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Will XRP’s $0.5 Reversal Finally Happen? Bitcoin Can (BTC) Hold Above $60,000, Cardano (ADA) Lost $0.4: What’s Next?

Thu, 27/06/2024 – 0:30

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Contents

  • Can Bitcoin return?
  • Cardano’s stalemate

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XRP has failed; the reversal attempt began back on June 24. The asset has been gradually gaining some strength on the market but has failed to get past the 26 EMA, which shows that the current movement has no momentum nor strength behind it.

The inability of XRP to break above the 26 EMA is a sign of the absence of buying pressure on the market. If the 26 EMA is not broken, it indicates that the bulls are not in control. The 26 EMA frequently serves as a significant resistance level. 

XRPUSDT
XRP/USDT Chart by TradingView

Any price movement without a lot of volume is probably going to be erratic and short-lived. There has been volatility on the larger cryptocurrency market, with key assets like Ethereum and Bitcoin seeing declines. It is difficult for altcoins like XRP to gain traction in this environment. The price action of XRP is being significantly impacted by the general bearish sentiment on the market. 

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Given that the RSI is currently in the 40–50 range, it appears that XRP is neither overbought nor oversold. The lack of significant momentum in either direction is supported by this neutral RSI reading. XRP needs to see an RSI move above 50, along with rising volume and optimistic market sentiment, in order to stage a significant comeback. 

A retest of lower support levels may occur if XRP struggles to stay below the 26 EMA. At $0.46, which has historically served as the asset’s floor, there is another major support level. A more significant decline in XRP might be expected, possibly testing even lower levels if this support is broken. However, a strong break above the 26 EMA backed by rising volume might indicate a possible reversal. XRP clearly needs more buyers.

Can Bitcoin return?

Bitcoin is currently trading above the important psychological threshold of $60,000, but it is not yet clear if the digital asset will be able to hold the line against the gradually rising selling pressure on the market.

More sellers are putting more pressure on the cryptocurrency market, and Bitcoin is no different. Given the extreme volatility of the last few days, the price action of BTC must continue to hold above the $60,000 threshold. The current state of the market is testing this level, which has historically provided strong support. 

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Bitcoin is likely to face difficulties in the future, according to a number of technical indicators. The 30-to 40-range RSI suggests that Bitcoin is getting close to the oversold area. In addition to reflecting the strong selling pressure that is currently driving the market, this may indicate a buying opportunity. It is also important to keep an eye on the moving averages, especially the 50-day and 200-day EMAs. 

If Bitcoin manages to hold above $60,000, we could see a potential rebound. The first target would be the $65,000 resistance level which, if breached, could pave the way for a rally toward $70,000. However, for this to happen, there needs to be a significant increase in buying volume and positive market sentiment.

On the flip side, if Bitcoin fails to hold the $60,000 support, the next major support lies around $57,000. A drop below this level could invalidate the 200-day EMA as a support, pushing Bitcoin into a more bearish zone and potentially triggering a stronger sell-off.

Cardano’s stalemate

Cardano appears to be at a standstill as investors are not taking notice of what was once one of the most intriguing assets available, and core enthusiasts are the only ones giving it serious consideration. 

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ADA’s pricing performance has been poor in spite of its potential and strong community support. With its price stuck around $0.41, the chart shows that Cardano has been finding it difficult to gain traction. The 50-day and 200-day EMAs in particular are critical resistance levels for any meaningful upward movement in the cryptocurrency but have not been broken by it. 

Technical analysis shows that Cardano is in oversold territory because its RSI is in the lower range. This may indicate that long-term investors have a chance to purchase. But the low trading volume is a worrying indication that the market as a whole is not interested. At best, investor sentiment has been uncertain about Cardano. 

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