XRP was trading within a descending channel pattern and buyers lacked the numbers to propel prices towards a breakout. Elrond has been trading between $ 130 and $ 160 for the past few days while Bitcoin SV is consolidating below the $ 192 level.
The descending channel that XRP was trading on has not yet seen a breakout, however the USD 0.439 support level has been defended for the past few hours. This level corresponds to the 38.2% retracement level for the move from XRP from $ 0.179 to $ 0.75.
On the 4-hour chart, neither momentum nor buying volume were significant at the time of writing. The upper bound of the descending channel, as well as the horizontal resistance level at $ 0.49, is likely to offer significant resistance to XRP.
Moving above these levels would be bullish, while a break below $ 0.439 could cause XRP to move towards the $ 0.4 mark in the next few days.
Bitcoin SV [BSV]
BSV has consolidated below the $ 192 mark for the past three weeks. Bitcoin’s uptrend is likely to have a major impact on BSV as well, and a breakout above $ 192 could be seen soon.
Based on the decline in BSV from $ 285 to $ 170, the Fibonacci retracement values have been recorded. BSV climbed above the $ 192 level and retested as a support in the past few hours. The RSI rose from $ 182 to $ 192 above the neutral 50 after quickly switching from BSV. The stochastic RSI was in the oversold territory and the BSV saw a slight decline towards $ 188-190 before its next uptrend.
EGLD broke out of a descending channel but failed to climb back to the channel’s high at $ 210 and instead encountered strong resistance at $ 162. The levels to watch out for are $ 132 as support, $ 145, and $ 162 as resistance. At the time of writing, EGLD has seen a surge to $ 145.
Until these two levels are broken, $ 162 can be used to enter a short position and $ 132 to enter a long position. As the Chaikin Money Flow shows, the flow of capital in and out of the EGLD market has been largely balanced over the past week, with the bulls in a more favorable position.
The Directional Movement Index showed that a bearish trend was gaining strength. For EGLD, the $ 132 and $ 162 price levels are the ones to watch out for.
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