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With a constant bearish trend taking place that characterizes many of the major market-capitalized coins in the cryptocurrency complex over the past eight days, it is often extremely important to identify pockets of relative strength and relative weakness to obtain a tactical advantage.
Today we will examine two coins with very different characteristics on the chart: XRP and Ethereum Classic (ETC).
XRP
Price analysis
- High: $ 0.41538
- Low: $ 0.40514
- Volume 24 hours: $ 243.86Technical analysis, creation of charts
- 7-day percentage variation: -8.11%
We have documented the critical moment coming for XRP in the last month. In fact, in our last piece, we noticed that the currency had a strong potential for a serious downside break if the $ 0.425 level had been knocked down.
Support at that level had been steady and steady for some time, but
At this point, XRP is now in a no-man's land situation from a technical point of view, with the main bearish ascending triangle now embedded in cards as a break (rather than a support seal).
From a strictly technical point of view, there does not seem to be much clear support until we reach the $ 0.38 level, which represents the XRP highs since June 2017. [19659003] Ethereum Classic (ETC)
Price analysis
- High: $ 20.826
- Low: $ 18.3494
- Volume 24 hours: $ 409.21M [19659007] Percentage variation in 7 days: 14 , 28%
By marked contrast to XRP, Ethereum Classic (ETC) was a relative relative strength bastion in the last week, overcoming multi-month resistance to test his 200-day moving average at the $ 20 level in the last 24 hours. [19659003] This action was fueled by a wave of new exchange adoptions as the currency gathers its exposure to new entrants, effectively expanding its reach into the crypto community in terms of monetary access to new orders.
The action was relatively surprising, with a four-day move of over 45% on the upside. As we noted, Ethereum Classic (ETC) is facing resistance in the form of its 200-day moving average, and also has a 14-day RSI on the daily chart sitting right in the precipice of overbought territory that coincides with a severely overbought MACD. # 39; hourly schedule.
In terms of the key levels above, the real test for ETC is placed above the $ 25 level.
Happy Trading ~
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer
Image courtesy of Pexels
Charts courtesy of tradingview.com
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