Ripple Price Key HighlightsRipple price recently busted through the short-term descending trend line to signal a reversal.Price might still need to make a pullback in order to gather more bullish momentum to sustain the rally.The 61.8% Fib already seems to be holding, though, and technical indicators are reflecting a pickup in buying pressure.Ripple price looks ready to resume its longer-term rally after breaking past a short-term descending trend line.Technical Indicators SignalsThe 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside or that there’s a chance the selloff could resume. However, the gap between the moving averages is narrowing to reflecting slowing bearish pressure and a possible bullish crossover.In addition, the 200 SMA dynamic inflection point coincides with the 61.8% Fibonacci retracement level that already seems to be keeping losses in check. If so, Ripple price could make its way back up to the swing high at 0.5300 or higher.Stochastic has already pulled out of the oversold region to bring a return in buying pressure. A bullish divergence was also reflected, adding confirmation that buyers are gaining the upper hand. On the other hand, RSI is still treading lower and has plenty of room to slide, so a deeper correction is still a possibility.XRPUSD Chart from TradingViewRipple has been one of the more resilient cryptocurrencies lately thanks to positive developments specific to this digital asset. Anticipation for its partners shifting to the xRapid platform continues to support speculations of stronger volume and increased activity for XRP.It also helped that bitcoin and its peers enjoyed rallies on the Tether sharp selloff, which was then followed by an update on Fidelity’s platform for institutional investors. These could be enough to shore positive sentiment in the industry for much longer, paving the way for a more sustained recovery.
Unless otherwise, we expect traders to buy on dips in lower time frames all thanks to yesterday’s attempts of higher highs. Supporting this view are breaks above key resistance lines in Cardano while Tron might print above Sep 2018 highs today.Let’s have a look at these charts:EOS Price AnalysisLike most coins in the top 10, EOS volatility is back. However, this time bulls have an upper hand and are up four percent in the last day. Not only are we seeing a situation where buyers might end up reversing last week’s losses but chances are EOS are now bottoming up.Because of this and that fact that our previous EOS short traders are not valid thanks to yesterday’s price explosions, we recommend taking a neutral stand.That’s until after buyers build enough momentum and drive prices above Sep highs at around $6.5. It would even be preferable if we see gains above $7 jolting risk-averse traders back to action in line with our last EOS price analysis.Litecoin Price AnalysisThanks to yesterdays across rising tides, Litecoin bulls are back. On a daily basis, prices are up four percent and the results are clear. From the chart, there are clear rejections from the main support line at $50. Additionally, momentum is building though LTC is technically bearish.Besides, note that prices are still trending inside Oct 11 bear bar in a classic effort versus results scenario. Regardless of the pump, our trading plan is clear: LTC bulls would be in charge once prices rally above $70—the lower limit of our resistance zone.Conversely, bears should be in control in line with the bear break out pattern of early August if a whole bear candlestick print below $50 ushering in bears aiming for $30.Stellar Lumens Price AnalysisIf anything, Stellar Lumens is one of the top performers in the last 24 hours adding a massive five percent. Despite the sharp spikes, prices are yet to close Oct 11 highs. And instead what we do have is a long upper wick signaling bear pressure in lower time frames.Regardless of the upbeat momentum, we recommend patience until after our Stellar Lumens trading conditions are met. That is, if bulls build enough momentum and drive prices above 25 cents, then buyers should ramp up on dips in lower time frames.However, declines below 18 cents-20 cents main support would activate the next wave of sellers aiming at 8 cents or below.Tron Price AnalysisTRX is up five percent in the last day reviving bulls in the process. But, what should be noted though is not the strong resurgence of the last few days but the realization that prices have been ranging within a tight 0.8 cents.In line with our previous Tron price analysis, we need strong rallies above Sep highs at 2.8 cents. Thereafter, bulls can buy on dips with first targets at 4 cents.While this is likely to print today because of yesterday’s hype around Tether, savvy traders would be better placed to reap from patience if they wait for clean close above 2.8 cents. Safe stops would be the lows of the break out bar at around 2.3 cents.Cardano Price AnalysisThe rejection of lower lows could have a medium to long term effect on Cardano and ADA prices. Besides, it’s not only stabilizing for prices but for the main wings of Cardano following an open letter by Charles Hoskinson citing performance problems from the Cardano Foundation.So far, ADA is up three percent. But, as they print higher prices are bouncing off from the main support at 7 cents. Though we expect a follow through today, we suggest traders to take a neutral stand until after there are gains above the minor resistance trend line and later 9.5 cents in line with our last Cardano trade plan. Thereafter, aggressive traders should load on dips in lower time frames as risk-averse traders wait for rallies above 12 cents triggering high volume bulls aiming for 20 cents and later 4o cents.Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Key PointsBitcoin price rallied above the $6,600 and $6,700 resistances and later reversed gains against the US Dollar.There was a break above a major bearish trend line with resistance at $6,310 on the hourly chart of the BTC/USD pair (data feed from Kraken).Tether (USDT) pairs rallied above the $7,000 and $7,500, but later trimmed most of its gains.Bitcoin price broke the $6,700 resistance, but it failed to hold gains against the US Dollar. BTC/USD is back to $6,400 and it is currently under pressure.Bitcoin Price AnalysisThere was a major sell-off noted for Tether (USDT) pairs, which ignited an upward move in bitcoin price against the US Dollar. The BTC/USD pair also gained traction and moved above the 6,600 and $6,700 resistance levels. Earlier, there was a decent support base formed near the $6,150 level. The price started an upward move above the $6,300 level and the 100 hourly simple moving average.The upside move was strong as the price broke an ascending channel with resistance at $6,300. Moreover, there was a break above a major bearish trend line with resistance at $6,310 on the hourly chart of the BTC/USD pair. The pair rallied towards the $6,800 level and traded as low as $6,825. Sellers appeared and protected further upsides above $6,825. Later, there was a sharp reversal and the price trimmed most of its gains below $6,600. It even broke the $6,500 level and it is currently testing $6,400. The 61.8% Fib retracement level of the recent run from the $6,152 low to $6,825 high is also acting as a support.Looking at the chart, bitcoin price faced most of its gains above $6,600. This seems like a false break caused by Tether unwinding. Going forward, there could be range moves above $6,300 before the next leg.Looking at the technical indicators:Hourly MACD – The MACD for BTC/USD is placed in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI is currently above the 50 level.Major Support Level – $6,400Major Resistance Level – $6,520