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XRP Price Hints At Symmetrical Triangle, But A Crash Could Come Before The Surge
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Crypto analyst CW23 has revealed that the XRP price is hinting at a symmetrical triangle, which provides a bullish outlook for the crypto. However, he warned that a price crash could occur before XRP breaks out of this triangle and rallies to the upside.
XRP Price Hints At Symmetrical Triangle
In a TradingView post, CW23 revealed that a symmetrical triangle may be forming for the XRP price. This came as he noted that XRP is bouncing off the bottom of an ascending channel, with the pinbar candle on the 4-hour chart now in upward pressure having tested the bottom. The analyst added that the crypto will probably trade in this range for a while.
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However, CW23 stated that a symmetrical triangle is forming and it could be a larger wave 4 pullback in the Elliot wave before wave 5 takes the XRP price to a new all-time high (ATH) to round out this year’s bull cycle. The analyst’s accompanying chart showed that XRP could drop to as low as $1.70 on wave 4. Meanwhile, the asset is projected to rally to a new ATH of $5 on wave 5.
Crypto analyst ElmoX also recently predicted that the XRP price could witness a massive corrective and drop below $2 before it rallies to new highs. The analyst provided a more bullish outlook for XRP, predicting it could rally to as high as $20 in this market cycle. However, he warned that the crypto would face major resistance at $2.9 on its way to a new ATH.
The Altcoin Has Finalized Its Correction
In an X post, crypto analyst Dark Defender stated that the XRP price has finalized the correction on the four-hour time frame. He mentioned that XRP is expected to move towards $2.42 first considering the correction structures. The analyst also affirmed that the real move to the upside will start after XRP climbs above the Ichimoku clouds.
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Dark Defender highlighted $2.22 and $2.04 as the support levels to watch out for while he stated that $4.2932 and $5.8563 are the targets which the XRP price could rally to. Crypto analyst CasiTrades highlighted the importance of the altcoin holding the support levels at $2.04 and $2.11.
She added that a hold above either of these levels is critical to maintaining the consolidation. Meanwhile, the analyst revealed that the next resistance levels are $2.25 and $2.70, which happens to be the next breakout level. CasiTrades also assured market participants that the price is still bullish, indicating it is still well primed to reach new highs.
At the time of writing, the XRP price is trading at around $2.24, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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.
Bitcoin price started a recovery wave above the $80,500 zone. BTC is now rising and might aim for a move above the $84,000 and $85,000 levels.
- Bitcoin started a decent recovery wave above the $81,000 zone.
- The price is trading above $81,500 and the 100 hourly Simple moving average.
- There was a break below a short-term bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $82,500 and $84,000 levels.
Bitcoin Price Eyes Steady Increase
Bitcoin price remained stable above the $78,000 level. BTC formed a base and recently started a recovery wave above the $80,500 resistance level.
The bulls pushed the price above the $82,000 resistance level. However, the bears were active near the $84,000 resistance zone. A high was formed at $84,200 and the price corrected some gains. There was a move below the $83,000 level.
The price dipped below the 50% Fib retracement level of the upward move from the $76,818 swing low to the $84,200 high. Besides, there was a break below a short-term bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $81,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $82,450 level. The first key resistance is near the $84,000 level. The next key resistance could be $85,000.
A close above the $85,000 resistance might send the price further higher. In the stated case, the price could rise and test the $86,500 resistance level. Any more gains might send the price toward the $88,000 level or even $96,200.
Another Drop In BTC?
If Bitcoin fails to rise above the $82,450 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $80,500 level. The first major support is near the $79,600 level or the 61.8% Fib retracement level of the upward move from the $76,818 swing low to the $84,200 high.
The next support is now near the $78,500 zone. Any more losses might send the price toward the $77,000 support in the near term. The main support sits at $76,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $80,500, followed by $79,600.
Major Resistance Levels – $82,450 and $84,000.
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.
Ethereum price started a recovery wave above the $1,820 zone. ETH is now consolidating and facing hurdles near the $1,950 resistance.
- Ethereum started a recovery wave above the $1,820 level.
- The price is trading below $1,920 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,900 and $1,950 resistance levels to start a decent increase.
Ethereum Price Faces Resistance
Ethereum price formed a base above the $1,760 level and started a recovery wave, like Bitcoin. ETH was able to clear the $1,820 and $1,850 resistance levels.
The bulls pushed the price above the $1,920 level. There was a move above the 23.6% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low. However, the bears seem to be active near the $1,950 resistance zone.
Ethereum price is now trading below $1,920 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,900 level.
There is also a short-term bearish trend line forming with resistance at $1,900 on the hourly chart of ETH/USD. The next key resistance is near the $1,950 level or the 50% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low.
The first major resistance is near the $1,990 level. A clear move above the $1,990 resistance might send the price toward the $2,050 resistance. An upside break above the $2,050 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,120 resistance zone or even $2,250 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $1,950 resistance, it could start another decline. Initial support on the downside is near the $1,845 level. The first major support sits near the $1,800 zone.
A clear move below the $1,800 support might push the price toward the $1,750 support. Any more losses might send the price toward the $1,720 support level in the near term. The next key support sits at $1,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,800
Major Resistance Level – $1,920
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.
Ethereum price started a recovery wave above the $1,820 zone. ETH is now consolidating and facing hurdles near the $1,950 resistance.
- Ethereum started a recovery wave above the $1,820 level.
- The price is trading below $1,920 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,900 and $1,950 resistance levels to start a decent increase.
Ethereum Price Faces Resistance
Ethereum price formed a base above the $1,760 level and started a recovery wave, like Bitcoin. ETH was able to clear the $1,820 and $1,850 resistance levels.
The bulls pushed the price above the $1,920 level. There was a move above the 23.6% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low. However, the bears seem to be active near the $1,950 resistance zone.
Ethereum price is now trading below $1,920 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,900 level.
There is also a short-term bearish trend line forming with resistance at $1,900 on the hourly chart of ETH/USD. The next key resistance is near the $1,950 level or the 50% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low.
The first major resistance is near the $1,990 level. A clear move above the $1,990 resistance might send the price toward the $2,050 resistance. An upside break above the $2,050 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,120 resistance zone or even $2,250 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $1,950 resistance, it could start another decline. Initial support on the downside is near the $1,845 level. The first major support sits near the $1,800 zone.
A clear move below the $1,800 support might push the price toward the $1,750 support. Any more losses might send the price toward the $1,720 support level in the near term. The next key support sits at $1,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,800
Major Resistance Level – $1,920
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