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Analyst Outlines Key Levels for XRP As Crypto Asset Battles Litecoin’s Rising Market Cap

A popular crypto analyst is outlining his key levels of resistance for XRP as the crypto asset risks dropping behind Litecoin in market cap. The pseudonymous analyst, known in the industry as Credible Crypto, tells his 91,000+ Twitter followers that XRP investors should watch to see if XRP breaks below $0.215. The asset is trading […]

The post Analyst Outlines Key Levels for XRP As Crypto Asset Battles Litecoin’s Rising Market Cap appeared first on The Daily Hodl.

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A popular crypto analyst is outlining his key levels of resistance for XRP as the crypto asset risks dropping behind Litecoin in market cap.

The pseudonymous analyst, known in the industry as Credible Crypto, tells his 91,000+ Twitter followers that XRP investors should watch to see if XRP breaks below $0.215. The asset is trading around $0.236 at time of writing, according to CoinMarketCap.

“As per my recent video update, we were likely to see a rejection at the $0.25-$0.30 level.

We have more clarity from a wave perspective now. My short term bias on XRP will be based on which of these two levels is broken first. Bullish on a break of $0.267, bearish on a break of $0.215.”

XRP’s price has plummeted by about 50% since the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple in late December alleging the San Francisco payments company has engaged in illegal securities offerings of the asset since 2013.

XRP, the fourth-ranked digital asset by market cap, briefly fell to fifth this past weekend as Litecoin (LTC) surged in price.

XRP has since regained its fourth-place spot, though its market cap remains less than $500 million more than Litecoin’s at time of writing, according to CoinMarketCap.

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Featured Image: Shutterstock/lassedesignen

Source: https://dailyhodl.com/2021/01/05/analyst-outlines-key-levels-for-xrp-as-crypto-asset-battles-litecoins-rising-market-cap/

Blockchain

Tron, Augur, Maker Price Analysis: 16 January

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TRX moved within a fixed channel as momentum rested with neither the market’s bulls nor the bears. Augur looked to claw back to the $21.6-mark, but a boost from market leaders BTC and ETH might be required to make the ascension possible on the charts. Finally, MKR looked to break above $1,563 and targeted a move closer to its record high levels.

Tron [TRX]

Source: TRX/USD, TradingView

Tron revisited the $0.029-level after bouncing back from $0.027. However, the crypto’s price failed to break above its immediate resistance and traded between $0.029 and $0.031 over the past couple of days. The next few trading sessions could see the price trade back and forth between the aforementioned channel, since the indicators remained neutral and did not specify a breakout in either direction.

The Awesome Oscillator was bullish-neutral and showed a balance between the buying and selling pressure. A bullish outcome could see the index rise above the equilibrium-mark, while the price could look to target the $0.032-resistance level.

The Bollinger Bands were converging at press time and highlighted low volatility in the crypto’s price. This hinted at the possibility of TRX trading between its present channel moving forward.

Augur [REP]

Source: REP/USD, TradingView

Augur looked to climb back towards the $20-mark at press time as the price rose by over 3% in 24 hours. A rise above the press time resistance could confirm a bullish trend, while the price could look to target the $21.6-mark after doing so. However, a broader market rally might be required to push REP towards the aforementioned levels as the indicators were bullish-neutral on the crypto-asset moving forward.

The MACD was on the verge of a bullish crossover, but the momentum could shift either way as the bars on the histogram seesawed at the equilibrium mark.

The Chaikin Money Flow stabilized above zero and hinted that capital inflows could prevent the price from moving lower on the charts. However, it also suggested that an external impetus would be needed to boost the price beyond its upper ceiling.

Maker [MKR]

Source: MKR/USD, TradingView

After scaling to a record high of $1,999, Maker cooled down and fell below several key levels till it found support at $1,153. The price rose once again from this level, but the gains were capped at the resistance level of $1,563. However, sellers might struggle to keep the price below its current resistance as the indicators were largely bullish for MKR.

If the Stochastic RSI continues its upward trajectory into the overbought zone, the price could break above its immediate barrier and head close to record levels once again.

The Chaikin Money also confirmed the possibility of a bullish outcome as more capital was moving into the cryptocurrency.

