🌊 The overall market for cryptocurrencies has seen a decline with price movements as more liquidations and some retail panic pushed things forward. Our technical analysis also provides us with more insights as our indicators show that we have lost some momentum here and are still affected by this downward trend.
🌊 The descending channel continues to hit hard as always; when we are above and within it, that support will play but from below, it is hard to break resistance. As I write this, we have approached that support and are retesting $1.87-1.90 after we dropped out of our horizontal channel and the descending channel.
🌊 The last few days have been a bit tough on the market and XRP but here we will see if our support can keep us above $1.85 otherwise we expose ourselves to losing more ground if we cannot stay above that. Whales continue to accumulate slowly and much of what we see now is panic sellers and price behavior affected by some technical factors.
🌊 I will follow up to see if we can regain our balance and rise back to our descending channel or if we will continue in this 'battle'. I have attached a 15-minute chart below for reference that shows how we slipped once we lost the channel, so it's simply a matter of regaining that and establishing support with this test here above $1.85.
🌊 The next few hours, days should give us a lot and the new season is close, the market may be more optimistic with the new year so we have a lot to look forward to but for now let's focus on what is coming. Thank you for your follow-up as always, I wish you well and appreciate everyone as always.
⚠️ Disclaimer:
This analysis is for educational purposes only and does not encourage trading in futures contracts or any prohibited transactions. The goal is to illustrate potential market movements, not a direct recommendation to buy or sell.
💡 Important notes:
- This analysis is for educational purposes only.
- Please study the market and make decisions based on your ability and risk tolerance.
- The author is not responsible for others' trading or their profit outcomes.
🌊 Thank you very much and best regards until the next meeting