It’s getting close to the end of the week and cryptocurrency markets have been quite active the past couple days. Stellar experienced some massive gains of over 30% this week, Ethereum isn’t doing too bad either with a 10% gain. Let’s take a look at some of our favorite cryptocurrencies and see what the charts have in store for us.
On the hourly chart, XRP/USD pair began the session trading at $0.03078 that later faced an upward correction finding significant resistance level near $0.3201. The price later on went into a short-term consolidating phase below $0.3108 that was followed by a downside correction near critical support level $0.2895. Notably, XRP/USD pair is now changing hands at $0.2901 that translates to an intraday loss of 6%.
The bearish move was thereby, bolstered with different movements, starting by the formation of a bearish trend line and the fact that the long-term SMA has succeeded in crossing above the short-term SMA. The RSI indicator has also dropped from the overbought zone to now trading near the oversold territory that gives a negative sign.
If the pair’s price succeeds in breaking below $0.2895 support level, then investors should take a long position and place their new targets near $0.1500.
BSV/USD pair is down by 5.2% over the last 24hrs, having escalated from $126.425 to $199.891 that is the current price. BSV has recorded a bearish trend with price correcting south from $128.059 resistance level. Additionally, the volatility seemed to be very low; thus, the further decline should be expected as the moving averages also suggested a bearish outlook. Afterwards, there was a struggle to break the critical support level that was found near $119.369.
Besides, the presence of a four-price Doji was observed that confirmed that the market was dealing with lower numbers of transactions, thus rejection of higher price levels. The RSI indicator is currently trading flattish near the negative territory that suggests a range-bound for a short-term before a breakout.
Further downside rally is possible; investors should wait for the price to break $119.891 to take a short position. However, on the upside breakout, if the price bounces from $119.891 support level and manages to breach $128.059, then a long position is recommended with new targets set near $135.000 and $134.000
BNB/USD pair has also dug deeper and has failed to move beyond $22.8216 resistance level. BNB has recorded a loss of 7.8% over the past 24hrs, having moved from where the session began at $22.4922 to now exchanging hands at $20.7231.
The pair’s price traded sideways starting from 08:00 to 19:00 below $21.6578 level, before correcting sharply down to define new support at $20.5963 that showed an intense selling pressure. Afterward, looking at the technical indicators, the moving averages are giving a bearish sign, and the RSI indicator has formed a bearish divergence, which is a negative signal.
If the bulls manage to push the price above the moving averages, then a rally to $23.5000 may be in the cards. Conversely, since the RSI is now hovering flattish near the negative zone, then a range-bound for a short-term is possible before a bearish rally near $16.0000.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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