XRP Price Analysis: XRP Remains Near $0.33, Targets $0.34
Originally published on: CoinSpeaker
Read the original article
March 06, 2019
- The Pennant pattern confirmed in the XRP market;
- in case $0.30 price level does not hold, there will be a bearish break out;
- the break out is imminent.
XRP/USD Price Long-term Trend: Ranging
Supply levels: $0.32, $0.34, $0.36
Demand levels: $0.30, $0.28, $0.25
XRP/USD continues its sideways movement on the Daily chart. XRP price remains in its ranging position. The bullish and the bearish momentum are getting weak more and more within the range. The scenario has resulted in the formation of a “pennant” pattern on the daily chart.
As the bulls pushed the coin up, it bounced back to the lower support where the bears also rejected the price declination. The daily candle formed at the opening of the market today is bearish in which there is a possibility that the bears will push the coin down to the demand level of $0.30.
The breakout through the lower trend line is possible in case the support level of $0.30 does not hold and also the bears increase their momentum. Should the bulls defend $0.30 demand level; the XRP price will bounce and break out at the upper trend line.
The two EMAs are getting closer to each other and flat horizontally which indicates weaker momentum of both bears and bulls in the XRP market. The coin is trading over the 21-day EMA and 50-day EMA which connotes consolidation is ongoing. The Stochastic Oscillator period 14 is interlocked to each other at 30 levels. Traders are advised to be patient and watch out for a breakout.
XRP/USD Price Medium-term Trend: Ranging
On the medium-term outlook, XRP/USD is also ranging. The Bears were in control of the XRP market last week. The coin bottomed at $0.30 demand level, the bears lost the pressure at the level. The bulls gradually returned the XRP price to the supply level of $0.32 unable to break out.
The scenario also resulted in the formation of a pennant pattern. There is a possibility for a bullish breakout in case the bull increases their momentum when the XRP price bounces at the demand level of $0.30.
However, the Stochastic Oscillator period 14 is at 80 levels with the signal lines pointing down which connotes sell signal.
*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome guide.