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This is a daily technical analysis of Coindeska analyst and an authorized market technician Omkar Godbole.
Imagine a ship captured in a wild storm, battered with large waves and sway wildly and remain above the water. This means that the restlessness persists, indicating that smooth sailing will follow as soon as the storm passes.
Similarly, when the price of the asset refuses to drop despite bearish signals from key indicators, it indicates the basic power and potential bull and takes place in advance.
This is the current situation on the XRP market and reflects the conditions on the bitcoin market, which imitated the historical BTC run of higher from $ 70,000 to $ 100,000 at the end of last year. Let’s take a look at both.
XRP is a cryptocurrency focused on Pays used by FINTECH RIPPLE to facilitate cross -border transactions. However, both are not interchangeable.
XRP defies the bear MacD histogram
The basic force in the XRP is obvious from the way in which prices have behaved in recent weeks in relation to the MacD histogram.
Histogram of moving average convergence (MACD) is an exponential gliding average (EMA)-based on a trend indicator that is widely monitored by institutions and retail investors to identify price trends and measure trendy dynamics.
MacD Barys, moving from negative to positive indicate the bull shift in momentum, indicating the beginning of education in the price of the asset. The crossover indicates differently below zero, with a consecutive deeper stripes to strengthen the momentum down.
The Weekly XRP MacD, used by traders to measure long -term trends, exceeded below zero in the first March, which signaled a renewed descent.
However, the explicit descending impact has not yet taken place, with prices mainly traded back and forth between $ 2 and $ 2.60, which occasional short -term drops below $ 2.
Divergence, labeled permanently MacD bear and largely without direction, indicates bull vibrations or resistance under the surface – the bulls successfully absorb the supply.
This prolonged divergence means the potential of sudden recovery of bulls and increased price. The bull case is supported by an ascending stain 50-, 100 and 200-week simple movable diameters (SMA).
BTC resisted Bearish MacD in 2024
The above -mentioned Divergence in XRP is similar to BTC conditions last year, when the weekly MacD flashed red during the summer. At the same time, the BTC traded on the range bound within reach and occasional short -term drops below $ 60,000.
Coindesk noted the divergence in mid -September Last year when BTC changed hands to approximately $ 59,000. A weeks later, the BTC grew to $ 70,000, which eventually reached the same record maximum maximum of $ 100,000 in November.
We’ll see if XRP watches the same way.
