Analysis
XRP Is Up 65% Since Jan 24 – 7th Coin Analysis
CoinCu will cover the price action of seven different cryptocurrencies, including XRP, which have rallied significantly since hitting local bottoms on Jan. 24.
Bitcoin
BTC has been rising within an ascending parallel channel since hitting a low on Jan. 24. It attempted a breakout of the channel on Feb. 6 and continued to make a local high of $45,492 two days later.
Since then, the price has retreated, possibly to test the channel’s resistance line and confirm it as support.
If BTC manages to continue closing the candles above the channel, it is likely to rise towards the next resistance near $52,000.
BTC/USDT 4 hour chart | Source: TradingView
ETH
ETH has been on the rise since hitting a local low on Jan 24th until now hitting a high of $3,234 on Feb 8th. The high was set right at the Fib retracement level.
It is possible for ETH to drop in the short term before resuming its upward movement.
ETH/USDT daily chart | Source: TradingView
XRP
XRP has fallen below the descending resistance line since November 4th. This downward move took it as low as $0.54 on Jan. 22.
After that, XRP rallied and broke out above the descending resistance line mentioned above. Also, the price reached the $0.72 zone again.
Similar to ETH, XRP was rejected by the 0.382 Fib retracement resistance. If it turns down in the near term, the $0.72 zone is expected to provide support.
XRP/USDT daily chart | Source: TradingView
Nano
NANO has been declining since October 30 along with a descending resistance line until it hit a low of $1.89 on January 22.
After that, XRP rallied and managed to break above this line on February 5th. If it continues higher, the next resistance will be found at $4.05. That target is the 0.382 Fibonacci retracement resistance.
6 Hour NANO/USDT Chart | Source: TradingView
IOTA
IOTA has also been stuck below the descending resistance line since September 4th. It was rejected by the line (red icon) on December 29th and crashed afterwards. IOTA continued to decline until it bottomed at $0.69 on Jan. 24.
While IOTA has been on the rise ever since, it is currently facing strong resistance at $1.05, which previously acted as support.
Until the price regains this support level, the trend cannot be considered bullish.
IOTA/USDT daily chart | Source: TradingView
ONE
On Jan. 22, ONE reached as low as $0.164 and recovered. The low served to reconfirm the $0.17 horizontal zone as support. The same move happened in September 2021.
ONE has recovered since hitting local lows and is moving higher. It is fast approaching the next area of resistance which comes in at $0.247. That target is the 0.382 Fibonacci retracement resistance.
Daily ONE/USDT Chart | Source: TradingView
CRV
CRV has been up since Jan 24 when it bounced off the $2.90 horizontal support area. This zone has been forming since October 2021 and is therefore a key support level.
CRV is approaching the 0.382 Fib retracement resistance at $4.07. This zone is expected to act as a resistance zone as the token moves there.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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Author: Annie
