U.Today – has been moving in a symmetrical triangle, a pattern that tends to go up or down depending on the state of the market. The top of the triangle is currently where XRP is finding strong resistance. The bulls have attempted to push the price higher, but the asset has failed to make a significant breakout, suggesting that the bullish momentum may not be strong enough at the moment.
Although this is a short-term downtrend, the symmetrical triangle itself indicates a long-term uptrend. In the triangle, higher highs and lower lows correspond to the ongoing tug-of-war between bears and bulls. On the other hand, the fact that XRP cannot break the upper trend line indicates that the bulls are currently losing the battle. Despite this, the overall outlook for XRP remains cautiously positive.
There could be a bullish continuation if the asset manages to clear the crucial resistance level around $0.60. The bullish structure would be maintained if XRP decisively clears this level, which could lead to a retest of higher targets like $0.65 and beyond. The asset may drop to test lower support levels around $0.52 if the bears manage to push XRP below the lower boundary of the triangle. The short-term market sentiment may change as a result of this, which refutes the bullish thesis.
The next few days will be crucial for XRP as traders will be on the lookout for a verified breakout or breakdown of this symmetrical triangle pattern. Any scenario would be driven by an increase in trading volume, which would show which side of the market is in control. The bull-bear battle remains strong for the moment, but a major change in direction could be approaching.
The return of Toncoin
At $5.57, Toncoin broke above the crucial 200-day EMA. This is a significant event for the asset because a break above the 200-day EMA is frequently interpreted as a fundamental change in the price trajectory that suggests the possibility of a further upward move. TON’s ability to sustain this rally and break above further resistance levels, especially those found at the 50-day and 100-day EMA price points is the crucial consideration to keep in mind at this point in time.
If these levels are broken, a stronger and longer bullish rally that builds on the current momentum is possible. It is crucial to note that Toncoin has been broadly in decline for several months now, even with this encouraging breakout. In other words, while the price action has been promising lately, the overall bearish trend that TON has been experiencing cannot be completely reversed.
However, caution is advised. If the 50- or 100-day EMA is not broken, there may be a pullback that takes the price back to previous support levels. However, if the rally persists, TON could be on the cusp of entering a recovery phase, especially given the consistent inflows that have been supporting its uptrend.
Don't give up
Bitcoin has successfully reached the $60,000 milestone after numerous attempts in recent weeks. This barrier has long been considered psychological and its overcoming has led to renewed optimism about a possible long-term market recovery. But despite the initial enthusiasm, things are not as bullish as they might seem in the bigger picture.
The 50 and 100 EMAs are crucial resistance levels even though BTC has surpassed $60,000 in value. These two exponential moving averages are important tools in determining the short- and medium-term price direction. Since Bitcoin has been moving in a downtrend for a few months now, it is still advisable to be cautious until it breaks above these resistance levels.
Bitcoin needs to clearly break above $62,000 to properly signal a confirmed bullish trend reversal. In addition to representing a breakout of the EMAs, this level would suggest that Bitcoin has gained enough momentum to withstand the recent drop. Sustaining a price above $62,000 would reassure investors and traders that Bitcoin is primed for long-term growth, potentially triggering another surge towards previous all-time highs.
A pullback could occur if these crucial levels are not breached and the momentum is not maintained. If the price returns to the lower support levels around $57,000 or even $55,000, it could do so within the descending channel. To determine the next move, market players are keeping a close eye on these technical levels.
This article was originally published on U.Today
