Connect with us

Market

Analyst Reveals Next Major Support

Published

on


Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.


Este artículo también está disponible en español.

Crypto analyst MadWhale has raised the possibility of the XRP price experiencing a breakdown below the crucial $2 support level. The analyst also revealed the next major support if XRP drops below this support level. 

XRP Price Could Drop To $1.90 If It Loses $2 Support

In a TradingView post, MadWhale predicted that the XRP price could drop to the major support at $1.90 if it loses the psychological $2 level. He noted that XRP has demonstrated a classic triple-top formation, with each successive peak showing weaker momentum. In line with this, the analyst asserted that a break below the 42 threshold appears imminent as XRP nears a formidable resistance zone. 

Related Reading

MadWhale further stated that the downward move is expected to extend to at least $1.9, representing an 18% decline. The analyst added that such a price decline aligns with the primary target and a key daily support level. Crypto analyst Ali Martinez had also suggested that XRP could drop to as low as $1.2 if it loses the $2 support. 

XRP
Source: MadWhale on Tradingview

The analyst revealed that the XRP price was forming a head-and-shoulders pattern on the weekly chart, which puts the $2 support level in the spotlight. His accompanying chart showed that the crypto could drop to $1.2 if it breaks below $2. However, despite this bearish outlook, other crypto analysts, such as Egrag Crypto, have highlighted some positive aspects of the XRP price. 

Egrag Crypto stated that the XRP price’s dominance was showing tremendous strength and predicted that if it successfully closed above Fib 0.5, it could soon rally to the Fib 0.888 level. Crypto analyst Dark Defender predicted that XRP could rally to a new all-time high (ATH) if it continues to hold the crucial support levels at $2.04 and $2.22.

The Altcoin Still In Waiting Mode

Crypto analyst CasiTrades stated that the XRP price is holding strong but is still in waiting mode. She added that the bullish structure remains intact, with the altcoin holding above $2.26, which is the key .382 retracement support. The analyst noted that XRP’s price has spent some time flipping the consolidation to support, indicating that markets are setting up for the next move.

Related Reading

The crypto analyst revealed the $2.70 and $3.05 resistance levels and $2.25 support level as the key levels to watch. She remarked that the XRP price needs to flip $2.70 and $3.05 to become support for the confirmation of the next wave up. Meanwhile, CasiTrades suggested that XRP risks dropping to as low as $1.54 if it loses the lower support support at $1.90. 

The crypto analyst also mentioned that the price needs to break above $3.40, its current ATH, to confirm a new trend. Until then, the wait for signs of confirmation continues, which she claimed may not be obvious until wave 3 in the market cycle. CasiTrades asserted that key Fib levels have been breached, and the market is on the edge of a breakout. 

At the time of writing, the XRP price is trading at around $2.29, down over 2% in the last 24 hours, according to data from CoinMarketCap.

XRP
XRP trading at $2.29 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Medium, chart from Tradingview.com



Source link

Market

Solana Risks Falling to $120 Amid Weak TVL and Whale Activity

Published

on


Solana (SOL) has been under pressure, struggling to remain above the $130 mark for the past seven days. Over the last 30 days, SOL has corrected by nearly 36%, reflecting broader market weakness.

The continued decline is being driven by Solana’s Total Value Locked (TVL) and whale activity, which show mixed signals. As SOL trades within a tight range, investors are closely watching key support and resistance levels to gauge where the next major move could unfold.

Solana TVL Struggles Below $9 Billion

Solana’s Total Value Locked (TVL) is $8.57 billion, having remained below the $10 billion mark since February 23.

This recent trend highlights a period of constrained capital flow into the Solana ecosystem, suggesting that investors and protocols are adopting a more cautious stance.

Despite this, Solana continues to retain a significant share of the decentralized finance (DeFi) market, but the sub-$10 billion range reflects broader market sentiment and risk appetite within the ecosystem.

Solana TVL.
Solana TVL. Source: DeFiLlama.

TVL, or Total Value Locked, measures the amount of capital deposited across a blockchain’s DeFi protocols, including lending, staking, liquidity pools, and other smart contract-based applications.

It is a key metric for gauging the health and activity within a blockchain ecosystem, as higher TVL generally reflects strong user participation, liquidity, and developer confidence.

