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October 8, 2022
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Guide & Analysis

Price Review, December 23: XRP, Filecoin and EOS

Although XRP and other cryptos have enjoyed moments of bonanza, the bulls are still scared, causing the market not to react.

The past few days have seen several bullish efforts to start the rally on the charts. As a result, the XRP had a sustained rally and hit the $1.01 mark. Filecoin and EOS were also in the green zone for the past two days.

However, the Crypto Fear and Greed Index is still exhibiting the feeling of “fear”. Thus, it is difficult for bulls to get a trend-changing momentum.


TradingView, XRP / USDT

The XRP declined in the minority, sustaining a three-day high after forming two ascending triangles on its 4-hour chart for the past 19 days. Altcoin saw a 20.76% jump in two days and broke above the $0.958 test level as it formed an ascending (green) wedge.

While a bearish divergence occurred between the RSI and the (white) price action, it saw a pullback of its one-month resistance at the $1.01 mark. Furthermore, the volume oscillator marked new lows during this rally rather than rising, visibly indicating a weak bullish move.

So far, the XRP was trading at $0.9712. The RSI has fluctuated in the overbought region for the past 24 hours, after hitting its ten-week high on December 20th. A retreat from here would only be natural. The AO set higher highs and exhibited a rising bullish momentum, but volumes confirmed the weakness of the price trend.

Filecoin (FIL)

FILUSD 2021 12 23 12 33 00
TradingView, FIL / USD

After a break of the downward triangle over a longer period of time, FIL repeated the bearish pattern throughout this month. After an expected collapse on December 20, it has seen a 5.14% slope in the past two days.

However, the 50-SMA (blue) restricted this recovery. Except a few times, FIL has been below this level for over three months. While recent momentum has implied high volumes, Supertrend has resonated with longer-term trends and favored sellers.

So far, Altcoin was trading at $35.02. The RSI continued to face immediate resistance near its midline. In addition, ADX shared a weak directional bias to FIL.


EOUSDT 2021 12 23 12 47 51
TradingView, EOS / USDT

EOS has seen a symmetrical triangle break out over the past two days. Bears retested the $3.09 level several times, but bulls held and boosted a 9.17% high in two days.

Altcoin has found an oscillating range between $3.04 and $3.09 over the past 14 days. As a result, the Squeeze momentum indicator resonated with consolidating trends and flashing black dots. Like XRP, the volume oscillator marked new lows during this rally rather than a rally, visibly indicating a weak bullish move.

So far, the EOS was trading at $3.11. The RSI was above the midline when moving sideways. ADX continued to exhibit a weak directional trend towards FIL.

Source: AmbCrypto

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