Categories: Market AnalysisRipple

Ripple Technical Analysis for 03/11/2016 – Big Pivot at 0.00002 Broken Today

Today, Ripple finally managed to break above the monster 0.00002 pivot zone that has been strangling the market since the middle of February. Given the prior history of this price level, I would say there is a very high chance that 0.00002 will act as support in the future.

Ripple traded as high as 0.00002324 today, however, price was unable to close above the 0.000022 price level! So, what’s so special about 0.000022? The 2-hour chart show that 0.000022 has some history behind it; acting as resistance on the 8th of February; resistance on the 14th of February. Including today’s bounce, the 0.000022 price area has acted as resistance three times.

The 0.0000187 pivot zone – which I explained in my last Ripple technical analysis

Related Post
article – has become much more significant now. The 0.0000187 area acted as support about seven times between the 3rd & 9th of this month. If price does slide down to this price level in the future, you can bet that the 0.0000187 level will be respected again as support. This is a major pivot zone now and should be marked on everyone’s charts.

 

Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_xrp

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

2 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

5 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

6 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

6 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

7 hours ago

$Pepe Whale Sell-Off And Fund Transfers Stir Volatility In Meme Coin Market

Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…

15 hours ago