While the majority of the altcoin market reflects similar price movements in correlation to Bitcoin and Ethereum, there have also been minor dips. According to price analysis, XRP/USDT is down 1.3% and close to the $1.05 support level. Ethereum Classic prepared to test the $58.09 support and traded close to the $4.8 support level after EOS fell 3.3%. Here are our analysis details.
XRP/USDT Price Analysis
XRP is down 1.3% in the last 24 hours and was trading at $1.12. On the four-hour chart, XRP was seen to be consolidating. However, with a drop below current levels, XRP would trade at $1.05. Technical indicators for XRP have given a bearish signal.
The Relative Strength Index declined in buying pressure as the indicator dropped below the halfway mark. Additionally, Chaikin Money Flow also stopped below the middle line, indicating a decrease in capital inflows.
Awesome Oscillator showed mixed signals with green and red dotted signal bars signaling a phase of consolidation in the market. If XRP breaks the upside consolidation, the immediate resistance will be at $1.20 and then $1.31.
ETC/USDT Price Analysis
ETC has moved to the downside on its chart as it dropped 2.2% in the past day. The altcoin is trading at $63.26 at the time of writing. The first level of support for Ethereum Classic is located at $58. With the downside break of this level, the target will be the support at the $50 levels.
With the same reflection of the Relative Strength Index, the selling pressure in the market increased and remained below 50 points. Chaikin Money Flow attempted to break below the middle line as capital inflows remained low.
The narrowing of the Bollinger bands indicated that ETC is currently consolidating. The borders of the lower and upper bands remained between the levels of $65.48 and $61.60, respectively.
On the other hand, ETC’s resistance levels are located at $65.48 and $70.93, respectively. Once these resistance levels are overcome, the resistance at the $75 level can be tested.
The altcoin, trading at $4.93 at the time of writing, has dropped 3% in ten 24 hours. However, the first level of support for the altcoin is located at $4.8. However, with a downside break from this support level, the $4.2 level can be tested.
Indicators signaled negative price action for EOS. The Relative Strength Index was hovering at 40 within the bear zone as buying pressure eased. Additionally, the green bars on the MACD histograms have retraced and approached the bearish crossover.
The Bollinger Bands have converged heavily. That said, prices have narrowed to between $5.10 and $4.84. Conversely, if EOS finds back the buying pressure, the resistance levels are located at $5.10 and $5.48, respectively. However, if these resistance levels are exceeded, the target level will be the $5.87 resistance.
The overall cryptocurrency market is driven by Bitcoin and Ethereum. That’s why it’s important to follow Bitcoin’s price movements.