Analysis of the $XRP coin on the hourly frame..:
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Key points:
1. Current price: $2.4058 (-2.00% decrease).
2. Moving Averages (MA):
MA(7): 2.4209 (red line), current price is below this average, indicating short-term weakness.
MA(25): 2.4359 (blue line) reflects continued selling pressure.
MA(99): 2.3685 (yellow line) – is considered a potential support level for the price.
3. Relative Strength Index (RSI):
RSI value = 37.8, indicating that the price is approaching the oversold zone. A bounce may occur if demand increases.
4. MACD Indicator:
MACD = -0.0101, the difference between the fast (DIF) and slow (DEA) lines is negative, reflecting the weakness of the current momentum.
A negative crossover indicates a continuation of the short-term downtrend.
5. SAR indicator (yellow dots):
Dots above the price candles indicate a current downtrend.
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Important levels:
First support: 2.3685 (close to MA(99)).***
Second support: 2.2840 (previous bottom).***
First resistance: 2.4359 (MA(25)).!!!
Second resistance: 2.4534 (near top).!!!
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Expectation♥:
Current trend: Bearish in the short term, with a possible rebound from nearby support areas at 2.3685 or 2.2840 due to oversold conditions.
Bullish scenario: If the price rebounds and succeeds in breaking the 2.4359 level, it could return to test higher levels.
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Bearish scenario: If the price breaks the level of 2.3685, it may head to test the support at 2.2840.
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Recommendation♥♥:
In case of buying: You can wait for confirmation of the rebound from the support area 2.3685 or 2.2840 with an increase in trading volume.
In case of selling: If the price breaks the current support, selling at higher areas may be an option to avoid further loss.
