The price of Bitcoin went down 3.66% in the last 24 hours. It reached $7,499, just crossing the 100 period EMA in the 1 Hour chart, but the price wasn´t strong enough, and it bounced back. It is now moving around the $6,916 level.
The 200 EMA seems to offer strong resistance in the path of recovery. The 100 EMA, on the other hand, couldn´t support the price in the $7,202 area and the next support is located near the level of $7,000. The MACD is dipping into negative territory indicating the presence of a bearish force. If the price breaks below the $7,000 level, $6,930 could be the next support. However, it is not far from the recent low at $6,450.
The stochastic is very close to the 20 level and showing a very strong force to go lower with a high selling pressure and still without touching oversold levels. Sellers are having a good time right now.
Right now, Ripple is undervalued from the longer-term perspective. The cryptocurrency lost over 70% since January 2017, but the massive sell-off was not because of clear fundamental reasons. In this scenario, we could see a more pronounced rebound when the cryptocurrency market starts recovering from recent lows.
The main partners in the Ripple Network are payment operators, big banks, and financial institutions, especially in the emerging markets. The market is driven by global catalysts and correlated to Bitcoin movements. So, Ripple has good upside potential, but it won’t have a chance to realise it until the global sentiment shift takes place.
XRP/USD is trading at $0.4935, losing 6.65% in the last 24 hours. The price crossed the 100 EMA easily today, also breaking the uptrend line and the $0.5000 wasn´t a problem neither. It is now looking for the next support at $0.4823. On the upside, the resistance is seen at $0.5500, that’s where the recovery stalled on Tuesday. Once it is cleared, the cryptocurrency will have a chance to get to the $0.60 level.
The stochastic is under the 20 level and seems to have still some grounds to go down further.
The price of Ethereum has been falling considerably in the last hours after reached $415, and then broke a major resistance near the area of $390-395. Then it came the strong sellers force generating a downward correction sending the price to where we have it at this time in the $375 area. There was no consideration of the significant support near the $400 level and the 100 EMA on the 1Hour chart.
If the price loses the support in the $374 area, we could be visiting $360. On the positive side, $445 would be the next resistance level and maybe above $460, the 28th March maximum.
The Stochastic is recovering a bit and trying to leave the oversold area but still below the level of 20.