The cryptocurrency that uses Ripple technology started a downtrend on September 7th and has dived since; it lost more than 33% in less than 13 trading sessions, recovered some ground shortly after, but cannot reverse the downtrend.
The asset found support at the 0.85129 level, which is at the 23.6% Fibonacci retracement. The short and long-term moving averages made a cross in recent days. It also broke the 50% retracement support, which often signifies a trend change; the bleeding has not stopped since.
The Bollinger bands are slightly opening, which will likely bring higher volatility to the pair; the support level will be tested again in the short term, which will be a crucial point for the crypto’s short-term future.
The relative strength index is at 39%, which will allow the price to continue falling until it reaches an oversold status at 30%.
The price trades inside the Ichimoku cloud, signaling market uncertainty.
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.
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.