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U.Today – experienced the most brutal price drop in years, plunging 20% in two days. Typically, XRP is characterized by low volatility, but the magnitude of this collapse was particularly catastrophic.
This sharp decline pushed the value of XRP lower and broke several key support levels. The decline was abrupt, easily breaking the expected support near $0.58 and coming to a halt just above $0.48.
XRP/USDT chart by TradingViewOur focus now turns to the asset's next technical support levels. The 200-day EMA stands out as a potential recovery point, around the $0.57 level, slightly above where the decline stopped. Should XRP stabilize and recover above this line, it could restore some semblance of confidence in the market.
Despite the shock, growth scenarios remain on the horizon. For a bullish reversal to gain credibility, XRP would need to regain its position above the resistance that has formed near the $0.58 level. But given the current market situation, this goal seems surreal.
on the edge
Ethereum is teetering on the edge, with the price hovering just above $3,050 after a significant decline. This precarious situation has the crypto community wondering: Is Ethereum on the verge of falling below the symbolic $3,000 mark?
Recent price action has not been favorable for Ethereum as it tests the 100-day exponential moving average (EMA), currently near the $3,050 level. This average has often provided some lift, but its strength as a support level is not in doubt. If Ethereum fails to maintain this level, a fall below $3,000 seems increasingly plausible.
However, it is worth considering the possibility of a reversal. As a new week begins, market dynamics could change as investors look to take advantage of what they see as cheap prices. This buying pressure at local lows has the potential to reverse the downtrend, at least temporarily.
From a chart perspective, there is room for cautious optimism if Ethereum can sustain above the $3,050 support. A rebound from this level could push prices back towards the $3,400 resistance. This would indicate a resurgence in buying interest and could help stave off a deeper decline.
If Ethereum breaks below the $3,000 threshold, the next key support level lies at the 200-day EMA, located around $2,695. A break below this lower limit could mean a more pronounced bearish phase for Ethereum.
Looking ahead, the key for Ethereum is whether it can muster the strength to defend the $3,000 mark. If this is the case, and especially if the 100-EMA average can be exceeded, the narrative could turn positive again.
fails
Bitcoin surprised us all with the significant price drop that now has the majority of market participants worried about the future of this bullish cycle.
The drop to levels around $64,300 could signal a trend reversal and mark the end of the recent bull run.
Despite the recent decline, Bitcoin has not completely left its support levels. The 50-day moving average is currently $58,417, offering a glimmer of hope as a possible recovery point. If Bitcoin can stabilize and hold above this MA, a reversal remains possible.
A closer look at the chart suggests that the decline around $64,300 could open a scenario where Bitcoin tests the next support level, namely the 100-day MA near $60,000. Staying above this could be crucial to maintaining an optimistic outlook. If this is the case and investor confidence remains stable, there is a chance for Bitcoin to recover and once again target resistance levels, possibly around $67,500, where it recently experienced a setback.
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