As of right now, XRP’s technical outlook is not good. The 200 EMA is currently a strong resistance barrier and has been the asset’s biggest obstacle to breaking above important levels on multiple occasions. XRP is unlikely to enter a more sustained recovery unless it breaks above this important moving average.
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The declining volume pattern, which indicates waning interest from traders and investors, highlights XRP’s poor performance even more. Furthermore, the general sentiment of the market has not been in favor of XRP, as other top 10 assets have demonstrated signs of recovery or growth while XRP has lagged behind.
The potential for XRP to break through the 200 EMA is its only chance. If this level is successfully pushed up, buying interest may increase, and the asset may begin a much-needed reversal. Until that occurs, though, XRP is still vulnerable to additional drops, with support levels at $0.50 and below offering some temporary stability.
This upward trend is crucial because it seems that Bitcoin is now well-positioned to reach new heights, with $70,000 serving as the next major psychological barrier. Bitcoin might target $75,000 if the bullish trend continues. At that price, more traders and institutional investors might enter the market, which could push prices even higher. Looking beyond that, many investors’ ultimate objective is to see Bitcoin reach its highest point ever, which was close to $69,000 in 2021.
The market has been cautious, but if Bitcoin keeps up its momentum and holds above important support zones, this breakout might rekindle hopes of hitting those levels. The closest immediate support is $65,900, and Bitcoin would have a stronger case for more bullish movement if it could hold above this level.
Bitcoin’s breakout has, all things considered, given the market much-needed optimism. If the volume keeps increasing, we may witness a further push toward higher price targets, with the possibility that it will surpass its prior all-time highs and set new records in the months to come.
The market’s spirit and SOL’s capacity to maintain above the important moving averages, such as the 50, 100 and 200 EMAs, are supporting the current uptrend. In the short term, though, there are certain worries that might limit the upside. Notably, SOL tokens valued at $88 million are about to be unlocked in the next few days. Increased selling pressure brought on by this infusion of liquidity onto the market may cause Solana’s remarkable ascent to stall or slow.
The market’s response to this event and its timing will be critical factors in determining SOL’s short-term performance. On the plus side, the $180 mark becomes the next psychological barrier that bulls must overcome if Solana can maintain its momentum and withstand any possible selling pressure from the unlocking event. If the market’s bullish sentiment and high volume persist, $200 is a significant target that may become reachable.
The $150 and $140 levels, which have historically served as support, will be used by traders as a safeguard against the downside. In spite of possible obstacles, Solana’s ability to maintain above these levels would indicate that the upward trend is still strong.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
