Arman Shirinyan
Market has reached certain levels that might push it toward reversal
XRP is still actively battling for the $0.5 threshold, but the momentum is not there. So, the question is: will it be able to break through at the current pace?
At the moment, XRP is trading just below the crucial $0.5 threshold at approximately $0.47. XRP is having difficulty assembling sufficient buying pressure to break through this key resistance level, as the chart illustrates.
The 100 EMA at $0.52 and the 200 EMA at $0.53 are further obstacles, with the 50 EMA serving as a short-term resistance at $0.50. A strong breakout is not likely given the comparatively low trading activity indicated by the volume bars. Although XRP does not appear to be in oversold territory, the RSI of 40 indicates that there is not a lot of buying interest in the stock.
This neutral RSI could indicate that more substantial price movements for XRP require a catalyst. Significant trading volume growth is required for XRP to make a clear move above $0.5. With the price rising above the 50 EMA, there may be an opportunity for additional gains, as this increase would indicate significant buying interest. Lesser support levels around $0.45, where XRP has previously found some stability, could be retested if the market is unable to break above $0.5.
Solana’s rush to $150
Solana has been trying to conquer the $150 threshold for the last few days, but each and every attempt ended poorly, with the asset’s price retracing toward $140. We are currently seeing another attempt to break through.
Solana is trading at about $147, which is slightly below the critical $150 threshold. There is a notable resistance level above the 50 EMA, which is currently located at $155. Solana appears to be engaged in a battle between resistance and support, as indicated by the 100 EMA’s slight dip below the current price.
It is clear that there has not been consistent buying pressure despite multiple attempts. The volume bars indicate that there is not enough trading activity to enable Solana to break through the $150 mark.
The RSI at 51 suggests that the market is neither overbought nor oversold, but this neutrality is not supporting the recent price increase. Solana requires a large increase in buying volume in order to break above $150.
The way prices have moved recently indicates that even with interest, higher prices are not being sustained. The asset is kept from falling too far by the strong support offered by the 200 EMA at $131.
The next resistance, which is located at $155, the 50 EMA, may be the target for Solana if it is able to break and hold above $150. On the downside, if it does not hold these levels, it might return to the $131 mark, which coincides with the 200 EMA support level.
Ethereum at pivotal level
Ethereum has failed to regain a foothold above $3,500, and the current struggle it shows on the market is clearly a bearish sign. Without many buyers on the market, ETH is more likely struggling to gain momentum. The lack of trading volume suggests that we will have to see a longer consolidation.
ETH is trading at approximately $3,445, just over its 100 EMA, which is at $3,359. The fact that the 50 EMA is still below the 200 EMA suggests that the general trend is still negative.
ETH is circling these important moving averages, which may be a sign of traders’ hesitancy. There are some encouraging indicators despite the gloomy forecast. ETH is not in an oversold area as the RSI is marginally above the 44 mark. However, a reversal cannot happen unless there is a substantial increase in buying support.
The volume bars imply that trading activity has not significantly increased, which is necessary for a bullish breakout. In order for ETH to move into a more bullish scenario, a break above $3,500 with significant volume support is required.
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