XRP and ADA Price Analysis
- XRP gains over 7% from its low in the last 24 hours
- XRP breaks resistance level of 0.030362 to achieve new highs
- ADA gains 13% within the last 24 hours
- ADA gains new high of 0.046
The past 24 hours have seen XRP record a new high breaking resistance levels at 0.30362. The price became bullish in the last few hours after trading sideways since Feb 13. The bullish rally seems to find new support levels at 0.30476 with resistance levels at 0.3098. The 7-day MA rose steeply against the 21-day MA.
During the last few hours, the 7-day MA has been acting as support for the bullish trends. The RSI spent the better part of yesterday ranging between 40- 60 when the markets were trading sideways. However, in the last couple of hour,s the RSI reached a high of 74 indicating that the markets were overbought.
Moving forward, the price is expected to be range bound. Such a scenario would be ideal for an intra-range trading strategy with resistance at 0.3098 and support levels at 0.30484. Traders can go long once the prices bounce back from support levels (0.30484) or take a short position once the price pulls back from resistance (0.3098).
ADA has been bullish in the last 24 hours recording gains of over 13% from its low to get to a new high of 0.046.The currency also broke the resistance level of 0.042 to achieve its new high. ADA has been range bound for almost ten days finding resistance at 0.042 and support at 0.039.
Resistance levels were broken as the bulls came calling and the currency achieved its new high seeming to find new support levels at an ascending trendline.7 day MA seems to be widening against the 21 day MA signaling that the bullish trend may still gain momentum. However, looking at the RSI, it is ranging between 40 and 60, seemingly signaling that the currency is still trading sideways.
The bullish momentum is expected to continue for the foreseeable future and push the RSI to levels of over 70. The 7-day MA is expected to act as support for the bullish trend as it seeks new highs. New support levels in the near terms are expected to be at the range of 0.042-0.044.
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