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Currently flirting with the $0.70 mark, XRP’s price movement on the daily chart hints at a story that investors are eager to read. The question we are all asking is: is the $0.70 mark just the beginning of the XRP bull run or are we witnessing a temporary peak?
Analyzing Binance’s daily chart for XRP/USDT, we see a notable rise as XRP approaches a critical resistance level of $0.70. This price isn’t just a number: it’s a battleground where bulls and bears have previously clashed, and the outcome could set the tone for XRP market sentiment going forward.
The technical indicators are revealing. The recent price action has positioned XRP above the 50-day and 100-day moving averages, a bullish signal indicating the potential for continuation of the uptrend. The moving averages are pointing up, suggesting continued bullish momentum supporting the current price.
Furthermore, the Relative Strength Index (RSI) is hovering in the mid-range, with neither overbought nor oversold, indicating that there could be more room for an upward move before reaching overbought territory. This provides a somewhat comfortable cushion for XRP to attempt to break above the $0.70 ceiling without the immediate pressure of a technical correction.
However, cryptocurrency markets are as temperamental as they are exciting. For XRP to sustain a rally above $0.70, a steady influx of buying pressure will be necessary. If XRP manages to close above this level with conviction, it could open the doors for a continued rally, possibly testing the next resistance levels around $0.75 or higher.
Conversely, if XRP fails to secure a foothold above $0.70, it could suffer a pullback as short-term traders take profits. This could see XRP retest support levels, possibly around the $0.65 mark, where it could consolidate before attempting another upward move.
Solana ready for another push
Solana (SOL) has recently surpassed the $54 mark, a price not seen since May 2022. The daily charts of SOL/USD on KuCoin illustrate a solid bullish trend, with the value of Solana skyrocketing, leaving the investors and traders wondering if this momentum can be sustained. in the volatile cryptocurrency market.
The chart indicates that Solana price has been on an aggressive buying spree, and its move above the 50-day and 100-day moving averages indicates a strong bullish trend. The moving averages are trending upward, suggesting consistent buying interest over time. The price increase is accompanied by an increase in volume, validating the strength of the current price movement.
In the first scenario, if Solana maintains its current trajectory above these moving averages and the buying volume continues to increase, there is a chance that the price could target the next psychological resistance near the $60 mark. This would represent an increase of approximately 12% from its current level, a feasible short-term goal for the cryptocurrency.
The second scenario takes into account the possibility of a setback. Since the Relative Strength Index (RSI) is high but not yet in overbought territory, there is room for growth. However, before a new uptrend occurs, there could be a retest of the $54 level, now converted into support. If this support holds, it could bolster investor confidence, creating a springboard for another price rise.
A new idea to consider is the pattern of higher highs and higher lows on the chart, which usually denotes a continuation of the uptrend. Additionally, Solana’s fundamental strengths, such as its high-speed blockchain capabilities and growing adoption in decentralized finance (DeFi) and non-fungible tokens (NFT), provide solid context for its price action.
