XRP corrects after breaking through $3.60... Experts: "$5 price rise scenario still likely."

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XRP has been showing a strong upward trend over the past month, attracting investors' attention, with some experts still emphasizing the possibility of breaking through $5 (approximately ₩6,950). Starting from $2.40 (approximately ₩3,336) in mid-July, XRP surged to $3.60 (approximately ₩5,004) and is currently stabilizing around $3.20 (approximately ₩4,448). Despite a slightly subdued atmosphere, it remains above major moving averages, suggesting a continuation of the medium to long-term upward trend. Technically, breaking through the resistance zone of $3.35-$3.40 (approximately ₩46.57-47.26 million) could realize the scenario of rising to the next target of $4.00 (approximately ₩55.60 million) and ultimately $5. Considering market sentiment and expanding adoption in payment systems, there are many positive factors for XRP's long-term upward momentum. Current support levels are the 20-day moving average at $3.05 (approximately ₩42.40 million) and the 50-day moving average at $2.79 (approximately ₩38.82 million). If maintained, there is potential for additional buying opportunities. For SHIB, a meme coin, a 'head and shoulders' pattern is being detected on the daily chart. After reaching a high of $0.00001550 (approximately ₩0.0216), it has retreated to $0.00001338 (approximately ₩0.0186), increasing technical uncertainty. The failure to break through the $0.00001428 (approximately ₩0.0199) zone, where the 200-day moving average and descending trend line intersect, confirms strong resistance. If it breaks below the neckline of $0.00001200-$0.00001220 (approximately ₩0.0167-0.0169) on a closing basis, a short-term sharp decline cannot be ruled out. However, if the price breaks above $0.00001450 (approximately ₩0.0202) and crosses the 200-day moving average, the downward pattern could be nullified, leaving room for a potential reversal. Although trading volume has decreased, the RSI remains around 53, and no clear selling pressure has been observed. Meanwhile, Bitcoin (BTC) has struggled to gain breakthrough momentum near the $120,000 (approximately ₩166.80 million) resistance level. The rally that started from $95,000 (approximately ₩132.05 million) in May began to slow down from July, and recently it has been stuck in a box range, blocked by consecutive selling walls at $118,130 (approximately ₩164.38 million). The short-term support on technical indicators is the 20-day moving average at $115,964 (approximately ₩161.22 million), with the 50-day moving average at $113,934 (approximately ₩158.31 million) expected to serve as an additional defense line. If this support is breached, a correction to $108,377 (approximately ₩150.73 million) seems inevitable. However, from a supply perspective, the recent decrease in trading volume at the resistance zone suggests that selling pressure has not yet fully materialized. The RSI at 57 indicates that the market direction is not yet clear. Overall, XRP, SHIB, and Bitcoin are all at critical technical crossroads. Despite short-term adjustments and uncertainty, there are possibilities of trend reversals in the medium to long term. Investors should closely monitor trading volume and changes in technical indicators at strong support/resistance zones.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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