Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial loss incurred while trading cryptocurrencies. Do your research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
content
- Ethereum stays composed
- Solana fights her way up
XRP may have been in a downtrend, but the current state of the asset implies the possibility of a reversal. The current state of XRP is perfectly described by saying that not many people are selling it, but almost no one is buying it.
The chart shows that XRP has struggled to increase in value over the previous months. The lack of movement in price can be explained by the volume profile, which shows minimal trading activity.
Given the state of the market, it appears that neither buyers nor sellers are willing to take large positions based on low volume. An increase in volume could be interpreted as a sign of renewed interest and could push the price up.
With an RSI of approximately 41, XRP is in the lower neutral zone. This implies that there may still be room for growth before overbought conditions materialize. An increase in buying pressure and the possible start of a new uptrend would be indicated by an RSI rise above 50.
Even with the recent decline, XRP still has solid fundamentals. When the legal dispute between Ripple, the company that created XRP, and the SEC is resolved, it could benefit the price of XRP. Further, a strong foundation for future expansion is Ripple’s ongoing partnerships and technological developments.
Ethereum stays composed
Ethereum has been actively trading around the $3,400 price threshold, but has also shown some worrying signs, while the 100 EMA is not considered the most reliable technical level for an asset. However, things may turn out better than expected.
Because it closely resembles the 100-day exponential moving average (EMA) (orange line), the chart shows that Ethereum has been able to hold above the $3,370 mark. With recent market turbulence, this level has served as a support zone, stabilizing the price of ETH. Volume analysis shows inconsistent signals.
Although trading volume has not increased significantly, the consistency shows that interest in Ethereum at these prices is sustainable. It’s important to monitor this metric because an increase in volume can indicate a stronger move in either direction.
Connected
Ethereum is currently in the lower neutral zone, according to the relative strength index, which is around 43. This points to a possible move higher before overbought conditions materialize. Additional evidence of bullish momentum would be provided if the RSI could move closer to the 50-point level.
Long-term trend indicators, the 26-day and 200-day EMA, are also displayed on the chart. At the moment, Ethereum is trading above its 200-day moving average, a bullish indicator for the long term. It is still below the 50-day EMA, suggesting near-term pessimism.
Ethereum price action is heavily influenced by market sentiment. The overall trend is still positive despite some negative signs. Potential price increases for Ethereum are well-founded due to its strong fundamentals, which include continuous network improvements and growing user adoption.
Solana fights her way up
Solana has been actively fighting for the $150 threshold for the past few weeks. However, despite the positive underlying developments that include the introduction of Blockchain links (or pulses), which are a specification that allows a user to perform an on-chain transaction on any website capable of displaying a URL, the price of the asset is not actively moved.
Connected
In order to verify a bullish reversal and chase the $150 target, Solana needs to close above multiple moving averages. Solana has recently found support at the 200-day EMA or around $130. Multiple tests of this support level indicate that there is considerable buying interest at this price.
Mixed signals can be seen in the volume profile. Although there has been some trading activity, not much has appeared to indicate strong bullish momentum. Growing market confidence in Solana’s price action would be indicated by an increase in volume. For the bulls, a move in the RSI above 50 would be positive.