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The new year started well for the cryptocurrency industry with several popular currencies that have seen steady earnings and price stalls. Bitcoin [BTC], Ethereum [ETH] and the XRPs have all witnessed the shooting of their values, which went hand in hand with a reshuffle between Ethereum and XRP in position number 2 and number 3 of the charts.
1 hour
The one-day chart for XRP shows constant price stability and lateral displacement. This lateral movement also led to a low magnitude downtrend, with the coin falling from $ 0.425 to $ 0.391. Immediate support reached $ 0.262, while immediate resistance was $ 0.425.
The Bollinger band represents the exact same behavior of the price chart, moving steadily without any serious price outbreak.
The Parabolic SAR it was a mix of bearish and bullish signals with the current bullish hold.
The Relative strength index shows the cryptocurrency that drops to the center of the chart after remaining in the overbought area. This is an indication of the decrease in purchasing pressure of magnitude.
1 day
The XRP one-day chart paints an image very similar to that of the chart of an hour, with the lateral price movement becoming evident. Immediate support is $ 0.262, while the recent downtrend has brought the price of XRP from $ 0.517 to $ 0.293.
The Chaikin cash flow the indicator remained below the zero line for almost a month. The hold below the zero line represents an increase in the amount of money that comes out of the market compared to the inflow.
The Awesome Oscillator shows a marked lack of movement during the new year with the graph almost tending to zero. This could be due to the lack of market momentum within the market.
Conclusion
The indicators mentioned above indicate an absence of massive breakouts and the bull struggling to raise the price above the stagnant point. The year 2019 began to offer a much better position for the cryptocurrency market than in recent weeks, with the bear still looming.
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