Home / Ripple / Bear continues to preside over the market as long-term support is threatened -BCBCrypto

Bear continues to preside over the market as long-term support is threatened -BCBCrypto

The cryptocurrency market has not yet recovered from the recent collapse in prices with different currencies that have borne bear weight. XRP, which enjoyed a bullish rise a few weeks ago that allowed it to overcome Ethereum [ETH] in the standings, since then fell from the ladder.

1 hour

The XRP charts of an hour show that the currency has consistently lost value in the first downtrend by bringing the value from $ 0.495 to $ 0.427. The support has reached $ 0.3391 while the resistance is at $ 0.501.

The Bollinger band it started moving in parallel, which indicates the lateral hold of the XRP price. There is also a lack of major outbreaks.

The MACD the line and the signal began to travel as a joint pair, again a sign of sustained lateral movement.

1 day

The one-day XRP chart indicates the bear's hold on the market, with only one uptrend present over the last few months. The upward trend had brought prices from $ 0.367 to $ 0.574, while the recent downtrend led to $ 0.365. Long-term support reached $ 0.261.

The Relative strength index [RSI] it crashed into the oversold zone due to the sudden increase in selling pressure compared to buying pressure.

The Chaikin cash flow the indicator has exceeded the zero line, which means that the money coming out of the market is more than the inflow.

Conclusion

The bear continues to govern the cryptocurrency market as shown by the indicators. The XRP seems to continue the heavy bear job for a while while the lateral price movement has taken hold.


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Akash Anand


Engineering graduate, cryptic and arsenal fan. He is fascinated by technology and all its wonders. Strictly against the pineapple on the pizza.


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