BLOCVERSE MARKET ANALYSIS- ETH/USD, BNB/USD & XRP/USD(DAILY TIME FRAME)

177
0
Market Analysis

Bitcoin’s Cryptocurrency’s dollar pair(BTC/USD) performance hasn’t changed much from what was analyzed last week. So this week, we’ll analyze ETH, BNB & XRP dollar pairs.

ETH/USD (DAILY TIME FRAME)

For the past few days, the price of Ethereum has been rising, with higher highs and higher lows.

Price has tapped into the resistance at $1600-$1700 range and is moving down as expected; however, the overall trend remains bullish, so we could see the price rise to the next resistance at $1780-$1800 range, which a pullback should follow before ranging higher.

Chart showing performance of ETH/USD(on a Daily Time Frame). Source: Trading View

BNB/USD(DAILY TIME FRAME)

On Jan. 29, BNB (BNB) reached a strong resistance level of $318, but the bulls could not break through. 

This indicates that bears are fiercely defending the level.

The price breaking above the 200 M.A indicates a bullish presence; however, the bearish divergence on the RSI indicates that the bullish momentum may be fading; we may see a pullback to $280, which is the current location of the 200 M.A and 50 M.A.

If the price doesn’t break below 200 M.A., the bulls will try once more to push the pair above $318. If they succeed, the pair’s value could soar to $360.

Chart showing performance of BNB/USD(on a Daily Time Frame). Source: Trading View

XRP/USD(DAILY TIME FRAME)

Normally, a tight consolidation near the overhead resistance gives buyers an advantage, but when the bulls fail to clear the barrier despite repeated attempts, some traders may book profits.

This resulted in a drop to 50 M.A., currently trading at $0.37-$0.38.

 Chart showing performance of XRP/USD(on a Daily Time Frame). Source: Trading View

Bulls must quickly push the XRP/USDT pair above the $0.42 to $0.44 resistance zone to maintain their dominance. This could trigger a rally to $0.51.

______

⚠️This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when making a decision.

Leave a Reply

Your email address will not be published. Required fields are marked *