XRP has failed; the reversal attempt began on June 24th. The asset gradually gained some strength in the market but failed to break through the 26 EMA, indicating that the current trend lacks both momentum and strength.
The inability of XRP to break through the 26 EMA indicates a lack of buying pressure in the market. If the 26 EMA is not broken, it indicates that the bulls have not taken control. The 26 EMA is usually an important resistance level.
Any price movements without significant trading volume can be unstable and short-lived. The large cryptocurrency market has been volatile, with major assets such as Ethereum and Bitcoin experiencing declines. In this environment, altcoins like XRP find it difficult to attract attention. The price movement of XRP is significantly influenced by the overall bearish sentiment in the market.
Given that the RSI is currently in the 40-50 range, XRP seems to be neither overbought nor oversold. This neutral RSI reading supports the lack of significant momentum in both directions. XRP needs to see RSI break through 50, along with an increase in trading volume and optimistic market sentiment, in order to achieve a significant rebound.
If XRP struggles to maintain below the 26 EMA, it may retest lower support levels. $0.46 is the historical bottom for the asset, which is another major support level. If this support level is breached, XRP may experience a larger decline, and may even test lower levels. However, a strong breakthrough of the 26 EMA driven by increasing trading volume may indicate a possible reversal. XRP clearly needs more buyers.
Can Bitcoin make a comeback?
Bitcoin’s current trading price is above the important psychological threshold of $60,000, but it is not yet clear whether the digital asset can withstand the gradually rising selling pressure in the market.
Increased selling pressure has brought greater pressure to the cryptocurrency market, and Bitcoin is no exception. Given the extreme volatility in the past few days, the price of BTC must continue to stay above the $60,000 threshold. The current market conditions are testing this level, which has historically provided strong support.
According to multiple technical indicators, Bitcoin may face difficulties in the future. An RSI in the 30 to 40 range indicates that Bitcoin is nearing oversold territory. This may signify a buying opportunity, reflecting the strong selling pressure driving the market at present. Paying attention to the moving average lines, especially the 50-day and 200-day EMA, is also crucial.
If Bitcoin can maintain above $60,000, we may see a rebound. The first target is the resistance level of $65,000, and a breakthrough of this resistance level may pave the way for a rebound to $70,000. However, this would require a significant increase in buying volume and positive market sentiment.
On the other hand, if Bitcoin fails to hold the $60,000 support level, the next major support level will be around $57,000. Breaking this level may invalidate the support of the 200-day EMA, pushing Bitcoin into more bearish territory and possibly triggering stronger selling.
The deadlock of Cardano
Cardano seems to be in a state of stagnation, as investors have not paid attention to one of the most interesting assets, with only core enthusiasts giving it serious consideration.
Despite ADA’s enormous potential and strong community support, its pricing performance has been poor. The chart shows that Cardano has struggled to attract attention as its price hovers around $0.41. In particular, the 50-day and 200-day EMA, which are crucial resistance levels for any meaningful upward trend in cryptocurrency, have not been breached.
Technical analysis shows that Cardano is in oversold territory, as its RSI is in a low range. This may indicate an opportunity for long-term investors to buy. However, low trading volume is a concerning sign, indicating a lack of interest in the entire market. At best, investor sentiment towards Cardano has been uncertain.
