Altcoins waiting for BTC moves
The XRP could be in line for another settlement, as the SMA-200 appeared to cross above the SMA-50. Down the stairs, Tron and Tezos were designed to stay on a fixed channel, with a breakout largely dependent on the future movement of market leaders Bitcoin and Ethereum.
Source: XRP / USD, TradingView
The bearish nature of the XRP market was evident on its 4-hour chart, as the price remained below the SMA-200 (green), despite a slight recovery at the time of this writing. In addition, the long-term moving average appeared to be positioned to cross above the SMA-50 (blue).
The last time this development occurred was when a lawsuit was announced by the United States Securities and Exchange Commission against Ripple, which resulted in a massive price drop and a bear market that lasted more than a month.
The MACD line fluctuated just above the signal line, but momentum seemed weak on the buy side. The RSI also fell in favor of the bulls. Strong settlement can be avoided if the indicators maintain a positive stance. If settlement occurs at the current level, support of $ 0.25 may be in focus.
Source: TRX / USD, TradingView
Tron continued to trade in the $ 0.05 to $ 0.04 range as the momentum shifted sides between buyers and sellers. The Awesome Oscillator flashed green at the time of writing, as the momentum was diverted back to buyers. 24-hour trading volumes increased by more than 27% and reached $ 1.76 billion.
Although it appeared that Tron was about to rise above its overload resistance, the low volatility, according to the Bollinger Bands, worked against an optimistic result. This may change if the purchase increases in the next sessions. On the other hand, a retreat in the broader market could cause Tron to move towards the $ 0.036 support.
Source: XTZ / USD, TradingView
A horizontal pattern formed on the Tezos 4-hour chart, with the price oscillating between a resistance and support line since it rebounded from the $ 3.2 mark. For traders, the sell signals were present in the upper trend line and the buy signals in the lower trend line. Considering the strong correlation of Tezos with Bitcoin, the state of the king-coin could determine the direction of an escape from the channel.
The next resistance level was at $ 4.3, while the next support was at $ 2.7. The MACD line moved above the signal line with the bullish momentum increasing. The RSI also pointed to the north around the 50 level.