Monat: Juli 2022

• Ripple’s XRP has gained by 4% in 24 hours.

• Most cryptocurrencies are having relief rallies.

• Technical indicators suggest that the XRP relief rally could continue in the short term.

After staging a bear market for a week, Ripple’s RP/USD is making a comeback. As of the time of writing, the cryptocurrency had returned more than 4% in the past 24 hours. There is no immediate trigger for the gains in XRP. However, a quick look into the crypto sector showed most cryptocurrencies are gaining. Bitcoin was up 6.28%, while Ethereum had returned at least 10%. So, was Tuesday’s gains a relief or a lasting rally?

Cryptocurrencies are known for their high volatility. Of late, they have become pegged to macro-events, including policy actions by central banks. We do not view the current macro-events as positive yet. It then follows that the gains posted in the last 24 hours are merely speculative. They do not indicate a long-term comeback in cryptocurrencies. Investors could still be looking for short-term opportunities in a beaten-down market. We believe that XRP is one of the cryptocurrencies that can offer short-term returns.

XRP stages a relief rally at a key support zone

Source – TradingView

From the technical outlook, XRP is bullish after retesting the support of $0.31. The 14-day and 21-day moving averages have joined the support, suggesting a short-term bull run. The MACD line crossed above the moving average line, confirming a bullish push. We believe XRP is set for further gains in the next few days. Investors should still monitor the trade as the market remains largely bearish. The potential targets are $0.34, a short-term resistance, and an established level of $0.38. 

Summary

XRP is gaining as sentiment improves in the crypto sector. The longer trend is still bearish. The cryptocurrency could continue rising but will find resistance at $0.34 and $0.38.

The post XRP turns bullish and has up to 18% potential upsurge appeared first on CoinJournal.

• BNB is the native token of the world’s largest crypto exchange Binance

• The token has witnessed a double-digit jump in trading volume as the price rallied.

• BNB eyes a breakout from an ascending triangle pattern on the 4-hour chart

BNB/USD is the native token of the world’s largest crypto exchange Binance. Being a utility coin of a crypto exchange of Binance magnitude makes BNB a key token. Investors could be looking at possible bottoms to buy BNB. 

Binance is ranked as the fifth cryptocurrency, just behind two stablecoins, Tether and USD Coin. The coin’s 24-hour trading volume is $1.26 billion, an increase of 77.40%. The trading volume is positive for the token despite the overall trend remaining a downtrend. The token has also risen by more than 8% in the same period. There is no significant driver for the gains, albeit the improving crypto sentiment. 

BNB maintains an uptrend along an ascending triangle pattern

Source – TradingView

BNB has an established resistance at $240. Since bottoming at $185, the token has been moving in a system of higher highs and higher lows. The price crashed each time it hit the resistance, forming an ascending triangle with the uptrend. At the current $228 price, BNB is retreating after hitting resistance. The RSI reading points to overbought conditions. However, moving averages reinforce a bullish view.

Two scenarios for BNB are likely in the coming days. The first is a breakout above the ascending triangle structure. We view this as the most likely outcome if crypto sentiment improves. The second potential outcome is a break below. The outcome is true if BNB breaks below the ascending trendline and fails resistance breakout. Investors should watch the two possible outcomes.

Summary

BNB is bullish but needs to break above the $240 resistance to go higher. Investors should watch the ascending triangle structure to evaluate the potential direction.

The post BNB eyes breakout in ascending triangle as price suddenly turns bullish appeared first on CoinJournal.