Baxia Markets
By
August 06, 2021

Ripple could reach $0.85

technical analysis top header -01

The cryptocurrency maintained an uptrend for seven straight trading sessions in the previous days, it found a pullback, and it might be ready to take off. The pair is getting closer to the resistance level at the 23.6% Fibonacci Retracement.

 

The price is currently trading inside the Ichimoku cloud, and this could be interpreted as market uncertainty, but the current market is hot for cryptos. We have seen other assets in the same class take off after a long wait.

 

The short and long-term moving averages crossed three trading sessions ago; this indicates that the general trend can be expected to be upwards; there is still a long way for the cryptocurrency, but it's heading in the right direction.

 

Graph Template - Ale (1)-2

 

The relative strength index is at 60%, which will allow the pair to continue climbing in the short term; once the RSI gets closer to 70%, we will likely see a drop in the price, we expect that pullback to be brief but only time will tell.

 

The Bollinger bands are wide and moving up, strengthening our long trade signals; the parabolic SAR indicator also backs this. 

 

We love to hear new ideas from traders and want to know what you think! 

 

If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

 

Open Live Account  

 

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 

 

Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Subscribe by Email