U.Today – is moving in a symmetrical triangle, a pattern that is prone to rising or falling depending on the state of the market. Currently, the top of the triangle is where XRP is meeting powerful resistance. Bulls have been trying to push the price higher, but the asset has failed to make a significant breakout, suggesting that bullish momentum may not be powerful enough at this point.
Even though this is a short-term bearish trend, the symmetrical triangle itself indicates a long-term uptrend. In the triangle, higher highs and lower lows correspond to a constant tug-of-war between bears and bulls. On the other hand, the fact that XRP is unable to break through the upper trendline indicates that the bulls are currently losing the battle. Despite this, the overall outlook for XRP is still cautiously positive.
A bullish continuation could occur if the asset is able to break above the key resistance level near $0.60. The bullish structure would continue if XRP decisively breaks above this level, potentially leading to a retest of higher targets such as $0.65 and above. The asset could fall to test lower support levels near $0.52 if bears manage to push XRP below the lower boundary of the triangle. The short-term market sentiment could change as a result of the bullish thesis being disproved.
The coming days will be critical for XRP as traders watch for a verified breakout or breakdown of this symmetrical triangle. Either scenario would be fueled by an augment in trading volume, which would show which side of the market is in control. The battle of bulls and bears is ongoing for now, but a major change in direction could be coming.
Toncoin Returns
At $5.57, Toncoin broke above the key 200 EMA. This is a significant event for the asset as a break above the 200 EMA is often interpreted as a fundamental change in price trajectory, suggesting the possibility of further upward movement. TON’s ability to sustain this rally and break through the next resistance levels, especially those located at the 50 and 100 EMA price levels, is a key factor to watch at the moment.
A stronger and longer bull run that builds on the current momentum could be possible if these levels are broken. Keep in mind that Toncoin has been generally down for several months now, even with this encouraging breakout. In other words, while the recent price action has been promising, the overall downtrend that TON has been witnessing may not be completely reversed.
However, caution is still advised. If the 50 or 100 EMA is not broken, a pullback could occur that would take the price back to previous support levels. However, if the rally continues, TON could be on the verge of entering a rebound phase, especially given the steady inflows that have been supporting its uptrend.
I don’t give up
The $60,000 milestone has been successfully reached by Bitcoin after numerous attempts over the past few weeks. This barrier has long been seen as psychological, and its breakthrough has given rise to renewed optimism about a possible long-term market recovery. However, despite the initial enthusiasm, things are not as bullish as they might seem in the bigger picture.
The 50 EMA and 100 EMA are key resistance levels despite BTC breaking above $60,000 in value. These two exponential moving averages are essential tools for determining the short-term and medium-term price direction. Since Bitcoin has been in a downtrend for several months now, it is still advisable to be cautious until it breaks above these resistance levels.
Bitcoin needs to break above $62,000 to properly indicate a confirmed uptrend change. In addition to representing an EMA breakout, this level would suggest that Bitcoin has acquired enough momentum to counter the recent decline. Maintaining the price above $62,000 would reassure investors and traders that Bitcoin is poised for a long-term rally that could trigger another rally toward previous all-time highs.
A pullback could occur if these key levels are not breached and momentum is not maintained. If the price revisits lower support levels near $57,000 or even $55,000, it could occur within a descending channel. To determine the next move, market participants are closely watching these technical levels.
