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April 20, 2024
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This Altcoin Broke the Major Trendline: Will it Escape from the Bearish Trap?

The post This Altcoin Broke the Major Trendline: Will it Escape from the Bearish Trap? appeared first on Coinpedia Fintech News

The bull run appears to have officially started as the Bitcoin price enters the final resistance zone before the ATH. Meanwhile, the altcoin rally is yet to begin as the market cap has not reached $1 billion. Besides, this popular altcoin, XRP, which was stuck within the bearish well, has risen above the threshold and is expected to initiate a fresh bull run very soon. 

Although the XRP price was trading within a bearish influence, the trend in the long term remained ascending. As the bulls defended the support levels well on every bearish occasion, they marked their strong presence with the latest push beyond the crucial resistance. The XRP price soared above the ascending trend line and a successful retest may clear the path towards new yearly highs. 

The volume has remained within the average brackets for a long time, suggesting normal participation by the market participants. This has, however, caused huge volatility within the XRP price, which has attempted multiple times to break above the descending trend line. With the BTC price ascending towards new highs, the markets have also become optimistic. Hence, this has caused the XRP price to rise above the key resistance zone, which may now raise expectations of a strong bull run ahead. 

The technicals suggest the party has just begun and the XRP price has a long way to go. The daily RSI is slowly ranging towards the upper threshold, standing at 66.41. A pierce through 70 may confirm the start of a fresh upswing, which may occur once the price completes the ongoing retracement. Secondly, the price has hit the upper band of Bollinger bands while they have not yet expanded; hence, a minor possibility of a deep retracement is expected. 

While market sentiments are in favour of the bulls and market participants are optimistic about the upcoming rally, the XRP price is unlikely to lose local support at $0.58. Hence, one fine push towards the north may invalidate the bearish thesis but it needs to go way longer to achieve the $1 milestone. 

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