Here’s What Happens if This Resistance is Broken, Finally, Ethereum (ETH) Is Waking Up, Growth of US Dollar Index (DXY) Is What Suffocating Bitcoin
The post Here’s What Happens if This Resistance is Broken, Finally, Ethereum (ETH) Is Waking Up, Growth of US Dollar Index (DXY) Is What Suffocating Bitcoin appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Critical support for XRP is present at the 26 EMA, a level that has been holding the ground for the asset. The assets short-term trajectory will probably be determined by the ongoing battle at this price. A recovery could be possible if XRP is able to bounce there, which would indicate a reversal of the current downward trend. However, there may be serious bearish repercussions if the above is broken. In line with the descending trendline of XRP, the 26 EMA is functioning as a dynamic support. A reversal is even more crucial because of this confluence which increases the pressure on the asset. Increased trading volume, combined with a successful move above the 26 EMA could push XRP back toward the $2.20 and $2.50 levels. Such a breakout might rekindle interest in buying and would probably give market participants more confidence. XRP/USDT Chart by TradingView Conversely, there might be severe repercussions if XRP is unable to overcome this obstacle. The asset could test lower supports if it were rejected at this level which would probably confirm the current bearish trend. Following $1.79 which corresponds to the 100 EMA is $1.47 the first notable support level. XRP’s market structure would be severely weakened by a breakdown below these levels which might push the price closer to $1.07…
Filed under: News - @ December 28, 2024 12:15 am