Ripple price action has failed to break above the $1.10 mark and ADA has fallen back to below the $1.00 mark. While the price currently holds just below the $1.00 mark, the bearish pressure is very strong and the price may fall further if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. The major players that recorded a loss include BNB, and Bitcoin that record a 0.36 and a 0.38 percent decrease respectively. Meanwhile, some currencies experienced a net gain e.g Ethereum, Tether and Cardano which had a 1.71,0.02,0.52 increase respectively.
Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator saw a bullish reversal at 12 am today and since then bullish pressure is increasing steadily. Across the EMAs, the 12-EMAis trading above the 26-EMA and continues diverging while both EMAs rise.
The RSI is currently trading in the neutral zone a little below the 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past two weeks. At press time the RSI has had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.
The Bollinger bands at press time are narrow and as the last few candlesticks are red the bands will converge in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Ripple price to decrease in the short term. Moreover, as the price is consolidating closer to the band’s mean line rather than the upper limit; the bands will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 11 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only six indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 11 of the 26 indicators suggesting a bearish movement against only five indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
Traders should expect the Ripple price prediction to continue to fall towards the $0.90 mark as the bears continue to dominate the market.The short term and midterm indicators compliment this and give bearish indicators suggesting that the price may take a sharp dive to as low as $0.85 before seeing a bullish reversal..
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on June 13, 2021 7:02 am
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