Today's Trend Analysis
1. Daily Chart Observation:
Moving Averages (MA): The 7-day moving average (MA7) is currently around 2.28, while the 30-day moving average (MA30) is at 2.25. The short-term price has just broken below the support of the 7-day moving average, indicating a weak short-term trend.
100-day Moving Average (MA100): The long-term moving average is around 2.33, creating strong resistance above.
Candlestick Pattern: The price retraced from a high point (around 2.34) yesterday, and the long upper shadow during the day reflects weak bullish momentum, while bearish forces have strengthened. The support level at 2.25 becomes a key observation point today.
MACD Indicator: Currently, the DIF and DEA are slightly sticking below the zero axis, and the bearish momentum bars are slightly shortening, indicating that the short-term decline is slowing down, but there are no clear reversal signals.
2. 4-Hour Chart Observation:
Moving Average System: The current price is running below the 30-hour moving average, with the short-term price being hindered by MA30 (2.29), and MA30 and MA100 forming a bearish arrangement, indicating strong pressure for a short-term decline.
Bollinger Bands: The middle band of the Bollinger Bands is at 2.29. The XRP price has repeatedly attempted to break through but has failed, and the current price is approaching the lower band (around 2.26). The bandwidth of the Bollinger Bands is narrowing, indicating a potential change in trend within a short-term range of fluctuations.
RSI Indicator: The current RSI is at 45, showing a downward trend, indicating that bearish forces are slightly dominating the market.
Today's Trading Suggestions
Short Selling Strategy:
Entry Point: 2.29-2.31
First Take Profit Level: 2.27
Second Take Profit Level: 2.25
Stop Loss Level: 2.33
Short-term Bearish: Based on the analysis of daily and hourly charts, XRP is pressured around 2.28, and the weak upward movement yesterday indicates that bearish forces are dominant in the short term.