Solana’s TVL reached an all-time high of $14.24 billion on January 18 but has since been in a steady decline, mirroring a more cautious market posture.

While TVL remains relatively low, it has shown signs of stabilization and a slight recovery, bouncing from a recent low of $8.11 billion on March 10 to its current level, signaling a potential shift in market sentiment.

Whales Are Buying SOL Again

The number of Solana whales – addresses holding at least 10,000 SOL – is currently at 5,031, a slight increase from 5,008 just two days ago.

However, this figure remains below the 5,053 level observed on March 3, suggesting that while some accumulation is happening, the whale count has yet to recover from its recent highs fully.

This fluctuation in large holders indicates a market still in transition as key players reassess their positions within the Solana ecosystem.

Solana Whales.
Solana Whales. Source: Glassnode.

Monitoring the number of whales is crucial because these large holders often have the ability to influence the market through significant buying or selling activity.

A rising whale count can signal increased confidence among sophisticated investors, potentially leading to more price stability or upward momentum. With the current whale figure climbing to 5,031, this modest uptick could be an early sign of renewed interest from major players, supporting the idea of gradual accumulation.

However, the number remaining below recent peaks suggests that while sentiment may be improving, some larger investors are still cautious, which could limit immediate upside pressure on SOL’s price.

Can Solana Fall To $112 Soon?

Solana price is currently trading within a range, finding support at $120.76 and facing resistance at $131.

With the market showing signs of a downtrend, there is a risk that SOL could retest the $120.76 support level.

Should this level fail to hold, the price could potentially decline further toward the next key support at $112, signaling a deeper correction within the current bearish momentum.

SOL Price Analysis.
SOL Price Analysis. Source: TradingView.

However, if SOL manages to regain positive momentum, it could challenge the immediate resistance at $131.

A successful breakout above this level could open the door for a move toward $152.9, with a further push to $179.85 if bullish sentiment strengthens significantly.

The current consolidation between $120.76 and $131 will be critical in determining whether SOL continues its downward pressure or transitions into a sustained uptrend.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Ethereum Risks Falling To $1,700 as Number of Whales Decline

Published

on


Ethereum (ETH) has been struggling, down nearly 30% over the past 30 days as bearish sentiment continues to weigh on the asset. Over the last week, ETH has remained stuck below the $2,000 mark, unable to regain key resistance levels.

While some indicators, like BBTrend, are showing early signs of stabilization, whale activity points to cautious behavior among large investors. As Ethereum trades near critical support zones, the market is watching closely to see if the downtrend will deepen or if bulls can stage a meaningful recovery.

BBTrend Is Now Positive After 6 Days, But Still At Modest Levels

Ethereum’s BBTrend indicator is currently sitting at 0.22, having just turned positive after spending six consecutive days in negative territory.

During that stretch, it reached a negative peak of -17.68 on March 13, reflecting strong bearish momentum.

This shift marks a potential early sign of stabilization for Ethereum. The indicator has crossed back above zero, signaling that sellers may be losing control in the short term, as Ethereum network activity recently hit yearly lows.

ETH BBTrend.
ETH BBTrend. Source: TradingView.

BBTrend, or Bollinger Band Trend, is a momentum-based indicator that measures the strength and direction of a price trend relative to its Bollinger Bands. Readings below 0 typically suggest bearish conditions, while readings above 0 indicate bullish momentum.

Thresholds around -10 or +10 often highlight periods of stronger trend conviction. Ethereum’s BBTrend is now back in positive territory after a prolonged bearish phase, suggesting that downward pressure is easing.

However, at just 0.22, the indicator is still at low levels, signaling that while the sell-off might be cooling, the market has yet to transition into a strong bullish trend fully.

Whales Are Not Accumulating Ethereum

The number of Ethereum whales—wallets holding at least 1,000 ETH—has been steadily declining since February 22, after peaking at 5,828 addresses.

The current number of Ethereum whales stands at 5,752, despite a modest attempt at a rebound in recent days, with Ethereum market dominance hitting its lowest levels since 2020.

This gradual reduction in large holders points to a cautious approach among key players. Some whales are reducing their exposure or taking profits as Ethereum’s price action remains mixed.

ETH Whales.
ETH Whales. Source: Glassnode.

