XRP’s epic battle with the bears, Solana breaks above $100, Ethereum fights for momentum
U.Today – XRP is currently embroiled in a fierce battle with bearish forces. Digital assets managed within the network have difficulty establishing positions above the 200-day exponential moving average (EMA), an important technical indicator.
The 200 EMA serves as an important barometer of long-term trends and investor sentiment. In the case of XRP, remaining below this level suggests that the asset lacks the bullish momentum needed to move into an upward trajectory. The inability to secure a foothold above the 200 EMA casts doubt on the stability of positive price movements in the short term.
XRP/USDT chart technical analysis by TradingView shows that the 200 EMA is a dynamic resistance level that many traders are closely monitoring. Continued failure to break out of this threshold could lead to a self-fulfilling prophecy of resistance levels becoming stronger as more traders place sell orders around this critical price point.
continue to struggle
Ethereum has lost its upward momentum and is showing signs of not being able to form further highs. This is an indicator that market experts often interpret as a sign of an impending price correction.
ETH chart reveals a clear pattern. It is important not to set new highs. Typically, during a bull phase in a market, asset prices produce a series of highs and lows. However, Ethereum’s inability to break above recent highs could signal that the bulls have lost momentum and a reassessment of market sentiment is underway.
Analyzing the chart, the local resistance level is a difficult ceiling for Ethereum to break. This resistance level, where sell orders tend to be concentrated, acts as a barrier to further upside. Conversely, a support level represents a price point where buy orders are concentrated and provides a potential buffer against a price decline. If Ethereum fails to maintain the support level, it could cause the price to fall and signal a transition to a bearish trend.
If Ethereum price continues to struggle, a scenario could develop where the asset falls further and subsequent support levels are tested. Although Ethereum’s underlying fundamentals, such as network upgrades and adoption rates, remain strong, short-term price movements may still be subject to corrective pressure.
I want to play another round
The battleground of cryptocurrency market volatility continues, and Solana (SOL) is not immune to its vagaries. Once the darling of the cryptocurrency world for its speed and efficiency, SOL has recently hit a wall, struggling to break above the all-important $100 mark. Price charts reflect a story of struggle and resistance, painting a picture of an asset in need of momentum.
The technical outlook for SOL looks bright. After a period of bullish activity that piqued the interest of many investors, SOL hit a roadblock near the $100 resistance level. This resistance level is a significant psychological and financial barrier as sell orders tend to accumulate, putting downward pressure on the price.
Despite efforts to move higher, the asset has not been able to generate the necessary momentum to easily cross this threshold and is currently stuck at this level. One of the main factors contributing to this lackluster performance could be the lukewarm market response to the Solana Phone Saga 2 announcement. While this news may have been expected to generate enthusiasm in the market, it failed to provide any real support to Solana’s price.
Looking at the graph clearly shows the level of local support. SOL’s first line of defense is around the $88-$90 price range, where past declines have seen buyers waiting. If this level fails to hold, the next support may not emerge until the more solid $70 level is reached, which could provide stronger footing for the price.
On the contrary, resistance above $100 is more formidable than ever. Each rejection weakens the buyer’s resolve, turning the $100 level from just a price point to an important psychological level that should not be missed.
This article was originally published on U.Today