XRP is holding on to key levels at the time of writing. It registered further increases on Tuesday amid signs of exhaustion from the bulls.
However, its current price suggests that it is seeing significant buying pressure. Data from Cryptocurrenciestowatch indicates that XRP is experiencing a 24% increase in trading volume over the last 24 hours.
Other assets, like SEI and WIF, are among the gainers. Tuesday will mark Sei’s second consecutive day of gains. It is experiencing one of its biggest upticks, surging to a high of $0.40 from $0.24. It remains up by over 11% despite trading significantly lower.
WIF experienced a significant uptick on Monday, surging from $0.68 to $0.84. It ended the session with gains exceeding 20% and is looking to continue the uptrend on Tuesday with notable success: it gained 5% already.
The secession of the conflict in the Middle East remains the main driver of the ongoing surges across the market. Following its failed attack on Monday, Iran agreed to a ceasefire. The global cryptocurrency market is up by over 4%, with trading volume experiencing a similar increase.
Bullish rhetoric has since returned to the market as the fear and greed index significantly increased, surging from 37 to 47. The influx of fresh liquidity into the market is noticeable, and assets in the top 10 are some of the biggest beneficiaries. Let’s see how they performed.
BTC/USD
Onchain data indicates a significant decline in exchange reserves over the 24 hours. The bulls are moving more assets to cold storage as bullish sentiment returns to the market. They soaked up the excess supply the asset had last week after several rounds of selling congestion.
The asset experienced a significant decline in trading volume last week as its appeal waned. The trend is changing as the apex coin is seeing a 16% increase in trading volume. Its latest increase is reflected in prices as it maintains trading above $105k.
The 4-hour chart indicates that the cryptocurrency has yet to make a significant leap since the start of the day. It prints its fourth small candle on this scale as it continues to hover close to the highlighted mark. RSI indicates notable buying pressure at the time of writing amid the ongoing rangebound movement.
Nonetheless, the asset broke above its Bollinger band earlier on Tuesday and has since struggled to surge. It trades close to the upper band and may continue this trend until a breakout.
Previous price movements reveal that the $105k is a critical support the bulls must defend or risk further retracement to $103k.
ETH/USD
Ethereum is following the same trend as Bitcoin, surging on Monday but struggling to maintain the uptick on Tuesday. Nonetheless, the first day of the week was the most bullish for the asset in more than two weeks. It surges from $2,100 to $2,400 during the session, reclaiming the level after several days of trading below it.
The 4-hour chart shows that the asset is holding to a critical level like XRP. It trades above at $2,435 after its failed attempt to reclaim the $2,450 mark. Nonetheless, the asset maintains its bullish stance as the relative strength index continues its upward trend.
The 1-day chart provides further insight into why the asset requires $2,450. Previous price movement indicates the ETH rebounded off the mark several times due to notable demand concentration. Reclaiming it will provide more stable support for the coin.
XRP/USD
XRP is seeing notable declines after a day of notable increases. Nonetheless, it trades above a critical mark at the time of writing. It maintained this level on Tuesday amid the growing selling sentiment.
The 4-hour chart suggests that the decline may be worse than the previous day’s. The relative strength index surged close to 70 a few minutes ago. It is in a downtrend after XRP printed red candles over the last 12 hours.
The Bollinger bands show that the asset tested the upper band a few hours ago. The ongoing price struggles may be in reaction to the trend. XRP is undoubtedly experiencing a gradual increase in selling pressure. However, it must hold the critical $2.15 support as failure to defend it will result in a dip to $2.
The 1-day chart shows a declining RSI. Nonetheless, the asset continues trading above the Bollinger SMA.
BNB/USD
The 1-day chart indicates that Binance Coin is struggling to maintain the previous day’s uptrend. It retraced to a low of $636 and is currently trading at $643. The candlestick is less bullish as it indicates a gradual rise in exhaustion.
The coin retraced below its Bollinger’s SMA after reclaiming it. However, RSI remains on the uptrend amid the unfolding trend. Previous price movements suggest that its current price is not a tough mark, favoring the $640 mark as a tougher mark.
The 4-hour chart shows that the asset had recently changed its trajectory a few hours ago after almost testing Bollinger’s upper band. It is losing momentum following this recent event. Other metrics, like the relative strength index and accumulation/distribution, remain positive.
Nonetheless, a closer look at the chart indicates that it hovered around $640 for most of the last 24 hours. It may return to this mark if the decline continues.
SOL/USD
The 4-hour chart showed that SOL saw notable volatility a few hours ago. However, it’s gradually fading as it prints a doji. Nonetheless, the image indicates that the altcoin was in a rangebound movement for most of the last 48 hours. It trended between $142 and $146 during this period.
The ongoing loss of momentum may be a continuation of this trend, indicating a slip to $142 before a rebound. Indicators like RSI and A/D remain stable amid the ongoing price action.
Nonetheless, the altcoin prints a doji on the 1-day chart. Like XRP, it struggles to continue its uptick after two days of consistent uptrend. It may indicate growing exhaustion among the bulls.
The timeframe favors the $140 support as a more substantial barrier, as the asset has rebounded off this mark more than once. It’s worth noting that there is notable demand around $142.
