Ripple price action has failed to break above the $1.10 mark and it has fallen back to the $0.86 mark. While the price currently holds above the $0.85 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 timeframe. Main currencies which had a loss include Dogecoin, and BNB that record a -11.39 and a -12.26 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a -9.43 and a -10.98 percent decrease respectively.
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the indicator is hovering just above the -0.026 mark. While the 12-EMA still trades below the 26-EMA, the difference between the two is starting to decrease and they may show a reversal sometime in the future
The RSI broke out of the oversold region today and has since moved upwards towards the overbought region. The indicator currently trades below the 36.00mark and moves upwards suggesting a bullish presence at the current price level. Moreover, the RSI trades with a low slope suggesting declining bearish momentum as the buyers appear to be fighting back.
The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks at the end. The bands’ expansion suggests an increase in volatility for the Ripple price. Meanwhile, as the price is consolidating well below the bands’ mean line, the price will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 14 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only four indicators issue buy signals suggesting bullish momentum. Meanwhile, eight 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 12 of the 26 indicators suggesting a bearish movement against only four indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
Despite a very small regain by Ripple price , traders should expect the Ripple price to continue to fall towards the $0.80 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 $0.75 before seeing a bullish reversal.that may lead it to challenge the $1.00 mark again.
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 8, 2021 11:57 am
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