Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Contents
- Toncoin aims for recovery
- Ethereum’s comeback terms
As it breaks above an important support level inside an ascending price channel, XRP is beginning to show signs of life. The recent increase in price may be the beginning of a much-needed recovery setting up XRP for a possible upward trend. When XRP touched the support line of an ascending channel that has been forming since June, the chart shows that it is rebounding at $0.52.
This channel implies that XRP has been continuously reaching higher lows, a sign that optimism is growing. Since the ascending channel indicates consistent accumulation and buying interest at each dip, it is frequently interpreted as a positive indicator. Since XRP is still below the 50, 100 and 200 EMAs, even though it may be in a recovery zone, more momentum is needed for it to overcome these significant amounts of resistance.
In the event that XRP is able to stay in the channel and advance, it may be able to regain the $0.55 level and eventually test resistance levels at $0.60 and higher. However, XRP may revisit earlier lows around $0.50 or even lower if it breaks below the support and is unable to sustain the ascending channel. Thus, in order to sustain this upward trend, the asset must continue to draw in buyers.
Toncoin aims for recovery
Although Toncoin is beginning to exhibit indications of a possible upswing, it is still advisable to exercise caution as the token is still in a relatively bearish state. TON is currently trading close to a support level at $4.70, which may act as the starting point for a potential recovery.
This zone is extremely important as it may provide the necessary momentum for a reversal toward the $6 level. The price of TON has been dropping below significant moving averages (the 50, 100 and 200 EMAs) on the chart, suggesting that the company has been having difficulty lately. A strong breakout above these zones is required for TON to experience sustained growth as the token’s performance is under pressure due to its position below these resistance levels.
Related
The breakout from the present support level, though, gives cause for some optimism. Toncoin may move toward $5.50 and then $6 if it can maintain its position at this support. However, for this scenario to come to pass, the market must be able to muster enough buying power to overcome those crucial levels of resistance.
Furthermore, TON’s trajectory could be impacted by market-wide variables like the performance of Bitcoin. If the present level of support is broken, there is a chance that TON will decline even further, possibly dropping below $4.50. In this scenario, the bearish trend would persist, making a short-term recovery considerably more difficult to accomplish.
Ethereum’s comeback terms
After bouncing off a significant support level, Ethereum is now at a critical and exhibiting indications of a possible recovery. ETH is currently trading at $2,284, and a significant market recovery may eventually occur if it can break above the indicated resistance levels that are located around $2,500.
An increase in volatility and liquidity, which have been lacking in recent months, could result from a successful push above this price barrier. Key moving averages are exerting downward pressure on the price of ETH as seen by the chart. Resistance is seen looming at $2,529, $2,749 and $2,800.
Related
For ETH to start showing signs of a more bullish trend, it must break above these levels. Along with signaling the market’s renewed interest, this would probably cause volatility to increase as traders reenter trades. It is important to emphasize that institutional investments in Ethereum have been almost nonexistent. Ethereum’s recovery might be restricted in the absence of a sizable rise in institutional demand.
Credit: Source link
