After finally climbing past the $1.05 mark, Ripple price failed to continue its bullish rally and the price has seen a steady decline and is currently just below $0.87.While the price at press time holds just below $0.87, the bearish pressure is still there and the price may fall further in the immediate future 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 Ethereum that record a 2.63 and a 1.94 percent decrease respectively. Meanwhile, some other currencies recorded bullish movement like Bitcoin and USD coin record a 3.29 and a 0.03percent increase respectively.
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 -0.0137mark. Across the EMAs, 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 is currently trading in the neutral zone a little above the 44.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 3 days. At press time the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands are currently narrow but will expand rapidly in the future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the Ripple price in the short term. However, as the price is consolidating closer to the band’s mean line rather than the upper limit; 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 four indicators issue buy signals suggesting bullish momentum. Meanwhile, ten 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
Ripple price is currently facing resistance at $0.88 mark but the market shows steady bullish sentiment and so Ripple price should at-least breakthrough the $0.87mark .The short term technical indicators and the midterm technical indicators suggest a bearish trend As such traders should expect the price to break above$0.87 mark.but afterwards drop back to its support level or maybe even lower at $0.85.
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 11, 2021 7:07 am
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