After a rough last week, this week is starting off on a good foot as most cryptoassets are trading sideways at the time of writing. It seems that Bitcoin has stabilized at the $8,300 level and most markets are following the same pattern. Let’s take a look at some of our favorite cryptocurrencies XRP, LEO and TRX and see what the charts have in store for us.
In the last 24hrs, XRP/USD pair has recorded a bullish outlook, having gained momentum climbing from $0.2385 to a high of $0.2636. The pair’s price, later on, followed a sideways movement; thus, taking a medium-term break, consolidating between support level $0.2535 and resistance level that was defined near $0.2603. XRP/USD pair is currently trading at $0.2554 jumping by 6.6% over the intraday. That showed high investors sentiments. Besides, the formation of a bullish trend line suggests a continuation of an upside correction in the short-term.
Despite the intraday recovery, the technicals are suggesting incoming bearish ran, with both moving averages giving a negative sign. The RSI is heading south, having moved from the overbought zone that shows a negative outlook.
On the contrary, the previous massive sell-off of many altcoins, XRP included was due to the plummeting of Bitcoin price. That was affected by the early trading session for bitcoin future platform, the Bakkt. However, today, the market bounce does not have clear reasons. The recent incident of bitcoin industry giant collaborating to rate different popular digital tokens could have perhaps increased investor confidence.
A dip below $0.2535 may lead to downside correction near $0.2350. On the upside move, a break above $0.2603 may result in an upside rally near $0.2800.
Leo began the session, trading at $1.0425 that was followed by a short period of consolidating phase between $1.0414 and $1.0406 critical support level. An upside jump was later seen that shifted the price up to rally at a high of $1.0455 before exhibiting a sharp dip to a low of $1.1.0406. A steady flow later followed above the support level that stood the current price at $1.0412.
At the press time, the technical indicators are giving a bearish scenario, with the long-term SMA above the short-term SMA. The RSI is below average that confirms an increase in sell-offs.
Further downside momentum should be anticipated; thus, investors should take a short position, and place new target at $1.0300. That is if the price manage to break below healthy support level found near $1.0406. Failure to breach this support level may result in an upside correction above $1.0440.
TRX/USD pair has found strong support at $0.0130 that prevented further downtrend. The coin, therefore, exhibited an impressive performance and is now showing a struggle to break significant resistance level that is near $0.0149 level. Besides, the ascending trend line formed confirmed the bullish market momentum.
TRX is averagely down by 4.9%, having moved from $0.0137 to $0.0144 over the last 24hrs. Afterwards, the short-term SMA is above the long-term SMA that gives a positive sign. Thus further upside rally could be possible. In addition, the RSI indicator is above average that shows high demand in the upper price levels.
A break above $0.0149 could further upside rally near $0.0160. However, a breach below $0.0130 might reverse the trend to a downtrend.
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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