XRP was projected to slip below its press time support level and head towards the $0.509-level. Klaytn’s on-chain metrics hinted at a deeper correction, while CRO’s bulls need to defend the $0.205-support over the next few trading sessions to avoid a breakdown.
Over the last few days, XRP has traded largely within the levels of $0.58 and $0.54, with the market remaining in equilibrium between the buyers and sellers. However, that might change as the indicators pointed to a bearish short-term outcome. The Awesome Oscillator’s red bars moved below the half-line, while the MACD witnessed a bearish crossover. Significant trading volumes of over $4.4 billion suggested that investors were offloading the cryptocurrency, having taken advantage of the most recent price pump.
The next few sessions would add more clarity to the trajectory of XRP. If the press time support level is maintained, a bullish scenario could be possible over the short-term. With regards to the ongoing Ripple-SEC lawsuit, the XRP community welcomed a huge win after the court allowed Attorney John Deaton to file a motion to intervene in the lawsuit on behalf of XRP holders.
With gains of nearly 180% in the month of March, Klaytn asserted itself as a dominant force in the crypto-market, even capturing the 14th spot on CoinMarketCap’s cryptocurrency rankings. At the time of writing, KLAY was trading at $3.8 with a market cap of slightly below $10 Billion. However, on the 4-hour timeframe, the price noted exhaustion as it reversed its trajectory from record levels.
The MACD witnessed a bearish crossover, while the Awesome Oscillator registered a series of red bars as momentum remained strong among the sellers. A breakdown from the press time support could lead to additional losses towards the next line of defense at $3.32, but the bulls can be expected to overturn this situation considering an overall bullish trajectory.
Crypto.com Coin [CRO]
At press time, Crypto.com Coin just about held on to the $0.205-support after the price dropped by 5.5% in the last 24 hours. The RSI stabilized at 44 and suggested that the bulls could defend the present line of defense, but a bearish crossover in the MACD favored an opposite outcome. In the case of extended losses, the support levels could be found at $0.193 and $0.177.
For a recovery towards record highs, the market bulls need to reclaim the zone above the $0.229-resistance.
Published at Wed, 31 Mar 2021 16:00:56 +0000