A downward trend has hit markets in recent days, overpowering the bullish trend that had been propped up by the various Altcoins. This has seen most of the coins turn red in the technical analysis charts. For Ripple, Stellar and Binance Coin, there has been a sharp fall in recent days. This same trend has continued in the last 24 hours, with all the focus coins of today that have undergone a further beating of arrest.
Ripple (XRP / USD)
In the last 24 hours, Ripple has fallen 4.45% to the current rate of $ 0.3325. The Bearish trend saw the 21-day moving average (marked by C), surpassing the 7-day moving average yesterday. This formed a triangular contraction pattern, as can be seen between B and C. This demonstrates the strong downward momentum that hit the markets.
Ripple's nose-diving turned investors' feelings into negative as the relative strength index (RSI), (marked with A) – crossed into the "oversold" area and stayed there for a prolonged period of time. Despite this being bad news for technical analysts, the market capitalization of the currency boomed and reached $ 14 billion.
All indicators indicate a short-term downward trend that could test the current support level of $ 0.3
Stellar (XLM / USD)
Stellar suffered the fate of most other coins today. It comes down by 1.79% and is currently trading at $ 0.107. All indicators show that the bearish momentum will soon run out and head towards a bullish rebound. In recent days, XLM has gone through a prolonged decline as can be seen in the table above. The previously held support area was opened and pushed further down.
Stellar moved into the "oversold" area just before yesterday and struggled to find his way as we can see in the Relative Strength Index (marked with A). Both moving averages (B and C) are also pointing downwards, indicating that Bears lose grip.
Coin Binance (BNB / USD)
The Binance currency started selling yesterday at $ 6.7427 and is now at $ 6,20160. This represents a loss of 1.68% with indicators showing a price reversal in place. The RSI (A) rebounded from the area oversold & # 39; and he is looking up. Investors' feelings are slowly taking this coin with a market capitalization of $ 817,162,483 and strong support at $ 5.85.
Despite the positive outlook shown by the Binance currency, one should expect an upward surge as if the Bulls could increase their momentum.