XRP price is consolidating gains above the $1.00 zone. The price might start a fresh increase if it clears the $1.150 resistance zone.

• XRP price started a downside correction below the $1.120 level.
• The price is now trading below $1.120 and the 100-hourly Simple Moving Average.
• There is a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could gain bullish momentum if it clears the $1.150 resistance.

XRP Price Holds Support

XRP price struggled to start a fresh increase above the $1.150 and $1.180 levels. It started a downside correction and traded below the $1.120 level. It underperformed Bitcoin and struggled like Ethereum in the past two sessions.

The price is now trading below $1.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.1380 level. There is also a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $1.150 level. The next key resistance could be $1.1680 or the 61.8% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low.

A clear move above the $1.1680 resistance might send the price toward the $1.200 resistance or the 76.4% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low. Any more gains might send the price toward the $1.2250 resistance or even $1.2320 in the near term. The next major hurdle for the bulls might be $1.250 or $1.265.

More Downsides?

If XRP fails to clear the $1.1380 resistance zone, it could continue to move down. Initial support on the downside is near the $1.100 level. The next major support is near the $1.0650 level or the triangle’s lower trend line.

If there is a downside break and a close below the $1.0650 level, the price might continue to decline toward the $1.020 support in the near term. The next major support sits near the $0.980 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $1.1000 and $1.0000.

Major Resistance Levels – $1.1680 and $1.2000.

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Peanut the Squirrel (PNUT), the meme coin that recently surpassed a $2 billion market cap, has experienced a sharp 30% price drop in the past week, bringing its value down to $1.36. However, emerging signals suggest that PNUT’s recovery might be just around the corner.

While some traders may wait for further discounts, this analysis indicates that the opportunity to buy at these lower levels could be closing fast.

Bearish Sentiment Around Peanut the Squirrel Could Fuel Bounce

One key indicator hinting at a potential PNUT recovery is the Weighted Sentiment, which evaluates market perception using social volume. A positive sentiment typically reflects bullish market commentary, often driving increased demand and price growth. Conversely, negative sentiment signals bearish sentiment across the market.

However, extreme readings in Weighted Sentiment can trigger contrarian moves. For instance, overly bullish sentiment might precede a price correction, while extreme negativity often sets the stage for a rebound.

According to Santiment data, PNUT’s Weighted Sentiment has plunged to a historic low of 0.12. This deeply bearish sentiment suggests market pessimism, but its extremity could fuel what’s known as a “hated rally,” where overwhelming negativity ignites an unexpected recovery.

Further, the Relative Strength Index (RSI) is another indicator suggesting that the Solana meme coin’s value could erase part of its losses. The RSI is a technical oscillator that uses the speed and size of price changes to measure momentum.

When the reading drops, the momentum is bearish. Conversely, if the RSI reading rises, the momentum is bullish. 

On the 1-hour chart, even though the indicator is below the 50.00 midpoint, the rating has increased from yesterday. Should this rating continue to surge, then PNUT’s price might rise higher than $1.36.

PNUT Price Prediction: Rally Toward $1.94 Begins

Looking at the same 1-hour timeframe, BeInCrypto observed that the trading volume around PNUT has increased. However, it is important to note that both buyers and sellers are still involved in transacting the token.

Still, it appears that bulls are defending the price at $1.31. If this remains successful, then PNUT’s price could rally toward $1.64 in the short term. In a highly bullish situation, PNUT recovery could see the price climb to $1.94.

On the other hand, if selling pressure increases, this might not happen. Instead, the meme coin’s value could drop to $1.26 in the short term.

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 Conditions, Privacy Policy, and Disclaimers have been updated.

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Litecoin price is consolidating above the $80.00 level against the US Dollar. LTC could start a fresh increase if it clears the $88.00 resistance zone.

• Litecoin is showing positive signs from the $80 support zone against the US Dollar.
• The price is now trading below $88 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
• The price could start a fresh increase if it clears the $88.00 resistance zone.

Litecoin Price Eyes Fresh Increase

After forming a base above $85, Litecoin started a fresh increase. LTC price broke the $88 and $90 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

The price gained over 10% and even cleared the $95 level. A high was formed at $98 before there was a pullback. The price dipped below $88 and tested $82. A low was formed at $81.69 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low.

Litecoin is now trading below $88 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $85.00 zone. There is also a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair.

The next major resistance is near the $88 level or the 50% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low. If there is a clear break above the $88 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $92 and $95 levels. Any more gains might send LTC’s price toward the $100 resistance zone.

More Losses in LTC?

If Litecoin price fails to clear the $86 resistance level, there could be another decline. Initial support on the downside is near the $82 level.

The next major support is forming near the $80 level, below which there is a risk of a move toward the $75 support. Any further losses may perhaps send the price toward the $68 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is below the 50 level.

Major Support Levels – $82.00 followed by $80.00.

Major Resistance Levels – $86.00 and $88.00.

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