The cryptocurrency market has come down from its bullish highs and has settled back into sideways price movement. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP tried to dodge the bear’s attacks, but to no avail. This failure to kick-start a prolonged bull run is systematically evidenced by indicators on the technical chart.
The one hour chart for XRP clearly shows a price climb after which the coin started its sideways movement. The uptrend lifted the price from $0.306 to $0.346 while the support is holding at $0.303. The immediate resistance for XRP is currently at $0.349.
The Awesome Oscillator has spiked significantly due to the recent bull run. The increase in amplitude shows that the market momentum has gone up.
The MACD indicator points to the signal line and the MACD line falling after a bearish crossover. The MACD histogram displays movement that is a result of the change in prices.
XRP’s one day graph paints a different picture to that of the one-hour graph with the bearish behavior taking precedence. The longtime support has been holding at $0.262 while the downtrend resulted in the price falling from $0.518 to $0.311.
The Relative Strength Index has jumped towards the overbought zone after the recent hike. The hold near the top half of the graph signifies that the buying pressure is more than the selling pressure.
The Chaikin Money Flow indicator has taken a drastic turn by crashing towards the bottom. The fall states that the capital leaving the market is much more than the capital coming into the market.
The above-mentioned indicators show that XRP’s boost was short-lived and that the bear’s reign will continue. The bear market is also clearly shown by the CMF where the investor sentiments are still negative after the prolonged bearish behavior.
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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.