level. A more significant drop in XRP could be expected, possibly testing even lower levels if this support is broken. However, a strong break above the 26 EMA supported by increasing volume could signal a possible reversal. XRP clearly needs more buyers.
Can Bitcoin make a comeback?
Bitcoin is currently trading above the important psychological threshold of $60,000, but it is still unclear whether the digital asset will be able to withstand the increasing selling pressure in the market.
More and more sellers are putting more pressure on the cryptocurrency market, and Bitcoin is no different. Given the extreme volatility of the past few days, BTC price action should continue to hold above the $60,000 threshold. The current state of the market is testing this level, which has historically provided strong support.
Bitcoin is likely to face difficulties in the future, based on a number of technical indicators. The RSI of 30 to 40 suggests that Bitcoin is approaching the oversold area. In addition to reflecting the strong selling pressure currently driving the market, this may indicate a buying opportunity. It is also important to keep an eye on the moving averages, especially the 50 and 200 day EMAs.
If Bitcoin manages to stay above $60,000, we could see a possible rebound. The first target would be the $65,000 resistance level which, if broken, could pave the way for a rally towards $70,000. However, for this to happen, there needs to be a significant increase in purchasing volume and positive market sentiment.
On the other hand, if Bitcoin fails to hold the support at $60,000, the next major support is around $57,000. A drop below this level could invalidate the 200-day EMA as support, pushing Bitcoin into a more bearish zone and potentially triggering a stronger sell-off.
stagnation
Cardano appears to be stagnating as investors fail to take notice of what was once one of the most intriguing assets available, and mainstream enthusiasts are the only ones seriously considering it.
ADA's pricing performance has been poor despite its potential and strong community support. With its price stuck at around $0.41, the chart shows that Cardano has found it difficult to gain traction. The 50 and 200 day EMAs in particular are critical resistance levels for any significant upward move in the cryptocurrency, but they have not been surpassed by it.
Technical analysis shows that Cardano is in oversold territory because its RSI is in the lower range. This may indicate that long-term investors have a chance to buy. But the low trading volume is a worrying sign that the market as a whole is not interested. Investor sentiment has been uncertain at best regarding Cardano.
This article was originally published on U.Today.
