The bear market has seen some surprising shifts in position as well as prices on the cryptocurrency charts. Popular cryptocurrencies like Bitcoin [BTC] and XRP have all faced the brunt of the bear, leading many analysts to speculate the bottom and the end of the bear run.
The one-hour graph for XRP shows a lack of uptrends after a downtrend that led to a sideways price movement. The downtrend saw the price fall from $0.342 to $0.297. The support has been holding at $0.2931 while the resistance is at $0.313.
The Chaikin Money Flow indicator is holding just on the zero line, which indicates that the equilibrium between the money coming into the market and the money flowing out of the market.
The Awesome Oscillator shows the market momentum reducing after a decent hold. The reduced amount can be due to the sideways price movement.
The MACD indicator is just below the MACD histogram with the signal line spike up slightly after a conjoined movement with the MACD line. This may result in a small bullish spike in the near future.
XRP’s one-day graph shows the prices only falling after an uptrend that occurred months back. The long-term support is at $0.259 while the initial uptrend had lifted the prices to $0.566. The recent downtrend pulled the price down from $0.517 to $0.316.
The Bollinger band show a slight divergence with the upper band and the lower band coming together after a bearish outbreak. The divergence also signifies an impending trend change.
The Relative Strength Index indicates the cryptocurrency crashing below the oversold zone. This may be due to the investor sentiments being affected because of the bear market. Staying below the oversold zone signifies that the selling pressure is much greater than the buying pressure.
Despite the slight bullish spikes, the prices still remain under the control of the bear. The above-mentioned indicators paint a bleak picture for the future with a sustained bear market in the works.
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