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XRP Price Breakout Soon? Analyst Points To Bullish Structural Signs

In a detailed analysis shared on social media today, renowned crypto analyst Egrag points to several bullish indicators in the XRP price structure, suggesting the potential for an imminent breakout. Egrag evaluated various timeframes, identifying a series of technical patterns and formations that bolster the bullish outlook.

XRP Shows Strong Bullish Structural Signs

“Last week’s candle closed within the confines of the Yellow structural formation,” Egrag tweeted with regard to the weekly XRP/USD chart, emphasizing the significance of recent movements within the timeframe. This observation is instrumental in understanding the underlying market structures influencing the upcoming price action.

The implication? If another weekly candle were to affirm its position within this formation, the odds of a bullish trend continuation could significantly increase. “To confirm a bullish trend continuation, we need to see another weekly candle close with a full body inside this structure,” Egrag added.

XRP/USD weekly chart

Next, his insights extend further to the three-day chart, where he keenly observes, “In just 16 hours, XRP is poised to complete the second full body candle within the structural formation, signaling a strong bullish sentiment.” This near-term projection underscores a sense of momentum that appears to be building within the XRP market.

XRP/USD 3-day chart

The 1-day chart, too, garnered Egrag’s scrutiny. He highlighted the imminent completion of the seventh full-body candle within the current structure, stating this indicates an “extremely bullish trend.” This observation suggests that XRP’s bullish behavior isn’t just a fleeting phenomenon but has consistency across varying timeframes.

XRP/USD 1-day chart analysis

For traders with a penchant for shorter timeframes, Egrag’s insights into the 12-hour chart are particularly salient. While there have been multiple closures within the structural formation, he singled out the importance of the ongoing momentum: “The current candle and the next one are pivotal as they form a symmetrical triangle.”

He elaborated on the implications of this pattern, saying, “Typically, symmetrical triangle breakouts have a 50/50 chance, making this a decision point for XRP.”

XRP Price Targets

Circling back to a tweet from October 27, Egrag had demarcated significant price zones, highlighting the “$0.54 to $0.58” range as a make-or-break threshold. Beyond this, he indicated the “$0.63-$0.70” range as a pivotal indicator of market sentiment shifts.

For those with an eye on the psychological dimensions of trading, Egrag’s mention of the “0.93-$1” bracket is noteworthy. He cautioned traders about this zone, advising them to “Stick to your plan and resist the temptation to let emotions or impatience dictate your actions.”

In sum, Egrag’s comprehensive analysis blends technical data with trader sentiment and psychology, providing a nuanced and detailed perspective for those invested in XRP. The coming days are likely to be watched with bated breath as traders anticipate the next big move.

At press time, XRP traded at $0.5595.

XRP price

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Ethereum Resilient Above $1,800 Pre-FOMC Meeting – Details

Ethereum (ETH), one of the leading cryptocurrencies, is displaying remarkable resilience in the face of recent market fluctuations. Despite experiencing relatively modest gains compared to Bitcoin (BTC) and other major altcoins, ETH has managed to consolidate its position above the $1800 mark.

The big question on everyone’s mind is whether Ethereum can sustain this level or if it will succumb to the prevailing market sentiment.

In the world of cryptocurrencies, prices are highly susceptible to market sentiment. Cryptocurrencies often exhibit dramatic price swings based on the emotions and perceptions of investors and traders. Positive sentiment tends to drive prices up, while negative sentiment can lead to sharp declines. In this particular instance, the catalyst for market sentiment is the upcoming US Federal Open Market Committee (FOMC).

The Role Of FOMC In Influencing ETH And The Crypto Market

The FOMC is a key division of the US Federal Reserve responsible for setting monetary policy in the United States. One of the primary tools at its disposal is the adjustment of interest rates. When the FOMC meetings take place, the decisions made regarding interest rates can have a significant impact on various financial markets, including cryptocurrencies.

If the FOMC decision leans towards a hawkish stance, implying an increase in interest rates, it could result in a surge of bearish sentiment across the cryptocurrency market. In such a scenario, Ethereum sellers might exert pressure, potentially pushing the altcoin below the $1700 mark.

Conversely, a dovish or unchanged policy stance could lead to a more positive sentiment, allowing ETH to maintain its current position and even experience upward momentum.

As of the latest data available on CoinGecko, Ethereum is trading at $1,816, showcasing a 1.8% gain over the last 24 hours and a notable 8.8% increase over the past seven days. While these gains may appear modest when compared to the cryptocurrency market’s usual volatility, they reflect Ethereum’s capacity to maintain a steady footing in turbulent times.

Ethereum Layer 2 Solutions Break Records

A noteworthy development in the Ethereum ecosystem is the remarkable performance of Layer 2 (L2) solutions. These scaling solutions are designed to alleviate Ethereum’s network congestion and high gas fees.

Recently, L2 solutions set a new all-time high in Total Value Locked (TVL), briefly touching $12 billion before stabilizing around $11.89 billion. This achievement surpasses the previous historic high registered back in April at $11.85 billion, signifying the increasing adoption of Ethereum’s Layer 2 solutions.

With the $1,800 threshold serving as a crucial psychological barrier, the ultimate direction of Ethereum’s price movement hinges on the delicate balance between market sentiment and the decisions of key financial institutions. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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Crypto Analyst Presents Uniswap’s UNI As The Next Coin Primed For Breakout

Several altcoins are currently on the rise following Bitcoin’s resurgence, and popular crypto analyst Ali Martinez has singled out the Uniswap UNI token as one of those tokens that could rally further as he projects that UNI is set to break out soon from its current resistance level. 

Why Uniswap Is Poised For A Breakout

In a post shared on his X (formerly Twitter) platform, Martinez noted that the majority of UNI holders were positioned ‘Out of the Money,’ which suggests that the token was preparing for a breakout. Accompanying his post was data from the crypto analytics platform Intotheblock based on the ‘Historical In/Out of the Money’ metric.

The data shows that over 75% of the token holders are ‘out of the money’, which means that they were yet to break even in their investments as the average cost price at which they bought these tokens is greater than its current price. 

Uniswap UNIMore addresses are out of the money | Source: IntoTheBlock

Furthermore, the crypto analyst explained that selling pressure has gotten exhausted and that the UNI token has been able to build “an important support” level at around $4. This could serve as a lift-off point for the altcoin.

Key Supply Walls UNI Needs To Break

To further support his breakout theory, Martinez noted two supply walls that UNI “needs” to overcome in order to signal a bullish breakout. According to him, one of these supply walls is at $4.23, where data from Intotheblock shows that 7,000 addresses have bought 14.24 million worth of UNI. 

The other supply wall is at $4.45, where data from Intotheblock shows that 2,000 Uniswap addresses have accumulated 10.28 million worth of UNI. Whales and institutional players may also be aware of this potential breakout and may be looking to position themselves, as Martinez noted. 

The crypto analyst also recently commented on a potential Ethereum breakout. In a different post on his X platform, he said that the second largest cryptocurrency by market cap will need to overcome the huge supply wall at $1,960, where data from Intotheblock showed that 1.14 million addresses bought close to 33 million ETH.

Meanwhile, Martinez believes that now is a good time for people to accumulate Bitcoin based on his examination of the past two cycles from the market bottom and the present Bitcoin trend. According to him, a similar trajectory points to the next Bitcoin market top being around October 2025.

At the time of writing, the UNI token is trading at around $4.10, according to data from CoinMarketCap. 

Uniswap UNI price chart from Tradingview.com (Crypto analyst)