Tracking whale behavior is crucial because these large addresses often act as market movers, capable of influencing price trends through their buying or selling activity.

A steady decline in Ethereum whale numbers may suggest waning confidence or a shift toward risk-off sentiment among institutional or high-net-worth investors.

This downward trend in whale accumulation could limit the strength of any potential rallies, as fewer large players are positioned to provide strong buying support in the short term.

Will Ethereum Fall Below $1,700 In March?

Ethereum has been under pressure, trading below the $2,000 mark for the past seven days. Sellers have kept the asset pinned beneath key resistance levels.

The current support stands at $1,823, and if this level is tested and broken, Ethereum could decline further toward $1,759 and potentially fall below $1,700 for the first time since October 2023, despite some experts defending its future echoes early Amazon and Microsoft.

ETH Price Analysis.
ETH Price Analysis. Source: TradingView.

However, if Ethereum’s price manages to stabilize and build an uptrend, it could challenge the immediate resistance at $1,956.

A breakout above this level may open the path for a rally toward $2,106, with further bullish momentum potentially pushing ETH to retest $2,320 and even $2,546.

A break above $2,500 would mark the first time Ethereum reclaims that level since March 2, signaling a notable shift in market confidence and buyer strength.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Can OM Reach an All-Time High?

Published

on


Mantra (OM) is up more than 10% in the past seven days, taking place as the second-largest Real World Asset (RWA) token by market cap. With a market cap of around $6.8 billion, OM is gaining momentum and attracting attention in the RWA space.

Technical indicators are flashing mixed signals, with OM’s RSI cooling off from overbought levels and Ichimoku Cloud structures remaining bullish. As OM trades near key resistance and support zones, traders are watching closely to see if it can extend its rally and set new all-time highs.

Mantra RSI Is Back To Neutral After Reaching Overbought Levels

Mantra’s Relative Strength Index (RSI) reading is 57.89, maintaining levels above the 50 threshold since March 15.

The RSI briefly reached 72.51 yesterday, signaling that OM approached overbought territory before pulling back slightly.

This sustained move above 50 suggests that OM has been in a bullish phase, with momentum favoring buyers over the past several days.

OM RSI.
OM RSI. Source: TradingView

The RSI is a momentum oscillator that measures the speed and magnitude of recent price movements to evaluate whether an asset is overbought or oversold.

Readings above 70 generally indicate overbought conditions, signaling that an asset could be due for a pullback, while readings below 30 suggest oversold conditions, potentially signaling a buying opportunity.

OM’s RSI at 57.89 suggests that while bullish momentum is still present, it is currently at moderate levels.

OM Ichimoku Cloud Shows a Bullish Setup

Mantra is currently showing a bullish structure on the Ichimoku Cloud chart.

The price is trading above the cloud, which indicates that the overall trend is still bullish. This solidifies Mantra as one of the biggest RWA coins in the market.

Additionally, the cloud ahead has flipped green, suggesting that if the structure holds, future momentum could continue to favor buyers.

OM Ichimoku Cloud.
OM Ichimoku Cloud. Source: TradingView

The Tenkan-sen is positioned above the Kijun-sen, reinforcing short-term bullish momentum, although the price recently pulled back after some upward movement.

The Chikou Span is also above the price action and the cloud, supporting the bullish outlook.

However, if the price starts to consolidate or dip toward the Tenkan-sen and Kijun-sen, it could signal a potential pause in momentum or a shift toward a more neutral trend if those levels fail to provide support.

Will Mantra Make New All-Time Highs In March?

OM’s EMA lines are signaling that a golden cross could soon form, which would strengthen the bullish outlook.

If this pattern is confirmed and Mantra can regain the strong uptrend seen in past months, it could break through the resistance levels at $7.39 and $8.16.

OM Price Analysis.
OM Price Analysis. Source: TradingView

A breakout above these areas could allow OM to test price levels above $9 for the first time ever, potentially setting new all-time highs and possibly making OM surpass Chainlink as the biggest RWA coin in market cap.

On the other hand, if the current bullish momentum fades, OM could decline toward support at $6.57.

A loss of this level could trigger further downside toward $6.15, and if bearish pressure persists, the price could fall as low as $5.85.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io