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It's Not Over for XRP, Price Paints Important Pattern. XRP appears to be painting a crucial pattern on the price charts that could signal a forthcoming period of significant volatility and potentially a new breakthrough. Currently, XRP is consolidating around a substantial support level at approximately $0.60, an important threshold that has previously acted as both support and resistance. This zone is proving to be a main battleground between bulls and bears, and its endurance could lay the foundation for XRP's next big move. The steadfastness of this level is a testament to the enduring faith of XRP holders, who seem prepared to defend this threshold against market sell-offs. In the short term, XRP is battling with moving averages that are converging into a tight range. These include the 50-day and 100-day moving averages, which XRP must convincingly break above to signal a shift from consolidation to an uptrend. A decisive closure above these averages could act as a launchpad, propelling the price to test the local resistance level near $0.65. This resistance has previously capped upward movements, and a break above it could clear the path to higher valuations. Adding to the mix is the formation of a symmetrical triangle, which is indicative of a market coiling up for a significant move. These patterns are often associated with a surge in volatility as the price converges toward the apex, and a breakout is imminent. The local support, steadfast at $0.60, is the line in the sand that must hold for bullish speculations to remain viable. Should this level fail, XRP could see a retest of lower support, potentially at the $0.55 or $0.50 price levels, where buyers may step in to scoop up the asset at a perceived discount. #BinanceTournament

It's Not Over for XRP, Price Paints Important Pattern.

XRP appears to be painting a crucial pattern on the price charts that could signal a forthcoming period of significant volatility and potentially a new breakthrough.

Currently, XRP is consolidating around a substantial support level at approximately $0.60, an important threshold that has previously acted as both support and resistance. This zone is proving to be a main battleground between bulls and bears, and its endurance could lay the foundation for XRP's next big move. The steadfastness of this level is a testament to the enduring faith of XRP holders, who seem prepared to defend this threshold against market sell-offs.

In the short term, XRP is battling with moving averages that are converging into a tight range. These include the 50-day and 100-day moving averages, which XRP must convincingly break above to signal a shift from consolidation to an uptrend. A decisive closure above these averages could act as a launchpad, propelling the price to test the local resistance level near $0.65. This resistance has previously capped upward movements, and a break above it could clear the path to higher valuations.

Adding to the mix is the formation of a symmetrical triangle, which is indicative of a market coiling up for a significant move. These patterns are often associated with a surge in volatility as the price converges toward the apex, and a breakout is imminent.

The local support, steadfast at $0.60, is the line in the sand that must hold for bullish speculations to remain viable. Should this level fail, XRP could see a retest of lower support, potentially at the $0.55 or $0.50 price levels, where buyers may step in to scoop up the asset at a perceived discount.

#BinanceTournament

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Bitcoin Price to $650,000: Analyst Sees BTC Outperforming Gold in Long Term. In a bold forecast, Bitcoin analyst Willy Woo predicts that Bitcoin will outperform the gold market cap once ETFs have completed their role. According to Woo, the recently launched Bitcoin ETFs bring BTC price targets of $91,000 at the bear market bottom and $650,000 at the bull market top, which might happen once ETF investors have fully deployed capital according to asset manager recommendations. While excitement remains on these bold price forecasts, Woo cautioned that these targets may not be achievable this cycle because capital deployments take a long time to complete. He outlines in six points what he regards as "back of the envelope calculations" in support of this prediction. Woo bases his forecast on the premise that the $100 trillion being managed by asset managers generally has a 2% allocation recommendation. This yields an estimate of about $2 trillion potential allocation into BTC, which he believes might rise over time. Woo further estimates that BTC currently holds $561,159,959 of investment, citing on-chain data; an inflow of $2 trillion would increase the amount to over $2.56 trillion. Using MVRV to calculate market cap versus money invested, a ratio which is 5x in bull market tops and 0.7x in bear market bottoms, this translates to market capitalizations of $12.8 trillion and $1.8 trillion, respectively, translating to $650,000 and $91,000 for the BTC price in bull and bear market scenarios, respectively. Excluding other self-custody inflows, Woo believes that Bitcoin might certainly exceed gold capitalization by the time the asset manager capital is deployed. Given that gold experienced a 12-year bull run after its ETF was approved, Bitcoin may follow suit. At the time of writing, BTC was up 0.49% in the last 24 hours to $64,524. According to Bloomberg, Bitcoin's dominance in the crypto market has reached a three-year high, reflecting strong demand for U.S. exchange-traded funds that hold the largest digital asset.
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Shiba Inu (SHIB) Jumps 8% as Price Makes Sudden Reversal. Shiba Inu (SHIB), the dog-themed cryptocurrency, has experienced a sudden and unexpected surge, jumping 8% in price in a reversal that has caught the attention of traders and investors. This sudden reversal comes amid a backdrop of volatility on the cryptocurrency market and marks a notable shift in sentiment for SHIB holders. The rebound in Shiba Inu's price follows days of declines, during which the cryptocurrency nursed significant losses. Shiba Inu plummeted for three days in a row, mirroring the broader crypto market crash, which saw Bitcoin plunge to lows of $60,822 in its steepest sell-off in more than a year. Shiba Inu touched lows of $0.00001837 on April 13 before kickstarting a rebound, which has sustained until press time. Broader market dynamics and sentiment may play a role in Shiba Inu's price reversal. The cryptocurrency market is known for its volatility, with prices often influenced by a myriad of factors, including news events, market speculation and investor sentiment. Positive developments or sentiment within the broader cryptocurrency market may have spilled over into SHIB's price action. In a major milestone, Hong Kong has granted conditional approvals for asset managers to start spot Bitcoin and Ethereum exchange-traded funds (ETFs). This development has boosted both tokens and the broader crypto market. Bitcoin recovered from its severe sell-off, rising 3% in the last 24 hours to $66,240. Shiba Inu climbed up to 8%, extending its recovery into the second day, and was trading at $0.00002343 as of press time. Shibarium gas token Bone ShibaSwap (BONE) increased by 10% throughout this time frame, trading at $0.634 at press time. Dogekiller (LEASH) had also seen comparable gains, rising 9% in the last 24 hours to $429 at press time. As SHIB continues its upward climb, the market watches with keen interest. Whether this reversal signals the start of a long-term rally or just a dead cat bounce remains to be seen.
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