Technical indicators further support the bullish sentiment. Both the Exponential Moving Averages (EMA) 50 and 200 are trending upwards, with the distance between them widening. This indicates that the bullish momentum remains strong despite the correction towards the mid-band of the Bollinger band.
Additionally, the volume profile indicator reveals that prices are trading above the value area upper range, located at 0.5567. The lower side of the value area, marked by a pink horizontal line at 0.5364, serves as another key level of support.
Furthermore, traders are keeping a close eye on the bottom of the bullish engulfing candlestick pattern, which also serves as a significant level of support. A break below this bullish candlestick pattern could signal a retreat in bullish interest.
Oscillator indicators, such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), further confirm the bullish trend. The MACD signal line remains above the 0 line, while the RSI has consistently traded above the 40% level for the last 50 bars. Additionally, the MACD histogram indicates that momentum remains strong, with no signs of crossing below the 0 line.
Overall, the trend for XRPUSD is bullish, and the existing upward momentum may continue as long as the price remains above the upper bound of the volume profile's value area.
1. XRPUSD experienced a correction during the Asian trading session but found support during the European session.
2. Technical indicators, including EMAs, Bollinger bands, and volume profile, support the bullish sentiment.
3. Key levels of support include the mid-band of the Bollinger band, the value area lower range, and the bottom of the bullish engulfing candlestick pattern.
4. Oscillator indicators such as MACD and RSI confirm the bullish trend, with strong momentum.
5. The overall trend for XRPUSD is bullish, and traders should monitor key support levels for potential entry points in line with the upward momentum.
Actual 0.7% vs Forecast -1.6% vs Previous -2.1%
Actual 0.7% vs Forecast 1.5% vs Previous -3.3%
Forecast 1.509M vs Previous 1.493M
Forecast 0.1% vs Previous -0.1%
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