Ripple price action has failed to break above the $1.00 mark and it has fallen back to the $0.85 mark. While the price currently holds above the support level at $0.83, 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 Cardano, and BNB that record a 1.94 and a 0.83 percent decrease respectively. Meanwhile, Bitcoin and Ethereum record a 1.77 and a 3.08 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 price has started to climb back above the 0.004 mark. While the 26-EMA still trades above the 12-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 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 9 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 at press time are narrow however as the last candlestick is green the bands will expand in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Ripple price to increase in the short term. Moreover, as the price is consolidating below the band’s mean line, the bands 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 three 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 can expect Ripple price to challenge the $0.90 mark.However after that traders can expect Ripple price to decrease to $0.85 or further below as the market issues a bearish trend and both the short term and midterm indicators suggest a bearish trend .
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 17, 2021 11:39 am
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