市值
24小时
6566
Cryptocurrencies
51.43%
Bitcoin 分享

XRP Buy Signal Goes Off, Analyst Says This Is How Long Uptrend Will Last

XRP Buy Signal Goes Off, Analyst Says This Is How Long Uptrend Will Last


NewsBTC
2024-02-07 01:00:44

An analyst has recently explained how a buy signal has formed for XRP on its weekly chart, which could lead to an uptrend lasting for this long. XRP Has Observed A TD Sequential Buy Signal Recently In a new post on X, analyst Ali discussed a buy signal forming in the weekly price of XRP. The relevant indicator is the “Tom Demark (TD) Sequential,” a technical analysis tool for pinpointing probable reversal points for any asset’s price. This indicator is made up of two phases. The first phase is called the “setup” and lasts nine candles. During this phase, candles of the same polarity are counted up to nine, and following the ninth candle, the commodity can be assumed to have hit a top or bottom. Related Reading: XRP, SOL Among Coins With Red Sentiment, Time To Buy Against Crowd? If the setup’s completion occurred with nine green candles (the prevailing trend was bullish), then the indicator would suggest a switch toward the bearish direction. Similarly, red candles would imply a buy signal for the asset. The second phase in the TD Sequential is the “countdown,” which works just like the setup except that it lasts for thirteen candles. After these thirteen candles, another price reversal may have occurred. The TD Sequential phase of the former type has been completed for XRP recently. Here is the chart shared by the analyst that shows the TD Sequential setup forming in the weekly price of the cryptocurrency: Looks like the phase has finished with nine red candles for the asset recently | Source: @ali_charts on X The graph shows that this TD Sequential setup in the cryptocurrency’s 7-day price has formed with red candles, as the coin’s price has been struggling recently. The historical pattern could imply that the asset may have now hit a probable bottom point. Ali suggests XRP “is poised for an upswing lasting one to four weeks.” XRP Has Continued To Go Down Since The Year Has Kicked Off The year 2024 began for XRP with a sharp move down, from which the asset still hasn’t been able to recover as its price has continued to head downward, staying in line with the tone set by the poor start. The below chart shows how the coin has performed over the last three months. The price of the coin appears to have been going down during the last few weeks | Source: XRPUSD on TradingView A brief relief rally came for XRP around the time of the Bitcoin spot ETF approval, but just like it had played out in the broader sector, this surge also couldn’t last long as investors took to selling the news. Related Reading: Dogecoin Trounced: Chainlink’s 34% Jump Kicks DOGE Out Of Top 10 List After all the downtrend since then, the cryptocurrency is now trading around the $0.50 mark, down almost 18% year-to-date. Featured image from Shutterstock.com, charts from TradingView.com


阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约