“Xrp remains the Critical $ 3.65 Level, WHERE A BEARISH PATTERN PREVIUSLY EMERGED, AS ON-CHAIN DATA SHOWS PETENTIAL FOR PROFIT Taking by Holders.”, – WRITE: www.coindesk.com
XRP: Not Out of the Woods YetXrp
The Payments-Focused Cryptocurrency, Surged 11% on Thursday, Reportedly Breaking Out of A Bull Flag Pattern to Suggest Renewed Upward Momentum. However, It’s Not Yet Clear, AS PRICES REMINAIN WELL BELOW The CRUCAL $ 3.65 Level, WHERE A BEARISH “Tweezer Top” Candlestick Pattern Occurred Last MONTH.
The Tweezer Top Is A Bearish Reversal Pattern, Comprsing Two Candles with Identical Highs that Represent A Clear Reject Point, In this Case $ 3.65. It’s as if the Market Tried to Climb to A New Level Twice and Was Met with A Brick Wall of Selling Pressure at the Same Spot, A Sign That Upward Momentum Has Completely Stalled.
The Bulls, Therefore, Need to Overcome the Significant Supply Point at $ 3.65, A Move That Wound Invalidate The Bearish Reversal Pattern.
Xrp’s Weekly Chart. (TradingView)
However, this May Be Easier SAID THAN DONE, AS ON-CHAIN DATA SUGGGESTS THAT HOLDERS ARE SITING ON Substantial Profits and Have a Strong Incentive to Sell at Curretnt Valuations.
“The [XRP] Net Unrealized Profit/Loss (Nupl) Remains at Elevated Levels Not Seen Since The 2021 Peak, Reaching Similar Levels to Those Observed in 2018. TheSe HIRCETE HIRRETSTICATETICATETICATE Those HIRCETE HIRCETE HIRCET SIMIL Unrealized Profits, whochh Historical Represents Zones of Potential Distribution and Price Correction, “Research Firm Alphractal Said on X.
XRP Net Unrealized Profit and Loss. (Alphractal)
- Resistance: $ 3.38, $ 3.65, $ 4.00.
- Support: $ 2.99, $ 2.72, $ 2.65.
Bitcoin: BTC AWAITS BREAKOUTBitcoin’s (BTC) Recent PullBack is Currently Taking the Shape of A Descening Channel (White Lines) within Its Primary Uptrend (Yellow Lines). This pattern is a classic “Bull Breather” that suggests the Market is Consolidating Its Recent Gains.
The Price’s Recent Bounnce from the 50-Day Simple Moving AVERAGE (SMA) Further Reinforces the Strength of this Consolidation. For Traders, This Means that While the Short-Trend Is Still Corrective, The Path of Least Resistance Remains to the Upside.
BTC’s Daily Chart. (TradingView)
A Decisive Breakout from the descending Channel would confirm a Continination of the Broader Uptrend, Potentilly Yielding a Move to Record Highs Above $ 123,000. Conversely, A Move Below The May High of $ 111.965 Wuld Increase The Risk of a Deteper Sell-Off to $ 100,000.
- Resistance: $ 120,000, $ 122.056, $ 123.181.
- Support: $ 111.965, $ 104.562, $ 100,000.
Ether: Major BreakoutEther has rallied to over $ 4,200, reaching levels Last Seen Four Years Ago. The Cryptocurrency Has Broken Out of A Prolonged Symmetrical Triangle That Contained ITS PRICE SINCE SINCE OF THE ALL-TIME HIGH IN LATE 2021, WHICH IS A MAJOR BULLISH SIGNALL.
Eth’s Daily Chart. (TradingView)
The Decisive Breakout, Particularly on a Chart with this Long A Time Horizon, Indicates that Market Has Official Entered A New, Powerful Uptrend, Opening The Door For ARCORTER AFTEST.
- Resistance: $ 4,400, $ 4.875, $ 5,000.
- Support: $ 4,000, $ 3.941, $ 3.737.
Omkar Holds A Master’s Degree in Finance and A Charterred Market Technician (CMT) Designation.
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The Protocol’s New Yield-Trading Platform, Boros, Allows Traders to Go Long or Short On Funding Rates, and Has Attracted Significant Deposits and Activity Since ITS LAUNCH.
- PENDLE’S TOTAL VALUE LOCKED (TVL) HAS REACHED A RECORD $ 8.27 Billion, with Its Native Token PENDLE SURINGING 45% TO $ 5.6 IN THE PAST WEEK.
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- PENDLE’S PERFORANCE HAS OUTPACED OF THE Wider Cryptocurrency Market, with PENDLE SIGNFICANTLY OUTPERFORFORMING OF THE COINDESK 20 (CD20) Index, WHICH ROSE 13.15%.
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