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XRP currently shows signs of vulnerability as the recent price promotion becomes more bearish. After he has tried to reclaim the upward momentum above $ 2.60 in May, the cryptocurrency has difficulty maintaining this run, and the price action is in recent days brought it close to losing The price level of $ 2.10.
In particular, the price promotion has resulted in the formation of a head and shoulder pattern on the daily candle chart. This is perhaps the last drop that finally Send the XRP price fall under $ 2.
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XRP breaks head and shoulders neckline
As identified by A crypto analyst on the social media platform X, XRP has now printed a classic head and shoulder formation, with clearly defined symmetry between the left shoulder, the head and the right shoulder. The formation of the head and the shoulders began to take shape at the end of April, when the price climbed to $ 2.26 to become the left shoulder of the pattern. In early to mid -May, XRP rose above $ 2.60 to create the head of the formation and what seemed to be at the time as a resumption of a strong bullish momentum.
The rally lost steam shortly after reaching that peak, and the price began to withdraw. By June 3, XRP Another attempt made To push higher, reaching $ 2.27 in what the formation of the right shoulder is. However, this push was not enough and the subsequent price promotion gradually fought for controls.
The main and shoulder pattern, which is often associated with trend covers, became more worrying as soon as XRP broke under the neckline around the level of $ 2.18 to reach as low as $ 2.07 on July 6. Interestingly, the breakdown under the neckline was accompanied by an increased volume, which gave extra confirmation of the Bearish signal.
EMA offenses for XRP: What is the following?
Now that XRP is broken under the neckline, the zone of $ 2.18 to $ 2.20 begins to go for every attempt at recovery in a solid resistance barrier. The Daily Candlestick Chart shows that XRP continues to act under both the 9-day EMA and the 50-day SMA, which currently amount to $ 2,1877 and $ 2,2649 respectively.
Despite A modest recovery In the last 24 hours, XRP has repeatedly not broken down above the 9-day EMA since the demolition of the neckline, which has persistent weakness in The short -term structure.
As long as XRP is trapped under the neckline and the EMA/SMA resistance cluster, the prevailing structure continues to favor a downward extension. Based on the arrangement of the head and the shoulders, a measured movement of the neckline loss projects a decrease to the range from $ 1.85 to $ 1.80.
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At the time of writing, XRP is now again in the neckline resistance at $ 2.18 after an increase of 2.6% in the last 24 hours from $ 2.13. However, the strength of this bounce is doubtful, because it has taken place in addition to a sharp decrease of 48.14% in trade volume. The next 24 hours will be importantBecause price behavior around the range of $ 2.18 to $ 2.20 could determine whether XRP resumes its descent and is broken below $ 2.
Featured image of Unsplash, graph of TradingView
Credit : www.newsbtc.com
