ETH Set For a Quick Rally as XRP Traders Keen on New Monthly High Above $0.20

News / 06.04.2020

Recently, the ETH/USD pair has tried to stabilize above the $145 barrier. However, it couldn’t achieve that. It initially formed a swing high near the $ 146 level only to dip below $ 142.

That notwithstanding both the Support at  $140 support and 100 hourly SMA protected decline. Currently, the pair is experiencing an upside and is over $142.

Curtailed Gains

Examining the pair’s hourly chart indicates a surge over a crucial selling trend line with a barrier near $142. Though the pair revisited the $145 barrier, it wasn’t able to make further gains. 

Any upsurge and close above the $ 145 barrier could see the pair continue to the upside over $148. Should it attain levels over the  $150 barrier, the pair could close at $155 and $158 soon.

BTC/USD Massive Decline

Examining the downside implies that the pair could settle over the $140 support zone and the 100 hourly SMA. Additionally, the pair’s failure to stabilize above $140 support could trigger a massive decline.

The pair’s immediate support is near the $135 mark. Any movement below this point could institute a downward spiral towards the critical $ 124 support region.

XRP/USD Pair Analysis

The XRP/USD pair formed a support base above the $0.1620 level. It then started to rise gradually. Finally, it broke the barriers at $0.1700 and $0.1720, thus entering a positive region.

Strong Barriers

Again the pair continued trading over the $0.1800 barrier settling over the 100 SMA. However, it encountered strong barriers near the $0.1870 and $0.1880 levels.

In the past ten days, The pair attempted to surge over the $0.1870 barrier twice. Nevertheless, its buyers couldn’t secure its momentum. After attaining a high near $0.1869, it retraced downwards.

XRP/USD Bullish Trend

The pair’s 4-hour chart reveals the downside supports at the $0.1780 and $0.1770 levels. We can also deduce the formation of a significant bullish trend line near the $0.1770 support level.

To initiate a powerful upsurge, the pair needs to go over the $0.1870 and $0.1880 barriers. The immediate critical barrier is near the $0.2000 level. The pair may surge past the $0.2020 level in the short term.

Downward Retracement

Studying the downside indicates the formation of crucial support around the $0.1770 level and the trend line. A break in the trend line could result in a downward movement towards the $0.1720 support.

The critical support is near $0.1700 and the 100 SMA. Movements beneath this level could overtake buyers and increase the possibilities of a downside movement.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.