Solana
Was it a fake? XRP remains stable
Arman Shirinian
The markets display very contrasting dynamics, which raises some questions
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Ethereum it’s kind of losing it. It is likely that you have already seen the recent price action near the $4,000 mark. Unfortunately, Ether failed to surpass this mark, or even reach it and gain a foothold.
Ethereum is trading in an increasingly tight range. Usually, this trend indicates a consolidation phase preceding a possible breakout. Here, the important levels to watch are around $3,900 at the top and $3,626 at the bottom.
Ethereum/USD chart by TradingView
It has been tested several times recently and immediate support currently stands at $3,626. Conversely, any bullish continuation would require a strong break of the resistance located at $3,900.
Another important factor is volume. The lack of strong buying pressure may be the reason for the decline in trading volumes we have seen recently. Since ETH is neither overbought nor oversold and has room to move in either direction, the relative strength index (RSI) is hovering around 65.88.
A further decline towards the 50-day moving average, which currently sits at $3,298, could occur if Ethereum broke through the $3,626 support level. But ETH could return to the $4,000+ region if it breaks the $3,900 barrier.
Solana reaches new heights
Solana has indeed climbed towards the $170 threshold and could actively conquer it in the foreseeable future.
Solana is trading in a narrow range on the daily chart. The green line indicates the $165.84 support zone, where the price appears to hold after moving back below $170. The blue line at $156.52 and the orange line at $151.66 are important support levels to watch. Historically, these levels have provided a lot of support.
Immediate support levels are $156.52 and $165.84. If these levels hold, SOL could attempt to make another push to $170.
The important resistance level is still $170. If GROUND exceeds this level, it could rise higher.
If Solana is able to hold support above $165.84, another attempt to break above $170 could occur. Nonetheless, a decline towards $150 or lower could be indicated if the price closes below $156.52, which would signal a downtrend.
Long-awaited XRP stability
Lately, XRP has been remarkably stable, consistently trading at or near $0.52. Let’s take a look at the chart to see what’s causing this stability and what to watch for going forward.
XRP is in a consolidation phase on the daily chart. The $0.50 support level, indicated by the green line, was held by the market. Around $0.55 (orange line) and $0.57 (black line) are the resistance levels to consider.
Around $0.50 is the closest support. Strong buying interest is indicated if XRP remains above this level. The $0.55 and $0.57 levels are important resistance points. If these levels are breached, an uptrend could be indicated.
Moving averages offer more information. Acting as support, the 50-day moving average is below the current price. The 200-day (black line) and 100-day (orange line) moving averages are both above the current price level, providing strong resistance levels for the future.
As always, volume matters. Consistent trading volumes of late indicate continued interest. With XRP Relative Strength Index (RSI) at 51.89 makes it clear that the asset is neither overbought nor oversold, which doesn’t offer much insight but shows that things are relatively stable.
The $0.55 resistance level could be broken by XRP if it maintains its support level above the $0.50 support level. If the breakout is successful, XRP could reach $0.57 and above. But if it drops below $0.50, it could indicate a bearish trend.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.