Ripple price action, for the past week, has failed to break above the $1.00 mark and the price has fallen back to below the $0.82 mark. While the price currently holds just below the $0.82 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 5.67 and a 7.39 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 4.41 and a 5.31 percent decrease respectively.
Across the technical indicators, the MACD shows strong bearish momentum as observed in the increasing size of the dark red histogram. The indicator saw a bearish reversal just recently and since then bearish pressure is increasing steadily and has taken the indicator just below the -0.002 mark. Across the EMAs, the 26-EMAis trading above the 12-EMA and continues diverging while both EMAs fall.
The RSI broke out of the oversold region on June 8th and is currently in the neutral zone. The indicator currently trades just above the 32.00mark and moves downwards suggesting a bearish presence at the current price level. Moreover, the RSI trades with a steep slope giving an increasing sell signal.
The Bollinger bands are currently wide but will converge rapidly in the immediate 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. Moreover, as the price is consolidating 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 five indicators issue buy signals suggesting bullish momentum. Meanwhile, seven 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 13 of the 26 indicators suggesting a bearish movement against only three indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
Traders can expect Ripple price to continue to fall to $0.80 or further below considering the bearish sentiment of today’s market, the low price volatility of Ripple price and the fact that the short term and long term indicators are issuing a bearish trend.However traders can expect a bullish rally to $0.85 as soon as Ripple price hits its support level.
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 12, 2021 11:25 am
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