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One important technical event that XRP may be approaching is the death cross, which happens when a shorter-term moving average crosses below a longer-term moving average. The chart indicates that XRP has not performed well in terms of price lately, as the asset has not been able to gather steam following its recent losses.
If the price does not rise, the moving averages' apparent convergence could soon portend a bearish crossover. Generally speaking, a death cross is seen as a bearish signal that, should it occur, might mean more selling pressure. This situation might worsen the already shaky perception of XRP.
Two crucial price points should be watched by traders in order to determine the asset's short-term trajectory. The 50 EMA and a barrier that XRP has struggled to break above $0.56 is the critical level for bulls to keep an eye on. Should there be a successful breakout above this level, the market may rally, turning around the negative momentum and giving investors much-needed relief.
Conversely, it is probable that bears will target the $0.50 support level. In the event of a death cross, a decline below this level might strengthen the bearish outlook and allow for additional downside. These price levels and moving averages will be crucial to keep an eye on in the upcoming days as they will offer more precise insight into XRP's performance going forward. Traders should brace themselves for increased volatility, as the likelihood of a death cross is very real. It remains to be seen if XRP is able to stabilize and stay clear of the bearish vibe.
Cardano isn't that bad
The price performance of Cardano shows a more positive picture than what might initially appear despite the general negative sentiment surrounding the asset on the market. ADA has been steadily rising and marking higher lows from its recent low, even though the broader fundamentals are still extremely concerning.
This cryptocurrency may be preparing for a possible reversal in the near future if it continues on its hidden bullish trend. The important finding in this case is that ADA's lows have gradually increased, suggesting that selling pressure is not as strong as it was earlier in the year.
Arman ShirinyanEven though ADA has not yet reached its all-time highs, the steady upward trend implies that there may be underlying buying interest supporting the market. Technically speaking, ADA is getting closer to what could be a breakout point from its ascending triangle formation. When the asset breaks above the upper boundary — in this case, approximately $0.37-$0.40 — this bullish pattern frequently signals an impending price surge.
In the short term, there could be a major increase if Cardano is able to maintain its current momentum and break through this resistance. Conversely, ADA continues to face difficulties related to general market fundamentals. The chances of a sustained rally are low unless the market as a whole turns more positive, given the general level of market uncertainty and the pessimistic macroeconomic environment.
Bitcoin wakes up
Recent market activity for Bitcoin indicates a major move in price, and many traders are keeping a close eye on the $70,000 mark. It is evident that a significant retail shakeout is taking place when examining the liquidation heatmap and the relationship between open interest and futures.
The extreme leverage liquidity sweep on Binance futures, which erased roughly 4,000 BTC in open interest, demonstrates the increasing volatility of the market. As traders with high leverage are driven out of the market, this decrease in open interest frequently heralds a larger move by stabilizing the market.
Gamza KhanzadaevAnalyzing the decline in open interest indicates that futures market positions may have been reset, potentially paving the way for a more robust upward move. This might coincide with a more general Bitcoin rebound and lead to a move toward $70,000. One important area to keep an eye on is the $64,500 mark, which stands for a significant short-term resistance. If this is broken, there may be a swift increase to $66,000, a psychologically significant level. On the down side, the critical support level remains at $60,000.
A breach below this might lead to another liquidation event and a drop in price to around $58,000. Ultimately, it appears that Bitcoin is poised for a noteworthy turnaround given the divestment of highly leveraged assets and a market reset. How it responds to these crucial levels of support and resistance in the upcoming days will determine whether it moves toward $70,000 or experiences additional downward pressure.
Dan Burgin
Vladislav Sopov