Is XRP in ‘Crab Market’? Solana (SOL) Reaches Major Resistance Level Before $200, Ethereum (ETH) Really Needs This Price Level

The post Is XRP in ‘Crab Market’? Solana (SOL) Reaches Major Resistance Level Before $200, Ethereum (ETH) Really Needs This Price Level appeared on BitcoinEthereumNews.com. Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Contents Solana’s major resistance Ethereum needs it It seems like XRP is not making any attempt to break through the currently shown tendency in the market. The asset has barely moved since the beginning of the month, and the most recent breakthrough attempt at $0.54 only pushed the asset back below $0.50. The cryptocurrency is moving up again, but it will most likely end up in a “crab market.” The term “crab market” is a state where an asset’s price moves sideways without significant upward or downward trends. XRP’s price action is a textbook example. Despite occasional spikes, the overall movement is horizontal. This lack of direction can be frustrating. XRP/USDT Chart by TradingView Looking at the chart, XRP has been struggling to break past the resistance levels defined by the 50-day EMA and the 100-day EMA, both of which hover around $0.54 and $0.55, respectively. These moving averages have been acting as strong barriers, preventing any substantial upward movement. Related Moreover, the volume is another indicator suggesting a lack of strong buying interest. Over the past weeks, the trading volume has been relatively low, indicating that traders are hesitant to commit significantly in either direction. This low volume typically accompanies a “crab market,” reinforcing the idea that XRP might stay in this pattern for a while.…

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May 20, 2024 - 01:00

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The post Is XRP in ‘Crab Market’? Solana (SOL) Reaches Major Resistance Level Before $200, Ethereum (ETH) Really Needs This Price Level appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Contents Solana’s major resistance Ethereum needs it It seems like XRP is not making any attempt to break through the currently shown tendency in the market. The asset has barely moved since the beginning of the month, and the most recent breakthrough attempt at $0.54 only pushed the asset back below $0.50. The cryptocurrency is moving up again, but it will most likely end up in a “crab market.” The term “crab market” is a state where an asset’s price moves sideways without significant upward or downward trends. XRP’s price action is a textbook example. Despite occasional spikes, the overall movement is horizontal. This lack of direction can be frustrating. XRP/USDT Chart by TradingView Looking at the chart, XRP has been struggling to break past the resistance levels defined by the 50-day EMA and the 100-day EMA, both of which hover around $0.54 and $0.55, respectively. These moving averages have been acting as strong barriers, preventing any substantial upward movement. Related Moreover, the volume is another indicator suggesting a lack of strong buying interest. Over the past weeks, the trading volume has been relatively low, indicating that traders are hesitant to commit significantly in either direction. This low volume typically accompanies a “crab market,” reinforcing the idea that XRP might stay in this pattern for a while.…