XRP Bears Form Concrete Resistance $0.400 Price Level

Share On Facebook
share on Linkedin
Print

In October, the XRP market consolidated below the 20-day moving average. This was after the bull market faced rejection at the $0.50 price level. The buyers attempted to recapture the $0.5 level, but they were rejected again. This time around, the bearish run brought the price to $0.329. The support was formed from this point and it also became the basis for the strong bull market on November 10. However, the upward-moving market encountered a brick wall at the $0.4 price level. And since then till now, the price could not progress beyond the resistance level.

©

XRPUSD_2022-11-21_19-38-28

Information From the Indicator
From November 15 to November 19, there was a brief consolidation trend. As the faceoff between buyers and sellers gets intense; at the climax of the deadlock, the price drops. But then in today’s market, bulls seek a new higher support level at around $0.3564. The Bollinger Indicator has expanded due to the breakout, but as the bears have the upper hand, the bands tilt downward slightly. The RSI line maintains a horizontal movement this is because of the 5-day indecision which later culminates in a bullish price rejection.

Information from the 4-hour chart
From this standpoint, we can see that after the buyers rejected the bearish price, the market went flat. This was because the bulls became strong enough to stop further decline in the price, but they could not advance the bullish price due to massive selling pressure. Bulls seek a support price level. And from that level, they will charge at the resistance level and break it. But for now, the market remains in the territory of the sellers.

Learn from the market wizards: Books that will take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20230207 11:54:38