It seems Ripple ($XRP) and Cardano ($ADA) are approaching key breakout levels, signaling that these “dino-coins” might have more in store for traders. Let’s dive into the technicals that have everyone watching closely.
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🚀 $XRP Price Near Descending Trendline
📈 Source: TradingView
The $XRP/$USDT pair hovers just below a descending trendline that has capped a series of lower highs. If the bulls manage to break through this critical level and confirm above it, brace yourself for a potential rally. Key targets on the horizon include:
$2.51
$2.68
Local High at $2.90
However, if the price gets rejected here, immediate support levels are:
0.382 Fibonacci retracement at $2.28
Major support at $1.96
🛑 Bears will look to maintain the descending triangle pattern, but bulls must act fast to invalidate it.
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🔑 Horizontal Support and Weekly Outlook for $XRP
📊 Source: TradingView
The weekly chart reveals the importance of the major horizontal support, which aligns with a price surge last seen in April 2021. Encouragingly, the Stochastic RSI shows signs of turning back up, which could bring the momentum needed for a breakout. If this indicator confirms, $XRP may have its sights set on new highs.
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🌟 $ADA Breaking Out Right Now!
📉 Source: TradingView
On the 4-hour chart, $ADA/$USDT appears to be in the middle of a breakout, overcoming its descending trendline. The focus is now on the horizontal resistance at $0.00001125, where bulls and bears are locked in a heated battle.
With the Stochastic RSI showing room for further upside, the momentum seems to favor the bulls in the short term.
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⚠️ $ADA’s Long-Term Outlook: A Tough Climb Ahead
📊 Source: TradingView
Zooming out to the weekly chart, $ADA’s overall trend looks challenging. Even if the current breakout succeeds, there’s a major horizontal resistance at $0.00001585 that must be conquered to reverse the downtrend.
The weekly Stochastic RSI shows bullish momentum, with indicator lines crossing back up. If confirmed, this could provide the push needed to test higher resistance levels.
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⚠️ Disclaimer: This article, authored by Keshav Borika, is for educational purposes only and should not be considered as legal, tax, financial, or investment advice. Always conduct your own research and analysis before making any trading decisions.