After finally climbing past the $1.00 mark, Ripple price failed to continue its bullish rally and the price has dropped to just below $0.89.While the price at press time holds just below the $0.89 mark, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the timeframe. Major Players include Dogecoin, and BNB that record a 4.75 and a 6.85 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 9.43 and a 4.43 percent hike
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price struggled to climb back above the -0.015 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.
The RSI broke out of the neutral region on June 8th but has since dropped back into the neutral zone. The indicator currently trades just below the 48.00 mark and moves downwards suggesting a bearish presence at the current price level. Moreover, the RSI trades with a steep slope suggesting a declining bullish momentum.
The Bollinger bands are currently wide but will converge rapidly in the future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Ripple price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 12 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only five 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 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 .
Traders should expect Ripple price to first fall to its support level at $0.88,as the short term indicators also suggest a bearish trend in the short term.However after reaching its support level traders should expect Ripple to have a bullish rally that would take it past the $0.90 mark.
.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 10, 2021 6:31 am
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