Quarterly Hammer Candle Pattern Could Push Prices, Market Expert
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EGRAG, a market expert, expects XRP to skyrocket to either $8 or $27 amid the formation of a quarterly hammer candlestick pattern. The analyst has maintained his optimism around XRP despite the sustained bearish conditions. Notably, XRP has also relinquished the $0.49 price territory to the bears on the back of the ongoing market turbulence that triggered a collapse below the psychologically important $0.50 level earlier in the week. However, these discouraging price movements have not impacted EGRAG’s optimistic view, as the market analyst focuses on technical clues to assess XRP’s potential. This time, he called attention to the XRP 3-month chart, noting the significance of a hammer candlestick pattern. #XRP Quarterly Hammer – #Bullish Candle Formation: 📈 #XRP on the 3-month time frame has shown 2 Hammer Candles before major pumps: 1) April-June 20162) July-September 2017🔥 Right now, #XRP needs to close the next 3-month candle above $0.55-$0.58 in the next 10 days to form… pic.twitter.com/7tQhN8BBnY — EGRAG CRYPTO (@egragcrypto) June 20, 2024 A hammer candlestick pattern is a bullish reversal pattern that occurs after a downtrend. It features a small body near the top of the trading range and a long lower shadow, with a small or nonexistent upper shadow. This pattern suggests that despite selling pressure, buyers stepped in to push prices back up, indicating potential upward price movement. XRP’s Hammer Candlestick Formations According to EGRAG, XRP has only formed this hammer candlestick pattern on the 3-month timeframe twice since its inception. The first instance was from April to June 2016, while the second occurrence came up from July to September 2017. Interestingly, after the formation of each of the hammer candlesticks, XRP saw a substantial price increase. Following the 2016 candlestick, XRP spiked 5,550% from June 2016 to $0.39887 in April 2017. Similarly, after the 2017…
Filed under: News - @ June 22, 2024 8:04 am