June 27 2024: XRP has been unable to maintain a reversal attempt that began on June 24, showing a gradual gain in strength but failing to break past the 26 EMA. This failure indicates a lack of momentum and buying pressure in the market, as the 26 EMA often acts as a significant resistance level.
The inability to surpass the 26 EMA suggests that the bulls are not in control. Movements without substantial volume are likely to be erratic and short-lived. The broader cryptocurrency market’s volatility, with key assets like Ethereum and Bitcoin declining, makes it challenging for altcoins like XRP to gain traction. The bearish sentiment significantly impacts XRP’s price action.
With the RSI in the 40-50 range, XRP is neither overbought nor oversold, reflecting a lack of significant momentum. For a significant comeback, XRP needs an RSI above 50, increased volume, and a positive market sentiment.
If XRP fails to stay above the 26 EMA, a retest of lower support levels may occur. The $0.46 level, historically a strong floor, could be tested again. A break below this support might lead to further declines. However, a strong break above the 26 EMA, supported by rising volume, could signal a possible reversal, indicating that XRP needs more buyers.
Can Bitcoin Maintain Its Position?
Bitcoin is trading above the crucial psychological threshold of $60,000, but it’s uncertain if it can withstand the rising selling pressure. More sellers are exerting pressure on the market, affecting Bitcoin as well. Recent extreme volatility means Bitcoin must continue holding above the $60,000 threshold, historically a strong support level.
Technical indicators suggest potential difficulties ahead for Bitcoin. The 30-40 range RSI indicates Bitcoin is nearing the oversold area, reflecting strong selling pressure and possibly a buying opportunity. Watching the 50-day and 200-day EMAs is also crucial.
If Bitcoin holds above $60,000, a rebound could target the $65,000 resistance level, which, if breached, might lead to a rally towards $70,000. However, this requires significant buying volume and positive market sentiment. Conversely, if Bitcoin drops below $60,000, the next major support is around $57,000. A fall below this level could invalidate the 200-day EMA as support, pushing Bitcoin into a more bearish zone and possibly triggering a stronger sell-off.
Cardano’s Stalemate
Cardano appears at a standstill, with investors largely ignoring what was once a highly intriguing asset, leaving only core enthusiasts seriously considering it. Despite its potential and strong community support, ADA’s performance has been poor, with its price stuck around $0.41. The 50-day and 200-day EMAs are critical resistance levels for any significant upward movement but remain unbroken.
Technical analysis indicates Cardano is in oversold territory with its RSI in the lower range, potentially presenting a buying opportunity for long-term investors. However, the low trading volume is a worrying sign of market disinterest. Investor sentiment towards Cardano remains uncertain at best.
This article was originally published on U.Today.
