Markets Still Consolidating, But Some Assets Show Exceptional Performance
The crypto storm is subsiding as most assets enter a long period of consolidation, resulting in indiscriminate performance across the industry. XRP Or uniswap.
XRP breakthrough success
The XRP symmetrical triangle we mentioned in our previous market review has finally broken as the asset is now moving towards the next resistance level on the chart. It was a necessary condition to continue the rally towards $0.65.
Whenever an asset experiences a volatile price spike, it quickly falls into a correction or consolidation to “cool down”.scenario XRP Similar to the textbook definition of an uptrend: an asset experiences a volatile price increase, enters a consolidation in the form of a pattern or range bound, and then forms another ‘leg’.
Thankfully, it didn’t take long for XRP to continue its rally, and the asset settled within three weeks. The rising volume profile indicates that the uptrend will continue in the near future. However, it is important to note that XRP is highly dependent on general market sentiment and will likely fall if Bitcoin and other assets suddenly face significant selling pressure.
Bitcoin has not broken above the 50-day EMA
Unfortunately, as the first cryptocurrency support, Bitcoin is currently failing to battle the 50-day moving average resistance line for the third straight day, failing to break out.
A lack of trading volume and inflows from large retail or institutional investors are preventing digital gold from entering a reversal trend. It has received less than $10 million in inflows from investors. This indicates a lack of demand for exposure to the cryptocurrency market. Notably, the bulk of the existing inflow is directed towards short Bitcoin ETFs, which are akin to shorting an asset via a futures contract.
Ethereum Targets $1,500
the past few weeks, of Ethereum Since the implementation of Merge, the price performance has been far from ideal as the value of the second largest cryptocurrency on the market continues to fall.
Thankfully, over the past few days, Ether has been on a positive move, gaining more than 5% and reaching its first significant resistance level on the chart. ETH’s next target should be around $1,500. This price level will be the asset’s next stop if it successfully breaks the 50-day moving average resistance level that acts as a barrier before entry into the uptrend.