Source: https://ambcrypto.com/tron-augur-maker-price-analysis-16-january

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Blockchain

Chainlink Price Analysis: 16 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Chainlink looked to be strongly bullish on the price charts as it broke past its previous all-time high to touch $22.56. While the market-wide correction on 10 January saw LINK drop from $17 to $12.6, its recovery since has been extraordinary. In fact, a pullback to the confluence of support levels at $20 would be an ideal scenario for traders to enter or add to a long position.

Chainlink 12-hour chart

Chainlink Price Analysis: 16 January

Source: LINK/USD on TradingView

Using the double bottom formed by LINK in late December at $10.4 as the beginning of LINK’s ascent, both Fibonacci retracement levels (white), as well as Gann fan lines (yellow), were plotted. These lines gave some levels of support for LINK and projected upside targets.

A move past the ATH means that, on the longer timeframes, LINK does not have any resistance to the upside.

The surge from $14 did not yet show clear signs of an impending pullback, while the 27% extension projected an upside of $28 for LINK in the coming weeks.

In the event of a pullback, some areas of interest were highlighted where the price can expect a reaction. Further, LINK’s shorter timeframes showed a bearish divergence between the price and momentum, something that could contribute to a minor dip on LINK’s charts.

On the 12-hour chart, the RSI and the Stochastic RSI climbed into the overbought territory, but this was no evidence of an impending pullback. Rather, it pointed to the strength of bullish momentum behind LINK.

The first was the $19.8-$20 region. This region is a confluence of the previous ATH, as well as an area where the price stalled on the shorter timeframe, making it a former region of supply-turned-demand.

Beneath this line, there were the $18.89 and $17.5-levels of support, but there was no evidence yet to indicate a drop deep enough to test these levels.

The long-term outlook for LINK still remained strongly bullish at press time, and the next week or two could see LINK reach the projected $28-mark. For just the surge from $13.2 (The dip on 13 January) to $22.7, the 27% extension level gave a target of $26.

Source: https://ambcrypto.com/chainlink-price-analysis-16-january

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Blockchain

Bitcoin SV, Waves, VeChain Price Analysis: 16 January

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Bitcoin SV exhibited falling volatility and trade volume on the price charts and could be set to consolidate above a level of support at $216. Waves and VeChain, however, appeared primed for a breakout to the upside.

Bitcoin SV [BSV]

Bitcoin SV, Waves, VeChain Price Analysis: 16 January

Source: BSV/USDT on TradingView

On the 4-hour chart, the Bollinger Bands indicated that while significant volatility was seen over the past week, both the volatility and the trading volume appeared to be falling of late.

The 50% retracement level, coinciding with support at $216, can be expected to serve as a strong support to BSV. The next few days could see BSV consolidate above this level, provided Bitcoin does not see a significant move in either direction. In that case, BSV will follow Bitcoin in the markets.

Waves [WAVES]

Bitcoin SV, Waves, VeChain Price Analysis: 16 January

Source: WAVES/USDT on TradingView

The RSI continued to move above the neutral 50-zone to underline that an uptrend was in progress and the Stochastic RSI did not indicate any overbought or oversold conditions yet. However, the $6.6-level of resistance has been stubborn in recent weeks. A brief ascent to $7 was met with strong selling pressure, and this might occur once again.

December saw WAVES on a downtrend from the highs of $9.11 to $5, and January has seen WAVES recover, yet it still respected the range from $5 to $6.6 and has been unable to establish an uptrend on the longer timeframes.

A rejection at $6.6 would make the $5.8-region an opportunity to enter long positions.

VeChain [VET]

Bitcoin SV, Waves, VeChain Price Analysis: 16 January

Source: VET/USDT on TradingView

The EMA ribbons threatened to flip to the bearish side a few days ago, but did not. Since then, they have been somewhat indecisive, even as the price formed a series of higher lows and VET was trading just underneath the resistance at $0.0268.

The Awesome Oscillator noted weak bullish momentum behind VET, while the trading volume has also been steadily decreasing. This pointed to VET gathering steam for a move to the upside, past the resistance to test the next level at $0.031.

If VET faces selling pressure and is forced to drop under the EMA ribbons, a move to $0.022 would be signaled.

Source: https://ambcrypto.com/bitcoin-sv-waves-vechain-price-analysis-16-january

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