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The price of XRP has risen by 20% to $1.166, continuing its remarkable rally. Based on Elliott Wave Theory, the current move is consistent with the bullish pattern's pivotal third wave, which is frequently thought of as the strongest and most significant stage of an upward trend. This spike puts XRP in a position to hit an important price point in the days ahead. After breaking above $1.00, to start the first wave, XRP went through a consolidation phase around $1.30 to form the second wave.
With strong momentum and rising volume, XRP now seems to be in its third wave. In the past, this wave has a tendency to push prices higher than earlier movements, drawing in more buyers and boosting optimism. The next resistance level, $1.80, is one of the important levels to keep an eye on, while XRP's momentum is still strong. If this level is broken, XRP may reach the $2.00 mark, a significant psychological barrier and all-time high.
If XRP continues on this path, $2-$20 might also be considered a long-term target. The Immediate resistance is at $1.80. Above this, a breakout validates the strength of the third wave. A significant psychological and historical barrier that might draw increased market activity is $2.00.
$2.20: If the rally picks up more steam, this could be the upper target. One of the downside risks is a decline below $1.30, which would test the wave structure and suggest a potential waning of the trend. Any corrective actions should be mitigated by the strong support that is still present around $1.30.
Unpleasant Bitcoin market
As it makes a lower high on the daily chart, Bitcoin is indicating that it may be about to reverse. For bullish traders, this is worrisome because lower highs frequently indicate waning momentum and may suggest a more significant correction. Bitcoin is currently facing resistance that could limit its short-term upside potential despite its recent strong run.
When the high falls, it means that buyers are losing control and cannot drive the price to new highs. As sellers gain confidence and trading volumes begin to decline, this pattern usually comes before longer consolidation or further downward movement. If Bitcoin does not surpass the most recent high of about $97,000, the current rally may be put to the test.
Right now, Bitcoin is trading at about $97,500, just below the psychological $100,000 threshold. BTC must overcome the immediate resistance level of $98,000 in order to rekindle the bullish momentum. Support levels of $88,000 and $78,000 are crucial on the downside. The lower high pattern would be validated by a breakdown below $88,000, which would probably trigger a deeper retracement toward the $78,000 area, which corresponds to the 50 EMA.
The fact that the Relative Strength Index (RSI) is still close to overbought levels suggests that Bitcoin might require some cooling time before making another big move. There is also a possibility of short-term weakness because volume seems to be tapering off in comparison to earlier in the rally.
Pepe's high potential
Pepe is nearing a critical point, as its price hovers around the 21-day EMA, a crucial support level that has continuously contributed to the continuation of its recent upward trend. The current short-term downtrend is reflected in the cryptocurrency's consolidation under a descending trendline.
This set of circumstances indicates that a breakout is probably imminent in one form or another. The price of PEPE recently recovered from the 21 EMA, indicating how crucial it is as a support zone. It might open the door for a bullish reversal, if the price can hold above this level. A break below the 21 EMA, on the other hand, could lead to a more severe correction; the next support levels are located at $0.00001746 and $0.00001350.
The consistent drop in trading volume is among the chart's most telling indicators. This decline in activity frequently occurs before notable price movements because it indicates a consolidation phase during which traders await a clear direction. PEPE is likely to encounter increased volatility and break out of its current range once the volume spikes.
PEPE is under short-term bearish pressure, as indicated by the chart's descending trendline. The price has struggled to break above this trend line, which has capped recent attempts at upward movement. PEPE needs to maintain its position above the 21 EMA and confirm a reversal by breaking through the trendline with high volume in order to see a bullish breakout.