© Reuters XRP's epic battle against bears, Solana surpasses $100, as Ethereum fights for momentum
U.Today: XRP is currently locked in a fierce fight with bearish forces. The digital asset, which operates within the network, is experiencing difficulties in establishing a position above a critical technical indicator: the 200-day exponential moving average (EMA).
The 200 EMA serves as an important barometer of the long-term trend and investor sentiment. For XRP, staying below this level suggests that the asset lacks the bullish momentum needed to adopt an upward trajectory. This inability to secure a foothold above the 200 EMA raises questions about the stability of the positive price action in the near term.
XRP/USDT Chart by TradingViewTechnical analysis shows that the 200 EMA is a dynamic resistance level that many traders are watching closely. A consistent failure to break this mark can lead to a self-fulfilling prophecy where the resistance level strengthens, as more traders set their sell orders around this key price point.
keep fighting
Ethereum is showing signs of losing its upward momentum and failing to reach a higher high, an indicator that is often interpreted by market experts as a sign of an impending price correction.
ETH chart reveals a telling pattern; the absence of a new higher high is significant. Typically, in a bull market phase, the price of an asset creates a series of higher highs and higher lows. However, Ethereum's inability to surpass its recent peak may suggest that the bulls are running out of steam and that a reassessment of market sentiment could be underway.
Analyzing the chart, the local resistance level has been a difficult ceiling for Ethereum to overcome. This resistance, where sell orders tend to cluster, acts as a barrier preventing further bullish movement. On the other hand, the support level represents a price point with a concentration of buy orders, offering a potential cushion against a price decline. If Ethereum fails to hold the support level, it could cause a drop in price, signaling a shift towards a bearish trend.
If Ethereum price continues to struggle, the scenario could unfold where the asset falls further, testing subsequent support levels. While Ethereum's underlying fundamentals such as network upgrades and adoption rates remain strong, near-term price action could still be subject to corrective forces.
wants another round
The battlefield of volatility in the cryptocurrency market continues and Solana (SOL) has not been spared from its whims. SOL, once a darling of the cryptocurrency world for its speed and efficiency, has recently hit a wall, struggling to surpass the crucial $100 mark. The price chart reflects a narrative of struggle and resistance, painting an image of an asset that needs momentum.
The technical outlook for SOL looks promising. After a period of bullish activity that piqued the interest of many investors, SOL has hit a roadblock near the $100 resistance level. This resistance level represents an important psychological and financial barrier, as it is where sell orders tend to accumulate, putting downward pressure on the price.
Despite efforts to recover, the asset has not been able to generate the necessary momentum to easily surpass this threshold and is currently consolidating there. One of the key factors influencing this lackluster performance could be the lukewarm market reaction to the announcement of the Solana Saga 2 phone. The news, which was expected to inject some enthusiasm into the market, failed to provide substantial support to the price of Solarium.
Looking at the chart, local support levels are clearly outlined. The first line of defense for SOL lies in the $88 to $90 price range, where previous dips have found buyers waiting. If this level does not hold, the next support may not emerge until it reaches the stronger $70 level, which could act as a stronger support point for the price.
On the contrary, resistance beyond $100 is now more formidable than ever. With each rejection, the buyers' resolve weakens and the $100 level transforms from a mere price point to a crucial psychological level that should not be overlooked.
This article was originally published on U.Today.
