Ethereum
Is XRP in the “crab market”? Solana (SOL) Hits Major Resistance Level Ahead of $200, Ethereum (ETH) Really Needs This Price Level
Arman Shirinian
As the week ends, we might finally see some action on Monday
Read U.TODAY on
Google News
It seems like XRP does not attempt to break the trend currently displayed on the market. The asset has barely moved since the start of the month, and the latest attempt to break out to $0.54 only pushed the asset back below $0.50. The cryptocurrency is on the rise again, but it will most likely end up in a “crab market.”
The term “crab market” is a state in which the price of an asset moves sideways without a significant upward or downward trend. XRP price action is a classic example. Despite occasional spikes, the overall movement is horizontal. This lack of direction can be frustrating.
Looking at the graph, XRP has struggled to break above the resistance levels set by the 50-day EMA and the 100-day EMA, which are both hovering around $0.54 and $0.55, respectively. These moving averages acted as strong barriers, preventing any substantial upward movement.
Additionally, volume is another indicator suggesting a lack of strong buying interest. Over the past few weeks, trading volume has been relatively low, indicating that traders are hesitant to make a significant commitment one way or the other. This low volume typically accompanies a “crab market,” reinforcing the idea that XRP could remain in this pattern for some time.
For XRP to break out of this stagnation, it would need a significant catalyst, either a fundamental development in the cryptocurrency market or a strong technical breakout above resistance levels.
The great resistance of Solana
Solana has finally reached a crucial resistance level, which is perhaps the last threshold it will need to cross to get closer to the much-desired $200 mark. However, it is not yet clear whether Solana will succeed.
Solana is currently testing resistance around $175, a level that previously served as a strong barrier. This resistance is reinforced by the 50-day EMA, which converges around the same price level. Recent price action suggests that the bulls are attempting to push the price higher, but the real test will be getting past this resistance and maintaining the momentum.
Over the past few days, the trading volume has increased noticeably, indicating the growing interest of traders. The increase in volume suggests that significant purchasing power is supporting the recent price surge. For Solana to break above the $175 resistance and aim for $200, it will need continued high volume.
As for the RSI, it is approaching overbought territory. While this indicates strong bullish momentum, it also suggests that the asset may need to undergo a short-term correction or consolidation before attempting another upward move. If the RSI can remain above the midline after a potential pullback, it would signal sustained bullish momentum.
Historically, Solana faced significant resistance around the $175-$180 range. Breaking this level would be a major milestone and could pave the way to $200. However, failure to break through could result in a retracement towards support levels around $155 or even $143.
Ethereum needs it
Ether is not the most powerful cryptocurrency on the market since the start of the year. It struggled to reach an all-time high (ATH), lagged behind Bitcoin’s performance, and the overall ecosystem failed to thrive during the rise. walk. As the price of ETH reaches a critical level, we should all hope that the bulls are able to push it a little further.
Ethereum is currently facing a significant resistance level around $3,150, marked by the 50-day EMA and historical area of strong selling pressure. The last time Ethereum reached the aforementioned zone, it quickly moved back towards $2,900.
Volume is a key metric to watch. Over the past few days, trading volume has increased noticeably, which is a positive sign. Higher volume indicates stronger buying interest and market participation. For ETH to break through the $3,150 resistance, sustained high volume is required.
The RSI is currently oscillating around the midline, which suggests that ETH is neither overbought nor oversold. This neutral RSI provides room for further upward movement if buying pressure increases. However, if the RSI approaches overbought territory without a significant price increase, this could signal a potential pullback or consolidation.
Support levels to watch include the 50-day EMA around $3,050 and psychological support at $3,000. If ETH fails to break the $3,150 resistance, it could return to these support levels. On the other hand, a successful breakout could see ETH target higher resistance levels around $3,300 and potentially $3,500.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.