XRP has failed; the reversal attempt began on June 24. The asset has gradually gained some strength in the market, but has 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 suggests a lack of buying pressure in the market. If the 26 EMA is not broken, it means that the bulls have not taken control of the situation. The 26 EMA is usually an important resistance level.
Any price movement without significant trading volume may 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 have struggled to gain attention. The price trend of XRP is significantly affected by the overall bearish sentiment in the market.
With the RSI currently in the 40-50 range, XRP seems to be neither overbought nor oversold. This neutral RSI reading supports a lack of significant momentum in both directions. XRP needs to see the RSI break through 50, along with increasing trading volume and optimistic market sentiment, in order to achieve a substantial rebound.
If XRP struggles to stay below the 26 EMA, it may retest lower support levels. $0.46 is the historical bottom for this asset, serving as another major support level. If this support level is broken, XRP may experience a larger decline, possibly testing even lower levels. However, a strong breakthrough of the 26 EMA driven by increasing trading volume could indicate a potential reversal. XRP clearly needs more buyers.
Can Bitcoin make a comeback?
The current trading price of Bitcoin is above the crucial psychological threshold of $60,000, but it is unclear whether this digital asset can withstand the gradually rising selling pressure in the market.
Increased selling pressure has brought greater stress to the cryptocurrency market, including Bitcoin. Given the extreme volatility in the past few days, the price trend 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 challenges in the future. The RSI in the 30 to 40 range indicates that Bitcoin is approaching the oversold zone. This may signal a buying opportunity, reflecting the strong selling pressure currently driving the market. Paying attention to moving averages, especially the 50-day and 200-day EMAs, is also important.
If Bitcoin can maintain its position above $60,000, we may see a rebound. The first target is the resistance level of $65,000, and breaking through this level could pave the way for a rebound to $70,000. However, achieving this will 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 could invalidate the support of the 200-day EMA, pushing Bitcoin into a more bearish territory and potentially 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 huge potential and strong community support, its pricing performance has been poor. The chart shows that Cardano has struggled to gain attention as its price hovers around $0.41. In particular, the 50-day and 200-day EMAs, which are key resistance levels for any meaningful upward trend in cryptocurrency, have not been broken.
Technical analysis shows that Cardano is in the oversold zone, 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.
