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Edited by Shri333 at 27-12-2023 11:39 AM
Cryptocurrency markets continue to display a negative trend, with experts suggesting that Bitcoin may face larger declines. If Bitcoin experiences more selling pressure, it could push altcoins to critical support levels. So, what are the possible scenarios for two popular altcoins, ETH and XRP?
Ethereum (ETH) Analysis:
The price of ETH rebounded from a strong support level at $1,626 but this upward movement halted at $1,745 on August 29th. As Bitcoin's price declined, the recovery was replaced by a downturn. Recent movements indicate that sellers are considering higher levels of profit-taking, raising concerns about further losses.
Bears will attempt to push the price below the support zone of $1,626 to $1,550 to increase losses. If successful, this would mark the beginning of a new downward trend, potentially pushing the price down to $1,368. Alternatively, if the price sees a strong rebound from current levels, it would indicate strong support from the bulls. This could push the price towards the 20-day moving average ($1,702) and $1,745.
Ripple (XRP) Coin Analysis:
The long tail on the candlestick of August 31st suggests that bulls are trying to defend the $0.50 support level. However, the movement on September 1st confirmed the dominance of bears. The current state of XRP is also influenced by the ongoing court case. As mentioned, the approval/rejection of the appeal can start from September 1st. Therefore, September is crucial. If the appeal gets approved, it could lead to an uptrend opposite to the decline. As previously mentioned, there won't be a clear appeal decision on September 1st or 2nd. The decision may come in mid or late September.
If the price falls below $0.50, it indicates that bears have regained control. This could lead to a drop to the strong support level at $0.41. Bulls are likely to defend this level vigorously. A bounce from the support could temporarily keep the XRP/USDT pair between $0.41 and $0.56. If the price rebounds from $0.50, it would indicate an attempt to rise towards $0.56. Beyond that, it would need to break through the levels at $0.63 and $0.73. |
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Post time 6-9-2023 20:59:15
