Reason to trust
Strict editorial policy which focuses on precision, relevance and impartiality
Created by industry experts and meticulously revised
The highest standards in the declaration and publishing
Strict editorial policy which focuses on precision, relevance and impartiality
Leo football price and a little soft players. Each Arcu Lorem, ultimate all children or, Ultlamcorper football hates.
An analyst underlined how XRP and three other altcoins seem to share a similar technical analysis spell (TA). Here is what could be in reserve for these assets.
TY models point to the same result for four altcoins
In a new job On X, analyst Ali Martinez underlined a common point which can be present among XRP (XRP), Ethereum Classic (etc.), Bitcoin Cash (BCH) and Lawn.finance (YFI).
Related reading
The similarity lies in the signal that you give on the price graphics of each of these altcoins. Here are the graphics that the analyst shared, showing the models:
The first graphic (top left) highlights the price of the price at 1 day of XRP, the fourth largest cryptocurrency by market capitalization. It seems that the asset may have formed what is called a head and shoulder model.
This diagram is formed when the price of an asset shows three peaks after a strong increase, the interior and exterior peaks being on the similar ladder (the shoulders), and the largest environment (the head). The training also involves another characteristic: a support line of support which facilitates the formation of the different peaks.
From the graph, it is obvious that XRP currently retains this support line, after having formed his third peak (the right shoulder). The head and the shoulders generally point out a trend reversal, so it is possible that the default final part this retest and a net dive would then follow.
Bitcoin Cash, the graphic at the bottom right, also makes a new test of what could be an important support line. In this case, the trend line is the lowest of a symmetrical triangle.
The symmetrical triangle occurs when an asset is consolidating between two lines of trend which converges to a slope almost equal and opposite. This means that when the price moves inside the canal, the distance between its summits and the stockings gradually becomes narrower.
The upper canal provides resistance and the lowest provides support, but as consolidation becomes very narrow (that is to say that the price approaches the triangle apex), a break can become likely.
Recently, Bitcoin Cash approached the end of the triangle, so it is possible that an escape will soon occur. While BCH resets the lower trend line at the moment, this break may occur towards the disadvantage. Such an escape, if one occurs, could be a lower signal for the room, just like that of XRP.
Related reading
The other two altcoins, Ethereum Classic (top right) and the finance of the subsistence (bottom left), are both near the bottom line of a parallel channel. In this model, consolidation occurs between two lines of parallel trends.
It is possible that support ends up holding for these pieces, just as it has done in the past, but since they have been negotiated inside the chain for a few years now and that a change towards a downward mood has taken place in the sector, a downward escape can occur.
It now remains to be seen if XRP and the other altcoins will eventually follow in the trajectory that you have alluded or not.
XRP price
At the time of writing this document, XRP is negotiated about $ 2.06, down more than 16% in the last seven days.
Dall-e star image, tradingView.com graphics
